Party Favor Business Idea
If you have a flair for creating fun and attractive gifts, learning to start a party favor business may be the right opportunity for you.
Favors and keepsakes for parties and events are in great demand. A party favor business can be started on a shoe string budget and has the potential to grow into a larger enterprise.
Before you start a party favor business, decide what types of favors and keepsakes you will sell. Research the party favor industry to determine current trends. You may choose to make and sell your own party novelties.
This is a great idea if you are proficient at making your own candles, soaps, or other types of small gift items. You can also purchase a wide variety of favors and novelties from wholesalers to offer your customers.
Whether you make your own, buy from wholesalers, or use a combination of both methods, decide on a product line to offer clients before opening your doors.
Calculate your expenses and determine a pricing structure. Individually, party favors are inexpensive to buy. To counteract the low price of each item, develop a pricing structure that requires a minimum number of favors per order. Pricing should reflect not only the cost of making each item, but the work you put into each as well.
Obtain business, sales tax, and related licenses from the local regulatory agencies before you get started in business.
Start A Party Favor Business – Keys to Success
When you start a party favor business, remember that each sale is an opportunity. By ensuring that customers receive exactly what they order, delivering orders on time, and maintaining the highest quality standards, each building block of success is strengthened.
Be aware of current trends in parties and adapt if necessary. If customers express specific needs, do your best to accommodate them. Personalized service will make you stand out in a wide open field.
There are parties and events for all occasions. Consumers, organizations, clubs, and businesses are all potential markets when you start a party favor business. Advertise in local print publications, submit press releases, and make liberal use of fliers.
Create a portfolio or catalog with high quality pictures of your favor and novelty line to show to potential customers. Send a direct mail packet to local organizations and businesses.
If you create your own favors, use your literature and direct sales presentations to point out that your designs are unique and cannot be found elsewhere. Emphasize that by buying from you, the purchaser is supporting the local community.
Increase your advertising budget during the holiday season to take advantage of holiday parties. Don’t limit yourself to birthday, anniversary and holiday parties, however. Favors, souvenirs, mementos, and novelties are often given at business conferences, workshops, and sales meetings. Don’t overlook banks, museums, and local tourist attractions, either.
Expanding Your Business
Once you start a party favor business and realize consistent success, there are numerous ways to expand. Party favors are a small part of what brings a party together. If you are highly organized, you may consider adding party planning services to your business.
Customization of gifts and novelties is another popular service that could take your business to the next level. Look into offering corporate gifts and party favors, complete with the company logo. Adding party decorations and supplies to your existing line could also increase sales.
A party favor business is ideal for the creative, customer oriented entrepreneur who is looking for a business that can be started inexpensively and on a small scale, but has the potential to grow into something much more.