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The Sleek Car or The Delivery Van: the Investment Question
So let’s say you’ve been at it for a while. Your portfolio of successful events is bursting! You are on call for any emergency get together in your community and your number is being transmitted from one distressed housewife to another. What’s the next thing to do?
Why, invest more, of course.
There are several things to consider if you’re an in-demand party planner who cannot afford to wait for a cab by the curb when in a rush. Let’s say you only have budget for one automobile, what will it be? The sleek 2-door which screams “SUCCESS” like a banshee, or the bulky delivery van which can accommodate everything from boxes of giveaways to chafing dishes, to flowing evening gowns?
Personally, I’d pick the van. But if there’s any way at all that I could get both, I’d go for it. I have no previous knowledge of car loans, but perusing this website, loan for car, I think it’s pretty simple. It did open my mind to second hand car buying via loans, and despite my folks’ admonitions, I think a previously owned car that has a good brand and in good condition is a good alternative to buying brand new. After all, it’s just for showing off, right?
So the plan is, buy the brand new van using cash, and the second hand luxury car using a car loan. While you upgrade your business prowess using the delivery van (could be rented out to clients who need to go out of town, but are lacking in transportation means), you can come up with a monthly amount to pay off the car loan.
Handled efficiently, this automobile-for-my-party-biz plan could make you richer by the next year. You look like a success and you operate like a success. It makes sense.
What Clients Think: Did I Do Well?
One of the pressure sources of party planning is constantly worrying what the clients thought of the party you helped them throw. Was it too bland? What about the lights? Did you love the buffet table?
The best time to ask them would be right after the party, and while they are handing out the payment. Preferably, after they hand out the payment. More often than not, one can tell whether the client was please or disappointed during the payment period. An irate customer will lash out at you during this time and you have to pay attention. Some party planners tend to think that the little bits go unnoticed, but they are wrong. Clients notice, and they will speak up.
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Party Planning Setbacks: Worst Case Money Scenarios
When a party entrepreneur is involved in a party, so many ‘worst case scenarios’ come up: deliveries are not on time, food isn’t halfway ready and it’s hours before the party, the bride isn’t made up yet, the groom’s mom keeps following you around with a calculator, etc. So many little things that add to the stress of smiling all the time and making sure the guests feel welcome. With things this bad, it couldn’t get much worse right?
From an objective point of view, these aren’t bad situations at all. While you want to rip your hair out with all the frustration of people not following your directions faithfully, the fact is you ARE having a party, and cash will soon follow. My view of the worst things that could happen to a party planner includes…
Not having clients. Bills need to get paid, as you are just human, not a party planning genius robot who walks around all day doing preparations for others’ parties. Having one client each week pays for the bills for next month. This is how we live.
A party planner’s lifestyle is high maintenance (i.e. new clothes, new working capital each time, funds for further education on how to create a better party… etc), but a steady flow of clients and good word of mouth about you will pay for everything and more. But what if there’s drought in the party biz, and everyone’s hustling to get a slice of the pie that is your community’s social scene? How do you get the money during drought season?
There are more than a few party entrepreneurs who get trapped in the debt scene. Besides the high end lifestyle that is mandatory for success (”look like one to be one”), entrepreneurs rely on loans to get their businesses off the ground. It is recommended, though, that a party planner who managed to get over the cash trap explore the option to hire a debt consolidator to manage her debt while she work her butt off getting those parties done.
One other option is do-it-yourself credit consolidation. Sit down with your finances, and just sort through everything that is related to money in your home office. Which expenses need to go? Which luxuries can be pushed down the list? What are your spending priorities? When you have all these checked, you can start assessing how you can practice debt consolidation on your own. Being realistic about your debt:income ratio is the best way to start obtaining your financial goals.
