There is never a right time to start your event planning business, any time is always the right time as long as you have done your research and are prepared to start, run and grow your company.
In this article, I will be taking your through some of the things you need to prepare in order to start trading with your event planning business.
Think Big, Start Small!
When planning to start an event planning business, you need to consider how you will be sustaining the business on monthly basis. Most event planning business usually starts from home, thus enabling the entrepreneur to save on overhead costs.
To start your events planning business, all you need is a laptop/computer, internet and mobile phone. You can do so much with just these tools to begin with, and then gradually grow the business by investing in it. Eventually you will have enough monthly income that will allow you to expand business, but remember this takes time. There are no shortcuts or quick rich schemes when it comes to running a business.
In our business coaching program, we usually help business to identify their customers, developing products/services, building customer service structures and most importantly, we help our members to set up strong cash flow structure that will help their businesses have an outlook on its progress.
Naming Your Business
You’ll need to come up with a company name for your event planning business. Please note that you need to take into consideration the perception the name has. We always recommend our customers to have at least two (2) company names before starting the name search prices. This will help saving time during the name search stage and also increase the chances of at least one company name being available for use.
You will also need to take into consideration on whether someone else is using that name in another country. You can simple try and Google the name and see if anything comes up. You will also need to check availability of domain name on that company name – for example companyname.com, companyname.co.ke. We offer this service to our Premium Plan customers.
Choosing Your Legal Entity
When planning to register your business, you will need to know what type of business entity you want to use for your business. Here are some of the business entities to choose from;
- Register A Sole Proprietor Business (one person)
- Register A Partnership Business (minimum 2 people, maximum 20 people)
- Register A Limited Company (minimum 1 director, maximum 7 directors, up-to 50 shareholders)
Once you have decided on the right business entity, you can initiate the registration process. You can either register your event planning business at Huduma Center or you can engage us to help you register your company. This process usually takes around 2 weeks or less (depending on Company Registry workload).
If you have opted to register a limited company with us, you’ll need to collect some requirements that will be used to prepare the Memorandum & Article of Association documents. Here are some of the information that you will need to gather;
- Company information – such as company name suggestions, nature of business, location of business (home or office), nominal share capital etc.
- Directors information – such as fullnames, postal address, occupation, share allocation
- Proof of identity documents – Copy of ID/Passport for each director (Front & Back-side), Copy of KRA PIN Certificate for each director and Passport Photo for each director.
IMPORTANT! We currently only register limited company at the moment. If you are looking to register sole proprietorship and partnership business, we recommend that you visit Huduma Center for further assistance.
Please note that the entire process can take more than 2 weeks should you take longer in signing relevant documents or delaying of requirements needed to carry out the registration. If there are any deadlines we should be aware of, please contact us immediately so we can help you register your company through our fast tracking service.
KRA PIN Registration
Upon receiving the company certificate and your memorandum and article of association, you will need to perform data loading and register your event planning company KRA PIN online. If you have registered your business through us or our partner company Dealpoa, then we will be able to help you with your company KRA PIN.
Getting Your Business Online
Every business needs to setup an online presence for their business. To build credibility to your customer, it is important that they can go online and find who you are, what you offer and how to reach you. Through our partner companies, we offer our customer everything they need to get their business online such as domain name registration, web hosting service, website design, logo design and business card design. These services are only available for our Premium Plan Customers.
This document usually contains the list of directors’ particulars and shareholding details. For event planning businesses looking to apply for Government Tenders, then you will require to apply for your CR-12 Letter. You will need a copy of your certificate of incorporation and a written letter to Registrar of Companies to request for the CR-12. We currently offer this service to our Premium Plan members only.
Every business that has a business premises in Kenya will require a business permit in order to run their business. It is very crucial to acquire one before start trading in your office to avoid penalties from the county government.
Register Your Limited Company Today
Here is your success in starting your event planning business in Kenya.
Photo Courtesy of bentobusiness