If you are thinking about business and want to open a start-up, you might have thought about the pros and cons of entering different ventures. If you have planned about opening a florist shop simply because you like the smell of roses and believe it will be successful, you might want to think again.
Flower Shop Business
Although flowers have been used for centuries to express different emotions and various types of them are used for different occasions, running a profitable florist shop is not an easy task. However, the florist industry is worth over 4.3 billion dollars in the US.
Although it can be demanding, the majority of the people who enter the florist industry find it enjoyable and engaging. Starting a business is not just about earning profits since there is a high number of legal requirements that you need to fulfill before you can finally work in your shop. Here are some of the guidelines you can follow if you want to operate a flower shop.
1. Required Skills
Similar to any other business, you need to have the necessary skills in the industry that you are willing to enter. You cannot hope to become a financial analyst if you have no background in finance. A similar case is applied here; otherwise, your products will not have the quality required to compete with your rivals. Although it is not mandatory to receive training or qualifications to operate a florist shop, it is in your benefit if you have the expertise for it.
Running a business is quite different from arranging flowers at home, so a basic level of knowledge is required. You can choose various courses that will be able to cater to your skill requirement, and it would be imperative if you research in your local area so that you can have access to as much training as possible.
One of the skills that will be required to run the business is entrepreneurial skills. Apart from the expertise, you need the efficient implementation of your creative ideas which is essential if you want to be successful in this competitive industry. It is advisable that before opening your start-up, you work for somebody who is operating a florist shop. It will help you to get some experience in the industry which will help you to make decisions in tough situations.
2. Required Funding:
The initial costs of your business will vary on different factors such as the location and whether you already have premises or not. If you plan on operating through an online store or working from home, you will be able to cut your costs significantly. A significant portion of your start-up cost will cover the rent expense of the shop, which will vary depending on the location. Although you will not require a lot of equipment, you still need to buy the essential ones. Refrigerated cases are mandatory if you want to keep your flowers fresh and increase their shelf life by a considerable amount.
A significant amount of capital will also be spent on transportation costs since you will need to ensure the quality of your flowers if you are catering to a wedding or other formal event. There are additional costs involved though not as significant as the ones mentioned above, but it will be better if you formulate a business plan to get an accurate idea of the potential costs involved.
3. Business Location:
The location of your start-up will play a fundamental role if you want it to be successful. The assumption of opening a venture as a florist in Newport, Coast CA is always the safe option on a busy street, but the rent will be expensive if you do not own the premises. Thus, considering alternative possibilities is not a bad idea as it may help to reduce costs while increasing your profits at the same time. You can find opening your shop near a hospital, a popular venue, or perhaps a graveyard.
Such places have a considerate need for flowers throughout the year, and the rent expense will be lower compared to the main street. Another perspective you should know is whether you need a premise in the first place. Maintaining an online business will reduce your costs and provide the necessary cash that you might require for expansion. You can even have a mobile shop where you provide services from a van. The main point you should understand is that there are multiple options you can choose according to your requirements when considering a location.
4. Attracting Customers:
Building a loyal customer network is perhaps the hardest thing to do when you own a start-up. Earning that trust may take considerable time which might not be suitable for your business which needs a consistent flow of capital to survive the initial phase of its life. The efficient use of social media such as Facebook and Twitter will help potential customers to find you who might show be interested in buying your products.
Apart from social media, you should encourage news which travels from word of mouth since it can do wonders for you if used positively. At the same time, you need to be cautious since negative word of mouth can potentially force you to close off the business. You can ask your friends and family members to help you attract new customers by spreading positive news about your shop, which will increase your revenues significantly.
While the business is in its initial stages, you need to be cost-effective, so word of mouth and social media are the tools that you can use that will perhaps have the most significant impact on your business. Another thing you can try is to create a website and register the business with Google, which will make your shop easy to locate.
Remember that the more welcoming your shop will be, the better the chances will result in attracting new customers and form a loyal customer base which will result in consistent cash flow.