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Tackle the legal side of your business

Once you set up your business plan, focus on the legalities of running a business.

Register your event planning business in whatever state you reside in, obtain all necessary business licenses, cover workers compensation insurance for your staff, and general liability insurance is also a must. Get attested with the guidelines of Marathon Organisers in India.

Don’t let legal tedium prevent you from being thorough. Preventing a lawsuit or a government investigation is far cheaper than the fees associated with breaking the law, even if you’re missing something as benign as a zoning permit.

Obtain startup funding

Your business plan acts as a proposal tool when approaching investors and lenders, so they will feel more comfortable giving away their money to your business. These loans don’t have to come from bank lenders either. Since your business will most likely be localized to your area, you should attempt to reach out to friends and family for startup cash.

This isn’t easy of course, since no one enjoys asking for money from those they know, but be sure to communicate this difficulty to them and assure them it is because you value their input into your future. Just like you would do if pitching your business to a bank, have your business plan ready and make sure you are brushed up on the important details. If they are interested at all, they will have plenty of questions. If you are feeling extra ambitious, there are even those out there that contend you can start your own event planning business with little to no money.

Not only do traditional funding options apply for your newly created event management business, but there are also options such as crowd funding over the internet, which lets anyone become an investor into your company. As stated earlier, since your company will be a localized business (at least at first), if you decide to crowd fund some startup money, make sure you try to spread the word with your local networks and Sport Event Organisers rather than appeal to strangers from all over.

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