Like most other small business, it is also possible for a florist to make good money from operating a flower shop. One way in which you can make good money through your flower business is to ensure that you are making profits even in the slowest season. The following are some of the best tips to help ensure that your flower business remains profitable throughout the year:
Don’t procure your flowers from a single source
Even if you have a favorite supplier, don’t always buy from him or her. Get price quotes from different suppliers and compare them with what your favorite supplier is offering. If you find out that you can get a particular type of flowers at a lower price from another supplier, go ahead and buy. This will help you cut down on cost, leading to better profits.
In addition, for your most popular flowers, go for a standing order. This will also help you cut down on cost. Essentially, having prior knowledge of how much a particular consignment of flowers for a particular event will cost helps you calculate the most profitable. However, you should not be tempted to order too much this way because some of the flowers may go bad, leading to reduced profit.
To ensure you get the best prices from your favorite wholesaler, you need to:
- Be loyal whenever possible,
- Always pay your bills on time,
- Always let him or her know the good as well as bad points of her business practices. This will help him/her become a better service provider.
It is always advisable for you to give your order early enough whenever you are ordering for a particular event. This allows your supplier enough time to order from the grower, thus helping him /her save money.
Sell other products in your flower shop
Adding other products to your flower shop can help improve your profits. You can introduce things like sweets other floral products, home décor, candles, and assorted chocolate bars, as well as other products. This will not require additional labor and will add to the profitability of your business. In addition, you can add these items to your website to attract more customers.
Another great idea would to display items on consignment from local artists in your shop. In this way you will make extra money and increase traffic, and the artists will also get a place to display their products.
Rent out space in your flower shop
This is also a good way of making extra profits. You can rent out some of the space in your shop to a number of reliable wedding flower designers who want to increase the volume of their businesses without incurring the expenses of running a shop. Let them use some of the space in your shop and get paid for it.
Start teaching a floral class
When the low season arrives, you can start a floral class. These classes are a fun to teach and they will help bring in extra profits. In addition, you can start hosting floral themed workshops at local coffee shops and eateries. You are sure to generate extra profits from these types of ventures.
Stop giving your flower services away
In order to increase the profits of your flower business, you must charge for everything. For instance, when you are trying to establish the price of your designs, ensure that you charge for all flowers as well as all other supplies, including the floral foam, container, tape, glue, as well as labor.
In addition, make sure that the mark-up for each design is the most appropriate on. Remember that designs that require high labor input cost more and should therefore be priced using a higher mark-up.
A great way of securing steady income is look for weekly flower deliveries contracts. This means that you should look for business opportunities from corporations, restaurants, or shops because such establishments may require you to deliver a fresh design every week. In Belfast, Northern Ireland, Reid’s Florists have utilised this floral decorating idea. You can get paid on a monthly basis and therefore boost your cash flow.
Advertising your flower business
Advertising your business through various social media outlets, including smart phones apps such as Twitter, SnapChat and Whatsapp, among others will lead to increased sales. In addition, web based advertising such as Google Adwords, can help bring more people to your ecommerce site, thus popularizing your flower shop for a few dollars a month.
As a florist, it is very possible to make good money from your business. However, this will depend on your creativity, effort, and business strategies that you choose to apply.