How to Start a Party Store
Business Overview:
If you love hosting parties, have an eye for perfect party décor and are looking for a great business idea, you should learn how to start a party store. Everyone loves a party and regardless of the state of the economy, people will shell out hefty sums for party supplies to celebrate various occasions. The options are endless when you think about what kind of party store you will open. You can choose to cater to specific types of people and parties or you can choose to offer a little bit of everything. Niche categories could be children’s parties, Halloween costumes, or wedding supplies. You could also offer themed party items including supplies and costumes for luau parties and annual party dates like St. Patrick’s Day, New Year’s Eve and Christmas. You will need a storefront for this type of business so the amount of space you have will determine how much inventory you can carry. Obviously you can keep some inventory in the storeroom when it’s not “in season” and simply rotate your stock depending on the time of year. Once your business is up and running, you may choose to expand your services and offer special orders and rental supplies. While you won’t need to learn how to start a party rental business because rentals will only be a small part of your business, it still can be quite lucrative for you to offer some rentals. Wedding items, especially, can be rented out for top dollar if they are good quality. And the good thing about rental supplies is you will make money again and again on the same items (flatware, dishes, tents, tables, chairs, etc.). But even if you choose not to offer rental items, you will likely get plenty of repeat business if your prices are competitive, your supplies are new and fresh and your customer service is topnotch.
A Day in the Life of a Party Store Business Owner:
Your day will begin with a check of your store to make sure everything is in order and ready for your customers. You will coordinate with your staff so they have their assignments for the day. Throughout the day, you will work with customers to help them find the perfect items for their parties. You will also talk to wholesalers and distributors about upcoming shipments. You will spend some time marketing your business, taking out ads in local magazines and newspapers as well as online. At the end of the day you will record your sales, check in with your staff and make sure the store is clean and ready for business the next day.
About Your Customers:
Your customers will be individuals needing high quality, reasonably priced party supplies.
What You Need to Start:
- Business plan
- Marketing plan
- Storefront
- Party supplies (will depend on the type of store you open)
- Staff
- Display cases, clothing racks, etc.
- Computer with finance software
The Good:
- You get to work with people in a fun atmosphere.
- It is rewarding to make people happy.
- You can get supplies wholesale and resell with a high profit margin.
- You will likely get repeat business if your services are topnotch.
- Once your store is established, you can turn a sizeable profit.
The Bad:
- The startup capital needed for this venture is high.
- It can take a while to get your first customers and turn a profit.
Resources:
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