Hi Guys and Not Forgetting The Ladies!!

I have been DJ'ing now for 7 years as a part time thing but I want to now go full-time but this does mean expanding my show and getting a van. Thus I am thinking of putting together a business plan and going cap in hand to my lovely bank manager. Has anyone else done this? Any do's and don'ts? etc etc??

Thanks

Gav

Congratulations on making a bold step.


Perhaps the first step to take would be to get a lot of advice form your local business link - used to be called a business advice centre.

Now, in essence, you are starting a business, and depending on your background, you will be referenced checked for any loan proposal.

BE CAREFUL - Your credit rating is affected every time you apply for a loan.
DON'T try to get a loan from, say, 4 different lenders in one week - your credit rating will drop like a stone.

If you are working on your business plan - don't lie or inflate the figures.
If you lie on paper to get a loan - it will backfire when you have a bad month and bills need to be paid.

Try and stay in the 'black' with your current bank - and in the future,
Un-authorised borrowing not only shows on your bank statement - it will be visible to any one you go cap-in-hand to for cash injection.

Note: If you are under 31, get some literature from the Prince's Trust - you will be enlightened!

This forum is really great for advice and tips etc but take a step back from the issue, and look in on what your needs will be, and what your current needs are.

Don't part with any money to those that promise to increase your income. Go figure.

I wish you the very best if you go professional - it's a challenge, but it's rewarding too.

Fulltime Mobile Disco and Karaoke for Essex, Mobile Disco in Kent, Mobile Disco in London

I agree with DD its a hard road but very rewarding (see my posts in other threads - How did you start etc)

To be honest had I not first got my weekday evenings sorted I could never have done it. So I went cold calling on quiet pubs working on the theory if you ask ten in one road 9 will say no but one will say ok we'll try anything to increase trade.

Then do it for whatever trade the licensee wants....... eg 60 -70's for the older crowd or chart for a pub full of youngsters etc.

Once you have one evening sorted, start more cold calling for another not forgetting these weekday nights are not taking up your plum weekend jobs and are the best advertising you could have!!

My own personal opinion on the wages down here in essex is you can get by on two weeknights and a Fri or Sat for a while, but if you want the comfortable lifestyle ......... well as said before I work 5 nights and have Fri Sat available for jobs 'if i want them'

Hope this helps

Many congrats.

Get a good accountant, prefferably one with entertainment knowledge.
Get receipts for everything (excluding food and ciggies and booze)
And don't forget, working from home - Heating, Lighting, water, all goes through the books.

It's hard for a while, and you will probably want to give, don't, it pays at the end of the day