1.- What kind of DJ do you want to be?
There are different types of DJs, some who perform in clubs and lounges and others that entertain weddings, private parties, graduations, etc. You should be clear about your idea and the type of DJ you want to be.
2.- Is there a market for your idea?
Identify your competitors in the area and find out if there is a market for your idea. It’s necessary to know if there is a need or demand for your services – as the saying goes ‘find a need and fill it’. No matter how good an idea sounds, there must be someone willing to pay for your services for your business to succeed.
3.- How much money will you need to start your DJ business?
Most of your investment will be for DJ equipment and advertising to market your business. Take an inventory of the products you already have and make a list of the equipment you will need to acquire. Do some research on the Internet, visit a few stores and figure out how much it will cost you to purchase the necessary equipment for your business.
4.- How will you finance your business?
You will need to identify a source of financing your business which could include tapping your savings account, applying for a bank loan, borrowing from friends or relatives, soliciting investors, forming a partnership, etc.
5.- What business permits and licenses do you need?
Check with local and state government agencies to determine which, if any, licenses and permits you will need to legally operate your business. You may also need to purchase liability insurance to protect your business. Before you can obtain the necessary permits and licenses, you will probably need to select a name for your business.