Flag this article and read it many times before you open a banners, pennants, & flags business.
Banner, Flag & Pennant Industry Basics
The banner, flag and pennant industry is rich in diversity, if not in product categories, then at least in the range of product niches that exist in the marketplace. As a startup entrepreneur, one of your first major decisions will be to choose a product niche that holds promise for long-term growth and sustainability.
While some banner, flag and pennant companies focus on patriotic products to customers, others specialize in sports themes, novelty items or custom products for businesses. Each niche has its own benefits and drawbacks.
For example, although sports flags and pennants represent a sizeable piece of the marketplace, you'll have to obtain licensing rights from organizations (e.g. NASCAR), teams and universities. Likewise, custom products have the potential to yield large corporate sales, but short-run print jobs aren't nearly as efficient as large, bulk orders.
Wholesale or Retail Banners and Flags?
It's important to clarify your startup's business model in your business plan. Far too many emerging entrepreneurs enter the marketplace with the assumption that they can sell to anybody, wholesale or retail, based on the opportunities that arise after they open their doors.
But a wholesale flag and pennant business is very different from a retail operation. Retailers sell primarily online and wholesalers tend to be manufacturers -- two completely different skill sets and business activities. Since your startup may not have enough capital to perform both functions, you will need to determine whether you plan to be a wholesale or retail operation from the start of your planning process.
Becoming a Successful Banner, Flag & Pennant Entrepreneur
Entrepreneurism is a constant learning process. In the flag, banner and pennant industry, business owners who think they have their business completely figured out are on a fast track to disaster.
Learning new small business tips and techniques is simply part of being a responsible business owner. From acquiring HR management techniques to applying new technologies to the creation and/or distribution of flags, banners and pennants, you need to proactively (and continuously) steep yourself in the industry and sound business practices.
Business Plan Mechanics for Banners, Pennants, & Flags Businesses
If you're putting off writing a business plan because you're intimidated by the process, here are the words you've been dying to hear: Business plans for banners, pennants, & flags businesses don't have to be complicated.
At Gaebler, we advise new business owners to keep your business plan simple. Length and polish aren't as important as consistency, accuracy and thoroughness.
If your time is limiting, outline the essentials of your banners, pennants, & flags company's business plan now and make a commitment to come back to it later.
Look Over Competitors
Well in advance of opening a banners, pennants, & flags business in your town, it's worthwhile to find out what the competition looks like. Use the link below to generate a list of competitors nearby. Simply enter your city, state and zip code to get a list of banners, pennants, & flags businesses in your town.
Before you open up shop, make sure you know what you will offer to your customers that provides a significant advantage over your competition's offering.
Learning More About the Industry
After you've evaluated your local competitors, it's a smart move to have a conversation with someone who is in the business. It's very unlikely that the local competition will talk to you. What's in it for them?
Thankfully, an owner of a a banners, pennants, & flags business outside of your community can be a great learning resource for you, as long as they don't view you as a competitive threat. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. Our estimate is that you may have to contact many business owners to find one who is willing to share his wisdom with you.
How do you locate a banners, pennants, & flags business manager outside of your area who is willing to talk?
It's not that hard. Just use the handy link below and enter in a random city/state or zipcode.
Why You Should Buy (Instead of Start) a Banners, Pennants, & Flags Business
Spurred on by dreams of a future big money buyout and an undeniable entrepreneurial impulse, many would-be banners, pennants, & flags business owners are driven to pursue startup strategies.
Yet a healthier and safer strategy may be to purchase an existing banners, pennants, & flags business.
Most notably, a banners, pennants, & flags business includes more than just assets - a brand identity and customer base come with the keys to the front door. As an added bonus, you'll also gain the ability to headaches and hassles of startup trial-and-error.
Explore Franchising Options
Your chances of achieving the entrepreneurial goal of becoming a successful entrepreneur are higher when you join the ranks of franchisees instead of doing it all on your own.
Before you get too far along in your plan to open a banners, pennants, & flags business, a smart move is to check out whether buying a franchise could help you avoid common entrepreneurial mistakes.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
These additional resources regarding starting a business may be of interest to you.
If you currently own a banners, pennants, & flags business, try these useful resources:
If you sell to banners, pennants, & flags businesses, you're in the wrong place. Try these resources instead:
If you are interested in starting a different kind of business, please browse our directory of guides below.