How to Start a Party Supply Store
Starting your own party supply store is a great way to earn a living, put your creativity to work and do something that you enjoy. The start-up costs are relatively low and the supplies that you need are easy to find. With a bit of hard work and determination, you can run a successful party supply store.
- Develop your business plan. Having a thorough business plan will ensure that you have filed the necessary paper work with your city, state and federal government. It will also help you figure out the details of your business, including the supplies you wish to sell, the services you wish to offer and your budget for getting started.
- Secure financing. Inquire about the small business loan process by contacting your local bank or credit union. Be prepared to present your business plan to the credit department as part of your loan application. The bank will want to see that you have a well-developed plan before approving you for a loan.
- Determine the details of your business. The biggest consideration you will need to make is to choose your inventory. Decide what supplies you will sell and what customers you will cater to. Choose a party supply wholesaler from which to purchase your inventory. In addition to determining your sale inventory, you might also want to consider renting party supplies, such as tents, tables and chairs or helium tanks.
- Find a location and gather your supplies. Decide whether to rent or lease your store location. Enlist the help of an established commercial real estate agent to help you find appropriate property listings. If your chosen location does not have retail supplies such as shelving and checkout counters, you will need to purchase these so that you can display your inventory. Make sure that you invest in other business supplies, such as cash registers, credit card machines and basic office supplies to keep your business running smoothly.
- Advertise. You should spend a significant portion of your budget on advertising. Post signs leading up to your opening day. Run a commercial on TV, hang flyers and put ads in the local newspaper. Host an opening day party and supply complimentary refreshments to draw a crowd into your store. Show great consideration and customer service. Excellent customer service is the way to earn repeat customers.