If you have been thinking of starting your own floral business, there are a few things to know. These tips can make or break the success of your business in an uncertain time- plus help your business thrive and grow.
Find your Niche
First, find your niche for the business- including where your location will be. Research the area you are considering to be sure that a new shop will thrive here- or, set up an online storefront.
Keep it Legal
Check with your area’s municipal offices for any permits or certifications needed before you open for business. Make sure to comply with local laws and regulations.
Market your Brand
Start some excitement regarding your opening with social media marketing tactics. Advertise what you are going to do- floral delivery is hot right now- and let people know how to find your flowers.
Figure a Budget
It is important to figure out how much it will cost your shop to thrive each month to find your annual operating costs. Most new businesses are recommended to have enough cash on hand to cover their expenses for at least a year.
Streamline your Equipment
What will you need for equipment? This could be a major expense so consider what you will need very carefully by looking at what you plan to sell.
Hire some Help
Next, figure on the payroll for any staff or employees that you hire. Remember that there are costs associated with hiring help beyond their rate of pay, including insurance and social security.
Don’t Forget Supplies
Floral arrangements and other related products rely on packaging to get where they need to in one piece. Make sure that you prepare for this with the right supplies and packaging materials on-hand before you open your door- even if it is a virtual store.
Invest in POS
You will need a Point of Sale (POS) system to handle your sales. These systems also make it easier to figure out payroll, inventory, and bills for your business and are critical if you plan to accept credit and debit cards.
Thinking of starting your own floral shop or business? Find out what you need and learn more by consulting with the money experts at Artis Commercial Capital; call or visit today!