Space Mountain
Recycles dryer sheets
- Joined
- Jul 16, 2007
- Messages
- 51
Hey Everybody:
My nephew who is a junior in high school wants to start a DJ business.
Some background:
Nephew has already done about 6 gigs which include school dances and sweet 16 parties. (no weddings or anything of serious nature to this point) He spent $1,000 for his own equipment. He has had great reviews from parents/faculty.
So far, nephew is accepting basically the minimum from folks because he wants to get his feet wet, gain some experience and recognition.
Here is where the UNCLE comes in at Nephew's request:
Create a website with a company name with Uncle being "acting" owner who receives all incoming calls and negotiates with prospects. This will give the "company" a more serious presence and allow us to charge a higher hourly rate. We want to be an ALL cash business, hence the somewhat discounted rates.
FYI- I will never actually DJ any gigs, myself. Simply be the boss who "sends one of his guys out" for each event. Nephew plans on doing all events.
My concerns are as follows:
1. Liability Insurance- if an accident occurs during a gig, can or will somebody come after me or my nephew?
2. Payments from customers- if we ask for cash or check, should checks be made out to me or nephew? I would prefer not to claim this money on my taxes especially if things take off.
3. My nephew wants to create a contract for all events. I do not. I want things not to be so formal. My belief is if we create a contract, customers may want to make payments to a company name, which again, we want CASH.
Lastly, all profits from biz will go to Nephew for future compounding interest...............or as he claims, a new, used car........
My nephew is quite eager to get this rolling but I told him I would consult this forum BEFORE we proceed forward.
Any suggestions or opinions would be greatly appreciated.
Thanks, all.
My nephew who is a junior in high school wants to start a DJ business.
Some background:
Nephew has already done about 6 gigs which include school dances and sweet 16 parties. (no weddings or anything of serious nature to this point) He spent $1,000 for his own equipment. He has had great reviews from parents/faculty.
So far, nephew is accepting basically the minimum from folks because he wants to get his feet wet, gain some experience and recognition.
Here is where the UNCLE comes in at Nephew's request:
Create a website with a company name with Uncle being "acting" owner who receives all incoming calls and negotiates with prospects. This will give the "company" a more serious presence and allow us to charge a higher hourly rate. We want to be an ALL cash business, hence the somewhat discounted rates.
FYI- I will never actually DJ any gigs, myself. Simply be the boss who "sends one of his guys out" for each event. Nephew plans on doing all events.
My concerns are as follows:
1. Liability Insurance- if an accident occurs during a gig, can or will somebody come after me or my nephew?
2. Payments from customers- if we ask for cash or check, should checks be made out to me or nephew? I would prefer not to claim this money on my taxes especially if things take off.
3. My nephew wants to create a contract for all events. I do not. I want things not to be so formal. My belief is if we create a contract, customers may want to make payments to a company name, which again, we want CASH.
Lastly, all profits from biz will go to Nephew for future compounding interest...............or as he claims, a new, used car........
My nephew is quite eager to get this rolling but I told him I would consult this forum BEFORE we proceed forward.
Any suggestions or opinions would be greatly appreciated.
Thanks, all.