Thinking about opening a party decorating services business? We tell you what you need to know to get started.
Marketing Tips for Party Decorating Startups
Party decorating services appeal to several different types of customers. Every party decorating entrepreneur would love to have a schedule booked solid with corporate clients. But in reality, many large corporations staff in-house event coordinators and smaller corporations often hire all-in-one party planning firms rather than standalone decorators.
Effective marketing is essential to your startup's success, so right away you'll need to identify the target audience(s) that have the most potential. Individuals (e.g. weddings, retirement parties, etc.) and even coordinators (for subcontracting) are attractive audiences for many party decorating businesses.
Next, you'll need to develop a marketing strategy. Now more than ever, it's important for your marketing strategy to incorporate both online and traditional marketing tactics. In addition to targeted advertising, you'll want to field a quality business website that is optimized to reach both individual party organizers and event coordinators.
Party Decorating Pricing Structures
There are several pricing structure options for party decorating services. Hourly pricing is the safest way to ensure your business is fairly compensated for your time investment. However, many clients prefer flat-rate pricing structures because it limits the cost of services to a predetermined number.
The advantage of flat-rate pricing is that it can potentially deliver higher profit margins as your business becomes faster at decorating. For a happy medium, consider offering flat-rate pricing for a certain number of hours with additional hourly fees for overages.
Whatever pricing structure you choose needs to be competitive. Carefully evaluate the local market to determine price ranges for party decorating and keep an eye open for opportunities to leverage price points as a competitive advantage.
How to Create Strategic Alliances in Your New Party Decorating Business
Strategic alliances are an important weapon in the party decorating entrepreneur's arsenal. By forming strategic relationships with party supply stores, wedding coordinators and other industry players, you will effectively drive business (and revenues) to your organization.
Regional trade shows and events are great opportunities to introduce your business to potential alliance partners. The important thing is to cultivate the contacts you make at industry events through follow-up meetings and collaborative business proposals.
Creating Business Plans for a Party Decorating Services Business
Never underestimate the value of a good party decorating services company business plan. If it's sound, your business plan will keep you new venture on course and help you avoid the pitfalls that plague other startup entrepreneurs.
Although many entrepreneurs write their own business plans, others outsource business plan creation to a professional business plan writer.
The right business plan writer can give your party decorating services business a competitive edge over other startups in your industry. However, outsourcing doesn't completely eliminate your responsibilities in the writing process.
As the primary stakeholder in your party decorating services business, you will intentionally need to insert yourself in various stages of the plan's development.
Don't Ignore the Competition
Prior to opening a party decorating services business in your town, it's a smart move to see how many competitors you have. Try our link below to find competitors near you. Simply enter your city, state and zip code to get a list of party decorating services businesses in your town.
How are you going to successfully complete with existing firms? It's important that you never underestimate the competition.
Find Good Remote Business Advice
As part of your due diligence on opening a party decorating services business, it's a smart move to talk to somebody who is already in the business. If you think your local competitors will give you advice, you're being overoptimistic. Why would they want to educate a future competitor?
Fortunately, somebody who runs a party decorating services business in another town may be willing to share their entrepreneurial wisdom with you, once they realize that you are not going to directly compete with them in their community. In fact, they are often very willing to share startup advice with you. If you are persistent, you can find a business mentor who is willing to help you out.
Where can an aspiring entrepreneur like you find somebody who runs a party decorating services business on the other side of the country to talk to?
Simple. Let your fingers do the walking by using the link below.
Should You Buy or Start a Party Decorating Services Business?
Tough decisions are what business ownership is all about. And one of the first decisions you'll have to make is whether to start a business from scratch or buy an existing party decorating services business.
Time and time again, we see entrepreneurs struggle to launch a new party decorating services business when they could have bought a first-rate party decorating services business. From a financial perspective, you'll receive more income sooner in a business purchase than you will in a startup.
Depending on your business goals, you may have no choice but to start a party decorating services business from scratch. However, in today's business-for-sale marketplace, there is an abundance of party decorating services businesses worth considering.
Franchising May Be a Better Way to Go
Your chances for avoiding failure in business increase if you opt for franchising and benefit from the prior work of others and their lessons learned.
Prior to making the decision to open a party decorating services business, a smart move is to investigate whether buying a franchise could make your life much easier.
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.
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