How Much Does It Cost To Start A Party Decorations Business
The amount of money it will cost you to start a party decorations business will depend on the projects you handle.
If you are going to start party decorations for big events and projects, you will need to incur large capital costs than simpler projects like birthday party decorations.
Expect startup costs of Ksh. 20,000 or more to start a party decorations business.
Only invest in high-quality party decor items.
Get Into The Cake Decorating Business Community
Networking is so important to building a successful business. Thats why getting involved in the cake decorating business community is so critical.
The International Cake Exploration Society, for example, is a great online community which would let you network with others and learn new tips and techniques to improve your business.
On top of that, you can find events and tradeshows around the country to visit. Facebook has a thriving cake decorating culture, so look for groups on there as well as Instagram, Twitter, Pinterest, and even meetup.com for groups you can connect with.
You never know where your big break or referral may come from, so make sure to attend events either in person or virtually to benefit your business.
Getting Contracts Approved Faster
Winning a new contract should be a cause for celebration but it can soon turn to frustration when your clients board or legal team are causing unnecessary hold-ups to the progress of the project .
Of course, people get busy. Email inboxes become overwhelmingly full. Forgetting to sign your contract isnt a personal slight but it simply may have fallen off of their to-do list. Politely remind them every few days. Make sure the reminder that you set for the day before the deadline has a much more urgent tone.
If youre worried about sounding pushy with these reminders, word each differently. But start with something along the lines of, Just checking in to see if you had any questions about the contract. Im eager to get started. or Wanted to see if you needed anything further from me in order to get the finalized signatures. Please let me know. Then as the deadline approaches, add more urgency and personalize the subject line.
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Faqs On Starting A Party Decorations Business In Kenya
The following are the most asked questions on starting a party decorating business in Kenya and they include:
1. How do I start my own event decorating business?
Pick a niche for example wedding, convention, conference decorator, birthday party themes, decorating for family, bachelorette party decorator.
Develop a website to showcase your services.
Have a portfolio of your work to show to clients
Advertise/market your party decor services on social media and offline
Find additional opportunities like selling party decor items, starting a blog, starting a YouTube channel, becoming a party decor influencer
2. How do party planners charge?
15 20 per cent of the total cost of an event.
This amount depends on the complexity of the program, the amount of time it takes to plan and execute.
3. Whats the difference between an event planner and an event decorator?
Event decorator = creative side/turning spaces into magic
Event planner= organisation
A party decorations business is a good side hustle for planners.
You get to run your business from the comfort of your home while working or engaging in other chores.
The more you market yourself as a party decorator, the more customers you get.
Take your time to collaborate with other party decorators.
Collaborations mean, sharing or getting referrals or never missing out on a lead because you didnt have the supplies needed to decorate a party.
As your reputation grows, you can branch on other niches.
Think Seriously About Investment And Funding
Is any funding available to you? Certain geographical locations may offer incentives or grants for new businesses, to help them start out, or your college or university may be able to offer support. The traditional route for business investment was always through banks or through an angel or investor, although there are many more opportunities and non-conventional routes available today, such as crowdfunding. You may even be eligible for competitions looking for the best startup idea to secure investment and TV programs such as Shark Tank and Dragons Den which give you the chance to pitch your business idea, or at least get some great marketing coverage to tell the world about your product.
Steps to take:
- If you can you start your business without financial help this is always recommended as loan repayments are one less thing to worry about. Create a cash flow forecast to identify when the shortfalls may occur and if there are alternative ways of handling it, rather than a loan .
- If you do need investment, make a list of all of the options open to you, interest rates, repayment terms, set up time and the pros and cons of each. Include less conventional options, such as crowd funding and pitching your idea on TV
- Calculate exactly how much you need, what you need it for and when.
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How To Start An Event Planning Service
Put your party experience to good use by planning, designing and throwing events for private and corporate clients.
The special events industry has grown enormously in the past decade. According to recent research conducted by Dr. Joe Goldblatt, CSEP , spending for special events worldwide is $500 billion annually. Goldblatt is the founder of International Special Events Society , the founding director of the Event Management Program at George Washington University, and co-author of The International Dictionary of Event Management. “Suffice it to say, the marketplace is large enough to support and sustain your endeavor,” says Goldblatt. “If you’re working in one special events area, there are many directions in which you can expand. If you’re just entering the profession of special events, there’s a lucrative market awaiting you on many fronts.”
What Is Event Planning?
This question actually breaks down into two questions: What kinds of events are we talking about? And, what is event planning?
First things first. Generally speaking, special events occur for the following purposes:
Why Do People Hire Event Planners?
Who Becomes An Event Planner?
Step : Open A Business Bank Account & Credit Card
Using dedicated business banking and credit accounts is essential for personal asset protection.
When your personal and business accounts are mixed, your personal assets are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil.
Additionally, learning how to build business credit can help you get and other financing in your business’s name , better interest rates, higher lines of credit, and more.
Open a business bank account
Besides being a requirement when applying for business loans, opening a business bank account:
- Makes accounting and tax filing easier.
Recommended: Read our Best Banks for Small Business review to find the best national bank or credit union.
Open net 30 accounts
Net 30 accounts are used to establish and build business credit as well as increase business cash flow. With a net 30 account, businesses buy goods and repay the full balance within a 30-day term.
NetMany net 30 credit vendors report to the major business credit bureaus . This is how businesses build business credit so they can qualify for credit cards and other lines of credit.
Recommended: Read our best net 30 vendors, guide and start building business credit.
Get a business credit card
Getting a business credit card helps you:
- Build your company’s credit history, which can be useful to raise money later on.
Recommended: Apply for an easy approval business credit card from Divvy and build your business credit quickly.
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Choose A Business Name That You Love
This step of starting a party decorating business may be daunting, but its also exciting. Your business name is an important element of your branding and can help sell clients on working with you. Consider the needs of your dream client, and brainstorm ideas that would resonate with that client.
Consider ease of pronunciation and spelling when choosing a name. After all, you want people to be able to easily share information about your services with others.
How Much Can A Party Rental Business Owner Make
Data on the specific income you could expect with a party rental business isnt available, but keep in mind that your income will depend on many factors. A smaller business intended for backyard parties wont bring in the same income that a larger business that caters to weddings and corporate events might see.
Its important to realize that the party rental business can fluctuate, especially since its closely tied to disposable income and overall economics. This can also be a very seasonal business, with events occurring more frequently around the holidays or during times of good weather. Branching out into multiple event types, such as corporate holiday parties and weddings, can increase your bookings, but it also means that youll need to invest in and store more equipment.
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How To Start A Profitable Party Decorations Business
You have decided to start a party decorations business.
The next thing you have to think about is how you can build your party decorations business from scratch.
Here is a step by step guide on how you can start a stable party decorations business.
Do market research
Before you start any business, study your market and do a thorough analysis.
Who are your competitors?
How are they pricing their party decorations services?
How are they marketing their business?
What can you do to gain a competitive advantage over them?
What about your target audience? Who are they?
What party decorations services do they need?
What are they lacking?
Where are they located?
Understanding your market is important if you want to have a clear perspective going into this business.
You will also identify any potential challenges that you will face before you start your party decorations business.
Find a niche
The next thing you want to do is to find an area to specialise.
You do not want to be overwhelmed when you are starting this business.
Moreover, people are more trusting to party decorations business owners who have expertise in a particular niche.
After you have hired your skills, you can diversify your talent.
Some of the best niches you can choose from include decorating childrens parties, wedding parties, gender reveal and baby shower parties, holiday parties or baby shower parties.
Choose well and go where the money is at.
Register your business
Build your portfolio
Have a plan
Are There Grants To Start A Party Rental Business
Its extremely rare to find a grant to start a party rental business. If you search for business grants, you will come across a lot of scams and misinformation. Occasionally an organization will offer grants to start a business, however, be skeptical and dont provide any sensitive personal information or pay money to get more information.
Legitimate federal grants can be found at Grants.gov, and you can check on your states economic development office to see if they have any grants available.
Develop A Corporate Website
Almost all businesses today big or small have a website because it is the ultimate marketing tool that will help them achieve online visibility and exposure. With the help of a website, you can have the chance to widen your scope. If that happens, you will gain more income, of course. Your corporate site should also have all the most important contact information so that potential clients can reach you anytime.
Hello Who Are You And What Business Did You Start
Hello, I am Akshay Patel from Albuquerque, NM the land of enchantment. I started an event rental and decor company that led me to an event venue. The View Event Center is a lavish space that is an indoor and outdoor event venue with panoramic city views. Our high-end venue with experienced staff will assist from venue decor to the smallest details entailed in making memories of a lifetime. Simply Decor, Tents, and Events ensures exclusive decor and thrives to bring your event to life through customized, elegant decor for all of their clients.
The full-service company will individually work with every client to design their event that will intrigue every eye in the room. Our company is broad that we get many different types of customers and we make many great connections with them as well. The company was making upwards of $380,000 a year.
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Researching The Competition Online
Often a simple Google search will show you who the events businesses in your local area are, but the ONS, the FSB and the British Chambers of Commerce also hold more specific, publicly accessible information about different businesses.
Try to find out how your competitors operate, how big they are, who their customers are, how much they charge, and what their USPs are. Think about how you can bring something different to the table in order to compete.
Y Decorating Industry Trends
Industry size and growth
- Industry size and past growth The U.S. party and event planning industry is worth $3.2 billion. The market declined sharply during lockdowns, but expects steady 4% growth in 2022.
- Growth forecast The party planning industry is expected to remain stagnant for the next five years.
- Number of businesses In 2022, 61,047 businesses in the party and event planning industry were operating in the U.S.
- Number of people employed In 2022, the party and event planning industry employed 66,882 people.
Trends in the party decorating industry include:
- Outdoor parties with nature themes and floral décor are trending.
- Paperless menus and eco-friendly décor items are in demand.
Challenges in the party decorating industry include:
- When planning the decorations for a party or event, its important to keep the clients budget in mind, which can be a challenge.
- Party decorating is a luxury service, so the business is very sensitive to inflation and economic fluctuations.
What kind of people work in party decorating?
- Gender 71.2% of event planners are female, while 23.3% are male.
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How To Start A Party And Event Planning Business
As the nation emerges from lockdown, desperate to reconnect in person, party and events planning is potentially a multi-billion-pound industry with plenty of demand across the UK.
However, for the moment, there are a few issues to contend with. New businesses need to tread carefully in an industry that’s dealing with uncertainty about future lockdowns, still navigating health and safety concerns, and always brimming with competition.
Luckily, with a clear concept, effective marketing and a few key transferable skills, youll maximise your chances of beating out the competition and finding success.
But don’t worry if you’ve not got all of the above just yet that’s where our experts are here to help.
We have been helping businesses to set up across tons of sectors, and we understand the challenges and opportunities that are ahead in the events industry. So put the champagne on ice for now, and read on to learn more about the costs, considerations and benefits involved in becoming an event or party planner.
At Startups.co.uk, we’re here to help small UK businesses to get started, grow and succeed. We have helpful resources for helping new businesses get off the ground you can use the tool below to get started today.
The national and regional coronavirus lockdowns illegalised hosting large social gatherings or parties, which understandably hit the events industry hard.
What does the future of the industry look like?
Keep Your Guests Informed
Its important to keep your guests informed about any changes or updates, so they know whats going on at all times. This could be done in person by sending them an email with the latest news from you or including updates in a printed program. You can also keep everyone updated by posting updates on social media platforms like Twitter and Instagram.
Make sure to use the right hashtag so people can find all of your posts related to the event easily!
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What Determine Your Products Or Services
Youll just need to determine the scope of your services in terms of how elaborately youre willing to decorate, and if youll do the decoration tear down. Be sure to list all of your services and offerings on your website.
How much should you charge for party decorating?
You could charge $60 an hour to start, or you could determine flat rates based on the scope of the decorating and the clients budget. Your costs will be limited to marketing costs and fuel, so you should aim for a profit margin of 90%.
Once you know your costs, you can use this Step By Step profit margin calculator to determine your mark-up and final price points. Remember, the prices you use at launch should be subject to change if warranted by the market.
What To Do Once Someone Calls
16. Schedule your first estimate. Once you get your first lead, call the lead and schedule an estimate. Here is a mock call of how a typical setup call might go:
17. Send a confirmation email. Include the date and time. It’s okay to be short, sweet, and to the point people appreciate that. Here is the confirmation email I usually send.
18. Show up. It’s ridiculous how many times I hear that the competition never showed up, or never called them back in the first place. Arrive in khakis and a polo and be on time. People hate it when people are late. Don’t be that guy.
19. Do the estimate. Here’s what a typical estimate should look like: that tells you exactly what to say and do at a painting estimate.
20. Paint your first job. Coming into this guide, weve made the assumption that you have some prior painting experience so were not going to get into how to paint. But if you’re looking to pick up a few tips I recommend that you check out The Idaho Painter on YouTube. This guy is really good at painting, and you will definitely learn a lot from his videos.
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