It's officially 2020, people! We believe there are some amazing things in store for the floral industry this decade, which is why we're here to give you some of our best business-savvy tips to help you start off the year strong - or with a plan of action at least! It costs money to run a successful floral business but we believe there's a difference between crucial spending vs. the things you may want to cut back on or eliminate altogether. In this blog article, we get real about how florists and designers can deepen their pockets and make the smartest business moves!
Order Products in Advance
There's a misconception that you get fresher products when you wait closer to an event to place the order. We recommend putting in your orders to your wholesaler at least 3 weeks to one month before an event, rather than waiting to do so. Ordering at the last minute usually results in you having to pay more for expedited shipping speeds!
Consider Bringing on an Intern
This is a great option if you're not ready to bring on a full-time employee, but could use some assistance with little tasks. Check within your community to see if there are any high school or college students looking to expand their resumé by bringing them on as an intern. They can help you load your inventory, re-organize your office, clean buckets-- anything that will assist you in streamlining your process better. At Details, we can't stress enough the importance of saving time. The time you spend on tedious tasks equals money out the door. Streamline and simplify, baby!
Quality over Quantity
Take into account the management tools you are using to run your business. Ask yourself, are you paying for a quality service or product? Or is there a more efficient option out there? Your savings will add up if you invest in something that will deliver more to you over the course of the long-term, rather than one that is inexpensive but does a sub-par job. If you're spending hours of the day navigating back and forth between multiple spreadsheets, programs, folders and calculators, keep in mind how much you are paying yourself for the time you spend. Especially if you've yet to book a client. Is it really worth it? Or should you spend more on a service that can save you the time? Make sure you're getting the best bang for your buck!
Software 👏 Software 👏 Software 👏!
This brings us to our next point. You may think we are biased, but we have seen first-hand how a florist-tailored software such as Details transforms floral businesses. Yes, it does cost money up front, but you can ensure that you will get a return on your investment. By having an all-in-one program that stores all of your recipes, prices out your designs, connects you to wholesalers, and helps you create stunning proposals, florists can ensure that they are being efficient with their time and money spent. Details has replaced the need for an assistant for many of our floral business owners!
Prepare for the Unexpected
We are firm believers in protecting yourself, your business, and your clients with things like insurance, legal counsel, and planning.
When our CEO, Corrine, faced a brain tumor diagnosis and removal a few months ago, she was so thankful that she and her family were able to rely on their health insurance for coverage. Nobody expects a catastrophic issue with their health, but it happens. Thankfully, she was covered, and we would encourage our clients to make sure that you're covered too. After all, people are counting on you!
Making sure that you are protected in the event of an emergency is key to not only your lifelong health, but that of your business as well. Having coverage in all areas of your business and personal life can be the deciding factor in situations you have no control over.
It's certainly better to have it and not need it, than to need it and not have it.
Additionally, be sure all of your legal contract terms are valid. You wouldn't want to cross the wrong client and be sued for something that didn't have to happen. Consult a legal expert to make sure your terms clearly outline the agreement on the service(s) you are providing.
There's no fun in preparing for the worst, but it is an absolute necessity for any successful business. Look out for yourself!
Temporarily Cut Back on Personal Wants
This one may seem small, but it can amount to being pretty huge. We believe it's so necessary to treat yourself. But when you're working hard to grow your business, it's important to take into account the little expenses, because they sure add up. To save on some funds, we recommend brewing your own coffee rather than spending your average $4.00 on a Starbucks cup o' Joe. Or maybe you're like us here at Details and add on seasonal blooms from your wholesaler that you've yet to charge your client for. Profitable practices would be to set a budget aside for these scenarios.
We're not saying to do these things forever, but while your business is in the growing phase it's important to nurture it and make smart investments that will create growth. Because in the long term, you will earn more and have more money to spend!
A new year symbolizes a time for new ideas and opportunities. We hope the '20s bring you and your company nothing but abundance and success and we're here to help you achieve that. At Details, we care about the growth and seamless operation of your business. Our all-in-one platform is specifically designed by florists to help florists and designers book more events and earn more money.
If you're ready to get started, activate your 7-Day Free Trial today!