Tag Archives: Profit

Building a Profitable Floral Business

Opening your own floral retail shop?

opening your own floral retail shop

Photo by rawpixel.com on Unsplash

The dream of opening your own floral retail shop has become reality! Now your challenge is to keep this new business afloat for the first year. With help from Paul Goodman, CPA, PFCI., we have put together a guide to help you to reach this goal!

Standard Markups

Markups enable you to make a return upon investment. For centerpieces set a 20% retail price for its labor, a two-times markup for their container and supplies used, and a 3.5% markup on flowers and foliage. This will help you to earn profit on the sale. For bouquets practice a similar strategy but charge a 35% markup for labor and supplies. When customers ask for a quote, you can use this standard markup to give a generalized price.

opening your own floral retail shop

Labor Costs

Creating beautiful arrangements with wholesale flowers takes a lot of work, time, and energy. Make sure to charge appropriately for your labor. Labor costs don’t just involve arranging the flowers but also includes ordering supplies, delivery, set-up, and breakdown as well. Make this clear to your customers when working up quotes for weddings or other important events. If you do not charge for labor you may end up losing money in the long-run so pay extra attention to your pricing. Don’t forget to take account of your delivery charges if applicable. These can start at $1.10 per mile traveled.

Hire Designers with Experience

You can’t just hire anyone off the street. A floral designer must have an eye for symmetry, balance, color, and so much more. With that being said, you must pay fair wages as well. Take into account the price you charge, labor time, and hours worked when calculating wages.

opening your own floral retail shop

There are many ways to lose money in this type of business. Don’t fall prey to these avoidable situations. Do not start work on a project until the deposit is paid. This ensures that your customers will pay the remainder of their bill. When designing arrangements, you should always keep tabs on the exact quantity of stems used. Don’t estimate! You may end up losing money over time and will also prevent over-ordering. Also, don’t forget to keep in contact with your wholesaler. They are a valuable resource when first starting your business.

We hope these tips and tricks help you to succeed and stay profitable! What advice do you have? We can’t wait to hear!

 

Floral Industry News: 1 Day Profit Blast Coming!

Please join SAF for their 1 Day Profit Blast in two great cities this year! Learn from top leaders in the floral industry about ways to drive profit for your business. You definitely do not want to miss this exciting event!

Goals for the event

  • Enhance your design skills and profitability
  • Connect with new customers online
  • Discover hidden profits you could be missing
  • Learn how to improve your sales and your customer service approach

Where is this event?

This year SAF’s 1 Day Profit Blast will be taking place in Boston, Massachusetts on September 23rd and in Louisville, Kentucky on November 4th. Each will be sponsored by local floral industry leaders and companies.

What else can we expect?

Enjoy a supplier showcase as well as many educational presentations geared toward the empowerment of your business. This will be a great opportunity to meet with industry leaders that specialize in wholesale florals, retail sales, and design. Sharpen your floral design skills with classes and workshops throughout the day. This will also be a great way to network for yourself and your business. You will also learn about key marketing tools and techniques to supercharge your sales capabilities.

Have we caught your interest yet? You can register here! More information and accommodations can also be found here. Be the entrepreneur that you’ve always wanted to be! Tell us why you will attend. What aspects of your business are you looking to improve? We would love to hear from you and hope to see you there!¬†Here at Main Wholesale Florist, we are happy to answer your questions. We look forward to talking with you soon!

Have You Heard About SAF’s One-day Profit Blast?

Come to this great event hosted by the Society of American Florists in Des Moines, Iowa. At the One-day Profit Blast you will learn all about how to earn and profit from your floral shop. This event is on Saturday, November 14, 2015 from 7:30 a.m. until 6 p.m., at the Des Moines Marriott Downtown. 

profit 1

Hear from four amazing speakers as well as a spectacular showcase from many suppliers:

  1. Jacob McCall, AAF, AIFD, FSMD, design and marketing director of the Elite Flower, will teach you about the use of “bling” to add to your bottom line, many tips to earn extra profit for those bridal and sympathy designs, as well as learn about five profitable designs that will sell faster than you can make them.
  2. Derrick Myers, CPA, CFP, PFCI, president of Crockett, Myers & Associates, Inc., will teach you how to understand the meaning of profit and how to successfully implement his tips into the running of your floral ship.
  3. Tim Huckabee, AIFSE, president of FloralStrategies, LLC. Learn about the best strategies to provide excellent customer service, how to not miss any opportunities to make a sale, as well as how to communicate effectively with your customers.
  4. Art Conforti, PFCI, owner of Beneva Flowers & Gifts. Learn how to properly market flowers through images and on-line as well as how to effectively spend your money on ads.

The registration fee for SAF members is $139 and $189 for non-members. You can register here.

Why should you attend? Here at Main Wholesale Florist, we believe that any opportunity to get out there and network your business will be a positive experience. Come meet other people in the industry just like you! This event is specifically geared towards the floral industry and will be highly beneficial to your business. If you have any questions regarding this great event, feel free to ask!