With COVID-19 changing the way we live and work, it is only natural that more people are looking at ways for them to set up home based businesses. These types of businesses can serve dual purposes. First you can work in a private environment away from lots of human contact and second as your own employer you don’t have to worry about being laid off during these uncertain economic times.
But as it has always been, starting a new business is very difficult, and reaching in maintaining success continues to be a great challenge. If you want to set up a home-based floral business, you need to make sure that you are well prepared with everything you need to reach your financial goals.
Here are some of the critical elements that you need launch maintain a successful home floral business:
Get a formal training in floristry
To become the best florist you can be, you need to go to schools to get your degree in floral arrangements although it is not a requirement, having a certificate iii floristry will make you more confident and have potential customers more confident in you. Additionally, going through the schooling process will help you to gain valuable experience in being a florist and help you to make sure you want to pursue it as a career.
Finally you will also learn the business elements that will contribute to the knowledge you need about running your own business. These benefits combine to make getting a floristry certificate a smart move if you want to open a home floral business.
Make a business plan
Most businesses fail because they are undercapitalized or they run into unforeseen problems that would likely have been anticipated if the entrepreneurs had created a well thought out business plan. The goal of the plan is not just to have your ideas on paper, it is to have you think through your ideas to determine if they are truly viable before you spend money on them. Creating a business invariably leads to significant changes in the business idea and usually the new ideas are much better.
Doing a business plan will also get you thinking about not just the start of your business but also the different growth stages that will occur and how you plan to manage them so your profitability continues and even grows. Your plan should include all key elements of your business from product costs, to sales and marketing strategies and everything should be done in a realistic budget with projections. Whatever you discover during the business plan process, you should take to heart and make any required adjustment to your ideas because it could make all the difference.
Do not invest in lots of inventory or other costs in the beginning. Use a room or area in your home and locate suppliers who will give you good prices on things you need to make your arrangements. Limit the types of arrangements you make based on your specific target market preferences and your ability to get the flower at a good price. The key is to select a target market that is reachable by you, and make only those things that they want to buy. This strategy will save you money and wasted time.
Remember that your products are perishable, so you do not want to purchase beautiful flowers that you cannot sell. Go with what your target market is already buying and provide better pricing, and with a quicker turnaround, and you will have the best chance to succeed.