The term “24 hours” evokes an image of your average Joe driving from one party to another, or an image of two friends hanging out together at a bar. People often think that a 24-hour party shop is a place where friends come together to socialize and enjoy each other’s company. What they don’t realize is that a 24-hour party shop is a business that provides various services to clients around the clock. Even more uncommon is when a 24-hour party shop is actually a motorcycle shop. It seems like Harley-Davidson, America’s most popular motorcycle brand, is determined to shatter the stereotype. They’ve built a reputation for making reliable, performance-driven vehicles, and they’re passionate about serving the off-road community. It would seem natural for them to expand into the party business, but they’ve chosen not to. Is it because they think that the two industries are unrelated? That serving the aftermarket community is not the same as getting everyone together for a bender? If you’re interested in becoming a 24-hour party shop owner, there are plenty of opportunities for you to expand your business. The trick is finding the one that’s right for your situation.
Set A Budget
It’s imperative to set a budget before you start spending money on anything other than the essentials. You won’t be able to serve alcohol if you don’t have the proper licenses and permits. You won’t be able to rent expensive party equipment if you’re unable to afford it. Setting a budget will also help you determine how much you can spend on decorations and party favors. When it comes to building a business, finances are always a concern. You don’t want to overextend yourself by spending too much on unnecessary costs. The key to avoiding this pitfall is by setting a budget and sticking to it. Decide how much you can spend (no more, no less) and what constitutes essential spending (renting a suitable space for the business, utilities, etc.). Budgets don’t have to be overly complicated; you just need to know where your money is going and how you plan on paying for it. Consider creating a separate bank account for business expenses. This will make paying for expenditures simpler and help you keep track of your money more easily. You can also use a tool like Xero to keep track of your expenses and income, which can help you identify areas where you can cut costs and increase profit.
Make Sure You Have Enough Clients
You might think that your area of expertise is serving the aftermarket and providing party services, but you’ll need to prove it to any would-be client. There are plenty of opportunities for you to provide these services to the general public, but you’ll need to capture the attention of those who are interested in your unique expertise. The most effective way of doing this is by demonstrating that you handle various types of vehicles, as this will make it apparent that you know what you’re talking about. When a prospective client calls, you’ll be able to describe the kind of services you provide and the type of vehicles that you’re comfortable working on. Having a wide range of vehicles will also allow you to show how much you know about different types of engines and how well you can fix them.
Get The Right Licenses And Permits
Getting the proper licenses and permits to run a 24-hour party shop can be a hassle, especially if you want to operate in a populated area. It’s important to contact your local authorities and let them know that you intend on running a business from your home. They’ll need to give you the proper permits and licenses to sell alcohol without a problem. Aside from alcohol, you’ll also need a food license to serve any type of cuisines. Some cities might also require you to apply for a nuisance license. This is to prevent unruly crowds and protect the public’s safety. If you live in an area that requires you to get these permits and licenses, then seek legal assistance from an experienced lawyer to make the process easier. Don’t try to navigate the legalities on your own. The last thing you want to do is end up in a bind that you can’t easily get out of. Even if you think that you’re in the right, a lawsuit can still be filed against you. You’ll need experienced legal help to navigate the complexities of establishing and running a 24-hour party shop. It’s also crucial to keep all required government documentation (e.g., tax forms, W-9s, etc.) handy and up-to-date. This will make the process a lot easier and help you avoid potential hassles. The final step is to register your business with the IRS. Don’t forget to file taxes as soon as you start making money. Filing taxes online is much easier said than done. If you’re looking to register your business, then start by looking for a reputable accountant. An accountant can help you figure out how much you need to pay in taxes and when you need to pay them. It’s also important to create a Business Plan. Having a plan will help you determine how you’re going to grow your business. If you’re looking for advice on how to create a business plan, then Entrepreneurial Spark is a great place to start. They have a whole section devoted to helping new businesses develop their plan. Considerations include how much you’re willing to spend on advertising, how much you need to charge for your products/services, and how you’re going to gain and retain customers. Answering these questions will help you build a business case for investors. You can use the business plan to help you get loan modifications or even to get venture capital. It’ll also help if you ever need to merge with or be bought out by another company. Developing a business plan doesn’t mean that you have to be limited to traditional business ideas. You can use the plan to brainstorm ideas that can help your business grow. For example, if you’re running out of space and need to find a new location, or if you want to start up a branch in another city, state, or country. Having a plan in place will help you manage these situations successfully.
Decide Whether To Rent Or Own
There are many advantages to owning your own business. You’re not bound to any particular location, and you can choose the equipment and tools you need. One disadvantage is that you’ll need to invest in expensive equipment and tooling. If you want to own a motorcycle shop, then you’ll need expensive motors, transistors, clutches, brakes, and other items that might not be as easy or available to buy as you’d like. Another disadvantage is that you won’t be able to offer the same level of service if you own a one-person shop compared to a full-service business. If you decide that renting is the way to go, there are numerous companies that can provide you with a luxury apartment or house, as well as all the necessary amenities to run a successful business.
Consider The Insurance Issues
If you have employees, you’ll need insurance coverage for them as well. This is one place where you want to be sure that you have adequate protection in case something happens. If you’re working with dangerous equipment, then you might also need liability insurance. Liability insurance protects you and your employees in case someone gets hurt on your premises due to your negligence or an employee’s negligence. If you’re running a food-related business, then you might also need food-safety insurance. This type of insurance covers you and your employees in case someone gets sick from eating your food. If you decide to go the rental route, then security insurance is something you might want to consider. Having this type of insurance ensures that you and your employees will be protected in case something happens. It also provides you with rental coverage in case your vehicle (e.g., van, SUV, etc.) is vandalized or stolen while parked outside your home.
Depending on where you live and what types of clients you want to attract, you might need to consider where you’ll locate your business. If you want to serve the needs of general drivers, then you might want to consider an urban area near a freeway or major road. It’s likely that these types of areas are already heavily populated, and there will be many other similar businesses already serving this market. If you want to focus on a more local market, then an area near a university or college might be a good choice. There are already a number of locally owned and operated businesses serving this market, so it’s likely that you’ll be able to find what you’re looking for relatively quickly. If you do decide that you want to own your own business, then make sure that you have everything written down on paper. This will help you maintain records of your transactions and prevent you from making costly mistakes. It’s also a good idea to meet with an accountant at least once a month to go over your books and make sure that everything is running smoothly.