Do you have a passion for arranging flowers? Do you want to earn from the said passion? Then, starting a small florist business in Singapore is probably the right thing for you to do. When you put up your own florist business, you will not only apply your naturally acquired skills and talent in creating beautiful floral arrangements. You will also be the boss and earn more. If this is what you want to be, here’s how to start a business in Singapore:
· Create a Plan for Your Small Florist Business
In starting a floral business, your first step is to create a plan. The plan should include the name of the business, the place or location, products and services to offer, the amount of capital to start up with, and specialization or focus of arrangement. In planning a florist business, it is beneficial to know all the necessary information and the possible challenges and issues that will come along the way.
· Make a Feasibility Study
There is no doubt that a flower shop is feasible but it is paramount to have a feasibility study of the business. You will never want to invest in something without studying it first in terms of profitability and rate on return on investment. If you are thinking about how to start a florist shop, give time to study the business on a deeper level. It will help you choose a location for your business, hit your target market, and invest the right amount of money.
· Decide on Your Capital
You will need start-up capital for your floral business, thus you have to decide on the amount based on the feasibility study you made. According to the experts, the capital should cover the finances for the operation, including the expenses for the first semester of the business. There should be enough money to pay for the necessary supplies, inventory, assets, and operating expenses. On average, the cost of starting a flower shop in Singapore ranges from $15,000 to $50,000.
· Decide on Your Niche
Finding your specific niche in the florist industry is paramount if you want success. When you start a floral business, it is best to decide on your niche whether you want to focus on retailing or selling flowers and bouquets or you want to concentrate on events like weddings or corporate events. You must decide on the niche and on the audience you want to target.
· Choose a Location for Your Physical Flower Shop
Whether your plan is to put up an online flower shop or offline, you need a physical store or workplace to craft your signature designs. If you plan for an online shop, your home can be the most ideal location. But if you want to have a physical, local store in the area, look for a place where there is foot traffic volume so that more potential customers will get to see you. Also, make sure that you choose a place that is wide enough for your operations but not too wide for unprofitable space.
However, your online shop is your website, thus you need to make it better to draw the attention of your audience. The customers should access your shop anytime, and in case they have queries, your response should also be available.
· Register Your Small Florist Business in Accordance with the Government’s Regulation
In starting a small business in Singapore, registration of the company is essential. It makes your small florist business more competitive and professional. Your customers will see it as one credible and legal business worthy of the customer’s trust. Also, see to it that the documentation is in place and all legal requirements are furnished. A copy of the business registration and certification should be displayed at all times in your shop or work premises.
· Market Your Flower Shop
After knowing how to start up a small business in Singapore, it’s time to know how to start a flower shop online. In order to reach the target market and potential clients, an e-commerce business, such as your online flower shop, needs to utilize digital marketing. It is one of the cost-efficient ways to market your small florist business. However, doing it may require you to avail professional services from digital marketing service providers. It may cost an amount of money but it will help your business increase brand awareness in the online world.
· Be Prepared for Hands-On Business Management
In starting a small florist business in Singapore, you should know how to be a hands-on owner, manager, and florist. Knowing the process of the business may not be enough. It may require you to personally do it to safeguard your investment. Hence, preparation is crucial to ensure that everything is in order. If you have a passion for floristry, you may need to learn how to handle orders and delivery, aside from creating beautiful designs and arrangements. In addition, you need to provide a variety of options for payment whether you plan to operate locally or to sell online.
Starting a florist business in Singapore is easy if you will follow the expert’s tips and advice. Yes, there are plenty of things and small details to analyze before officially operating a flower shop, but stepping into it slowly and surely will put your business on a pedestal. The right steps and the wisest move will ensure the success of your florist business in Singapore.