An entrepreneur can start party needs business with only P16,000 in initial capital and a 25 square meters area for the shop. Many say that party needs and balloon business requires creativity, an eye for detail, and the ability to carry out ideas that can satisfy customers. But starting a party needs business may not be an easy venture for some entrepreneurs.
Party Needs Business – Seven Tips For Starting
For the would-be party needs entrepreneur, here are the great tips to start:
1. Understand the business and the craft better. Acquire knowledge by attending workshop from livelihood centers, for example the Lollipop Safety Balloons Center. LSBC offers workshop-seminars on balloon arrangement, twisting, and sculpting to help prospective entrepreneurs. Lollipop Balloons Center has been a supplier of party needs, balloons, and balloon accessories for over 20 years now.
2. Choose a good and competitive location for the business. Observe the foot traffic and demographics in the area. Asking other shop owners in the area how they are doing can give a clearer picture of how the business would do there.
3. Make store layout and display impressive to prospective customers. In addition, since a store display can only show so much of what can do, keep a professional portfolio of the works you have already done.
4. Once everything is set, make a price list of the services offered. Judicious priding is critical to making a profit, so make sure that the price covers all of the expenses and a reasonable profit margin. Make sure the price is not too high but the price is less than what the product or service costs. Just make sure the price makes a profit.
5. Keep the overhead costs low. Make do with just an assistant decorator and a delivery driver. It is important to have a lean workforce.
6. Serve only a small market at the start. Serving small market will help keep focused until the business is mastered, by which time will be ready to serve a bigger market.
7. Always keep in mind that the balloon business is essentially a service-based rather than a product-base venture. It only uses the balloons and related products to provide services that can fulfill the needs of the customers. Good relationship, service, value, and support will keep customers coming back.
For more information, feel free to contact:
Lollipop Safety Balloons Center
1326 E. Rodriguez Avenue corner Balete Drive, Quezon City
Telephones: (02) 410-0306, 410-0136
Fax: (02) 721-1864
Source: Entrepreneur magazine