Short of saying your nuptials on the courthouse steps, there’s no way to get around wedding expenses – even if you make an effort to prioritize expenses. Fortune magazine estimates that you can expect to drop about $245 per guest – even more if you want to use a sought-after wedding venue, which can cost as much as a small car.
You’ve dreamed of your wedding day your entire life. And, hopefully, it’s an event that will only come around once. If you want to host a ceremony that you and your guests will remember for a lifetime, you’re going to have to pay. One of the best ways to earn money for your wedding may also be one of the biggest decisions you’ll ever make: Start your own small business by taking advantage of the gig economy.
The “gig economy” is simply a new catchphrase that means working for many different people or companies. It’s an opportunity to use your skills, expertise and knowledge to create a revenue stream on your own terms and work when it fits your schedule. As an independent contractor or freelance entrepreneur, you will be responsible for selling yourself and it’s up to you how many clients you take on and how much money you make.
Your first order of business is to decide what product or service you’d like to offer. If you’re a graphic designer, for instance, you might start by offering small business branding packages that include a logo, email-marketing templates, business cards and Facebook cover design. Next, define your financial goals. This may be something as simple as earning an extra $200 per month or a more long-term objective, such as replacing a full-time income by the end of the year.
Identifying your target clients may be tricky, but it’s an important step that’s worth the investment of time. Once you know who your ideal client is, you can set your pricing and build your portfolio before setting off into the big wide world of self-promotion. Entrepreneur asserts that the more specific you are in defining your potential client base, the better your chances of landing a lucrative contract. Once you have your first gig, see it through completion before attempting to take on any additional responsibilities. This will give you the chance to refine your processes and make changes that will help you be more efficient, effective and valuable.
As your business grows, so will your expenses and cash flow needs. At some point, you may wish to consider taking out a loan. There are many different types of small business loans for women. These include SBA loans, business lines of credit, term loans and short-term loans. The type of funding you seek will depend largely on your goals and how much it will cost you to borrow money. If you have good credit, an SBA loan, which is funded and guaranteed by the government, comes with a low interest rate. A business credit line will ensure you always have access to money to cover business-related expenses.
You will need to become proficient in accounting, too, since you will be responsible for invoicing your clients, maintaining your own financial records and paying your taxes. It’s important to note that you are required to pay additional taxes as a self-employed individual. Employers in a traditional position pay these taxes. Small Business Trends suggest these 10 free accounting software services that cater to small businesses.
Taking on a few extra side gigs is a great way to earn extra money, especially to help pay for your wedding or give you some extra cash to spend on your honeymoon. The Internet has made it easy easier than ever to create a secondary income stream, even if you’re tied down 40 hours each week. CNBC offers tips on how to balance your home life with a full-time job and side business.
You want your wedding to be special. If you’re willing to put in a little extra work, you won’t have to sacrifice fun, food, and friendship as you and your new spouse begin your life together. You may even find a new career path in the process.
We know that wedding planning is a lot of work! Share your helpful budgeting and planning tips in the comments!
Author: Erin Reynolds of DIY Mama