Do you want to start a floral business from your home? If yes, read this stepwise guide on starting a flower business with little money.
Floral business is among a few businesses you can start right from your home. The cost of starting and running this business is also not much. The floriculture industry has seen good growth worldwide in recent years. Find below a stepwise guide on starting a floral business from home with a low budget.
Here are 10 Steps to Start a Home-Based Floral Business
1. Learn the Skills
If you are looking forward to foraying into the flower industry, you must first learn the art of floral making. Broadly there are two types of flowers that have demand in the market. One is dried flowers and the other is fresh flowers.
The art of making these two types of flowers is quite different. Check out trainers or institutes in your locality and learn the basics. You can also search Google by typing floral classes near me. Hopefully, you will find floral trainers near your location.
2. Do Some Market Research
If you just want to learn floral making as a hobby and have no intention of earning money, you can skip the chapter. However, if you are the one who wants to learn and want to make money too, understating the local market is critical.
Do some market research, talk to local retail shops, and customers, and try to gather information about the current trend and buying behavior of people. This is extremely important as it will help you in selecting what kind of products you are going to sell.
3. Name your Floral Business
Naming your floral business is a very important step. The chosen name will represent the personality of your company. It is advised to choose such a name so that a customer can easily relate to your products.
For example, if you are dealing with flower pots and your name is Mary, You can choose a name like Mary’s Flowerpots. You can also choose your location instead of your name while naming your company. Check this article, to learn more about naming a business.
4. Write a Business Plan
Many beginners make the mistake of starting a business without a well-thought-out plan. A properly written business plan is a must to be successful in business in the long run. Take some time off, and write your own business plan.
There are many places where you will find free business plan templates on the internet. You can check our article on the best free business plan templates and use them to write your own floral business plan.
5. Setup the Flower Arrangement Workplace with Equipment
Select a space in your home where you will create and showcase your floral items. A separate entrance other than your main entrance will be perfect as it will not disturb your domestic activities. A garage space will also do. Space must have access to a water source as it is needed to keep flowers refreshed for a longer time.
Clippers, a table, wire cutters, knives, scissors, buckets filled with water, etc are some of the tools you will need to run a floral shop.
6. Make Flower Business Legal
To start and run a headache-free flower business, it is better to be legally compliant. Choose a proper business structure that is appropriate for you. Check with concerning county and state about the licenses and permits required.
7. Open a business bank account
It is essential to open a business bank account for your floral business. As a home-based floral business owner, you need to make financial transactions with customers and vendors from a business bank account. It will help in understanding the financial health of your business and also filing annual taxes.
8. Setup Accounting Process
Since you will be dealing mostly deal financially with customers and suppliers, it is most important to set up a smooth and easy accounting method. It is advised to choose proper accounting software for bookkeeping.
9. Fix Pricing
Pricing is a critical decision you have to fix in the floral business. As the products are most creative in nature, value-based pricing is the normal thing to approach. However, you need to be very careful not to price above the affordability of consumers. Check this guide to know more about ways of fixing prices.
10. Market Your Home-Based Flower Business
Chalk out a strategy to market your flower items. Reach out to every possible customer whom you feel has the potential to buy flower items. Some of them can be wedding photographers, people in the catering business, gift shops, bridal shops, clubs, hotels, etc.
Hire a designer to create a business card and brochures and distribute it to people whom you feel have the potential to be a customer of your product. If you can afford some extra money, make a blog related to flowers and upload your products so that customers can buy online.
Frequently Asked Questions
Is Flower Business Profitable?
Yes, the flower business is indeed a lucrative venture to start. However, there is also a lot of competition in this industry. So, to make money in the floral industry, one has to be creative and have the ability to plan effectively. As a matter of fact, the flower industry is growing for the last several years. As per the latest report, the total market volume is expected to reach 6.3% CAGR by 2025.
What is the Cost of Starting a Floral Business?
The cost will largely depend on the size and scale of the flower business. However, on average one can start a floral business from home with an investment in the range of $10k to $50k.
What is the Expected Profit Marfin in Flower Business?
The profit margin will obviously depend on the type and timing of the sourcing of flowers. On a conservative estimate, you can make a net profit margin in the range of 30% to 50% easily.
Floral business is creative in nature. It has got a close connection with the lifestyle and fashion industry. To be successful in the floral business, you must remain updated with the latest trends and styles of consumers.
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their businesses.