First and foremost, you need the right personal qualities to start a successful party supplies business. You should be a fun-loving type who enjoys communicating with people and organising special events. Here are some tips for getting your business started.
Deciding on the nature of your shop
The first decision you’ll need to make is what kind of shop you’d like to run. Some people choose to offer a wide variety of supplies and costumes, meaning that they can cater to an array of people – from a girl’s fifth birthday party to a New Year’s Eve cocktail bash to a fortieth wedding anniversary. Others choose to narrow their focus by creating a shop dedicated to a specific clientele or particular type of party. For example, you might sell supplies that are only suitable for children’s parties or those that are only appropriate for weddings. Whatever you decide, aim for a theme that you’re passionate about – that way, you’ll have the enthusiasm to keep your business going, even when you come across challenges.
Taking care of the nitty-gritty
Even though the essence of running a party shop comes down to having fun, you will need to take care of the paper work and the technical details before getting started. Come up with a business plan, outlining how much you’re going to invest, the cost of your overheads and how much and when you can expect to profit. Given that a reasonable investment is necessary to securing the supplies you’ll need, it’s imperative to calculate accurately. Part of that will be deciding how much of your store will be committed to supplies and how much to rentals.
You’ll also need insurance, adequate space (in terms of both stock storage and retail floor) and all of the elements needed to dress up your shop according to your vision. In fact, designing the interior can be one of the most enjoyable aspects of getting started – it’s an opportunity to express your creativity and give your business a personal touch.
Think carefully about the impression you want to make and the values that your shop will represent. Remember that you’re promoting party supplies, so your website, business cards and advertisements should suggest that you have the enthusiasm and the expertise to create a fun, authentic and enjoyable experience.