Starting a Balloon and Party Needs Business
A balloon and party needs business requires only a small starting capital, but there are plenty of opportunities to expand and make big profits. The demand is huge since many parents nowadays find balloons a necessity in a children’s party.
There are many ways to get into the party needs business, but the usual path is through supplying balloons and balloon decorations. Below are the suggestions to get you off to a great start:
1. Find a high traffic location near middle or upper class neighborhoods. While there are many potentially excellent locations in lower class districts, it is only logical to target the more affluent crowd because they are ones most likely to host large parties. For start-ups, mall locations are usually too expensive.
2. Have your store professionally designed. If you plan to set up a party needs store, it is best to invest in the services of a professional interior designer. An attractive store is the best-selling tool. Note, however, that if you lack the funds, you could initially be home-based if you can market effectively without a store.
3. Lease or acquire a delivery van. While you can make do with just inflating your balloons on-site at first, there will be situations where this is not possible due to lack of time. If you lack capital, you may rent a van when needed.
4. Buy necessary equipment. Start with a minimum of the following: a basic inventory of different types of balloons, a letterset for printing messages on the balloon, an electric compressor or heavy-duty hand pump, balloon sticks and inks of different colors.
5. Know how to do balloon decoration. Attend workshops on balloon decorating. Even if you plan to hire somebody else to the job, this would enable you to see if your employee is doing the right thing and if the task is being done promptly.
6. Learn how to cost and price properly. Know how to include all the costs, including not only the materials used but also the labor cost. You must also canvass the pricing of your competitors so that your pricing is not too high.
7. Carry other profitable items and services. You should sell complementary items. Usually the most profitable items after balloons are tables and chairs, since they are often in demand. You could also provide services like clowns and magicians.
Want to learn more about this venture? BusinessCoach, Inc., a leading business seminar provider, conducts seminars on How to Start a Balloon and Party Needs Business. Contact (02) 727-5628, (02) 727-8860, (0915) 205-0133 or visit www.businesscoachphil.com for details.
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*Originally published by the Manila Bulletin. Written by Ruben Anlacan, Jr. (President, BusinessCoach, Inc.) All rights reserved. May not be reproduced or copied without express written permission of the copyright holders.