Your wedding is without a doubt one of the most important days of your life, which is why you want to make it as special as you can. If you’re not a DIY enthusiast, it can be difficult to picture a lovely wedding without spending lots of money on it. However, there are ways around building up enough savings to ensure you can have the wedding of your dreams. Here’s how, courtesy of New York Events.
Consider a Side Hustle
Certainly, taking on a side hustle is more of a norm than the exception these days, which is great if you are looking for ways to earn additional income for your wedding. There are countless options when it comes to you making money on the side depending on your interests and what you’re good at. Your options can range from anything such as working from home to opening your own consulting business to pet sitting or babysitting, and lots more.
The first step in choosing a side hustle is figuring out what you’re good at and how to market your skills in the best way possible. If you’re a bit unsure of where your strengths lie, Develop Good Habits notes that there are many ways to discover your unique talents and abilities, including taking personality tests online and testing out your abilities practically by trying jobs you think you would be potentially good at. And then it’s just about discovering which of these you enjoy the most.
Set Up Your Business for Success
When you’ve discovered what you’d like to pursue and you’ve established that it is a feasible idea, it’s time to start thinking about choosing a business structure that is going to end up suiting your personality and your business’s requirements the best. For example, you’ll have to think about how much you can afford to spend on capital to set up your business, as well as the legal tax implications depending on the business structure you end up using.
The first step in making your business official is choosing your business designation. There are several choices, but LLCs are very popular. They provide a significant tax advantage because you’ll only be charged for pass-through taxation on your profits from the business. There are also many other benefits if you are interested in forming an LLC, including limited liability (which protects your personal assets should anything go seriously wrong with your business in the future) and less paperwork to complete.
You should also make sure you designate a Registered Agent to act as your point person in government and legal matters. Especially if you anticipate taking some time off for the wedding, check the regulations and make sure you have an RA in order to save yourself a lot of headaches down the road.
Marketing Your New Side Hustle
MA-NO Web Design & Development points out that marketing is a vital element of starting a business, as you’ll need to spread the word as quickly as possible about your new business to take your competitors by surprise. Here, you could think about using social media and Facebook ads to advertise your new business to the right audience. You could do this using a Facebook ads maker online where you can create an ad using the templates provided and then incorporate text, your logo, and any other information you wish to highlight.
Find Alternative Funding
If you are considering alternative ways to fund your special day, a cash-out refinance may be a viable option for you. By refinancing your home and taking some of the equity out as cash, you can use those funds to cover wedding expenses or make other large purchases.
However, it’s important to carefully consider the financial implications of refinancing and speak with a lender to fully understand the terms and requirements involved. With the right planning and guidance, a cash-out refinance could be a smart financial move to help you create your dream wedding without breaking the bank.
Find Funding for Your Special Day
Taking small steps, from marketing your business to selecting the perfect structure for your side hustle, will help you to become more motivated to think outside the box when it comes to looking for ways to make the most of your resources and capabilities for your big day.