The demand and profits in the event management industry have seen a significant increase over the past few years. Nowadays, the younger generation wants to save time and unnecessary burden of work, and they prefer to hire an event management team to perform the tasks. Decorating is one such task.
Decoration plays a vital role in the completion and success of an event. It gives people a positive vibe, but decorating events is a very time-consuming task and needs a lot of creativity. So people prefer to outsource this task to business houses. You can take advantage of this opportunity and start a decoration business.
This article will discuss a detailed business plan on the decoration business, including the best ways to arrange funds to start it, ways to advertise it, methods to analyze competitors and many more things. So a lot to know, a lot to discuss, and without wasting any time, let us begin.
Things we discuss
We will discuss the below-mentioned things in this blog post. You can read the point of your choice by clicking on it.
How much does it cost to start an event decorating business?
First of all, let us estimate in detail the cost of starting this business. For creating this business, you need to rent office space of about 200-300 square feet in a good area. Apart from that, you need to maintain some stock of raw material decorating fabric, bear the electricity, water and maintenance charges, and purchase some equipment like ladders, hammers, etc. At last, you need to hire some employees and make expenses on advertisement and printing catalogues.
On a small scale, you can even start this business with $5,000 or even less, depending on where you live. Still, on a large scale, your overall expense on the advertisement and employee hiring will drastically increase and increase your cost to about $50,000-$70,000.
How to advertise the decoration business?
Many people start this business on a small scale which means that their initial customers will belong to a specific area or city. So it is best to advertise on banners or pamphlets in the nearby area which makes more and more people aware about your business.
Apart from that, you can also advertise on search engines and social media platforms and show advertisements on some specific keywords like “event decorating businesses near me” or “event decoration services near me” or any other such keyword.
The main benefit of advertising online is specific audiences. Your online ads will be shown to the person who searches the particular keywords on the search engine. On the other hand, offline advertisement creates a long term impact on users’ minds because a person who goes to work from a fixed route will see your ads daily.
How to choose an office location?
Since you will pursue an event decoration business, it is best to make an office near marriage halls and birthday halls because there is a high probability that a person who has to plan an event will contact you for decoration purposes and may hire you if they like your offer and can convey them properly.
If you do not find a place in this area in your budget, choose any other populated area for your office.
How to arrange funds for the event decoration business?
For arranging funds, it is best to make a partnership with other people like you. You can make him a dormant partner where you will take all the decisions, and your partner will just contribute funds and take share in profit and losses.
If you do not want to share profits, it is best to take a bank loan for government banks available for small businessmen under government schemes at a meagre interest rate and almost 0 mortgage.
How to analyse and beat competitors?
Competitors always exist in any kind of business. So it is necessary to analyse them properly before taking other essential business decisions.
First of all, find out the past record of the competitors like the year in which they started, their previous customer’s feedback, their market goodwill, their pricing, and everything you can get.
Afterwards, list down all their strengths and weaknesses. Now you simply need to compete with their strengths and avoid all the flaws to beat them in the long term, or in simple words, you have to provide a way better service than them in the same or almost equal pricing to beat them in the long time.
How to decide the pricing of event decorating?
Again, you need to analyse the competitors, service quality, cost, and profit margin for deciding the price. Apart from that, if your customer is famous, you can ignore everything and just focus on getting the deal and providing the best services because it will give you business goodwill and reputation. We all know that a reputed business can easily make a lot of money in the long term.
How to expand in the event decorating business?
Expansion is the most important thing to do for a profitable business. If your business is good in one place, then focus on expanding it in other areas so that more and more people come to know about it and get more customers.
After expanding it in 3-4 places, focus on reducing the cost of the business, primarily the cost of one-time usable items you use for decoration purposes. You can reduce it by setting up your own small manufacturing plant, which will benefit your business a lot in the long term.
I think we have already discussed all the essential things related to starting an event decoration business. If you have any questions regarding this, feel free to ask in the comment section below. Till then goodbye and as always “God Bless You All“.