Small Business Ideas to Make a Profit on Father's Day
Owning a small business definitely has its perks, but it also comes with its fair share of risks, which is why it is so important to capitalize on each opportunity that presents itself. If you own a business that stands to benefit from seasonal sales opportunities like Father’s Day, then you need to have a plan in place to take advantage of this potential for profit. Before you know it, Father’s Day will be here and gone, which is why you need to start preparing now.
Like any other holiday or nationally celebrated event, it is essential to plan ahead if you want to maximize your potential for profit. That includes stocking up on inventory that is sure to move, getting a jump on the competition by advertising any sales or promotions early, decorating your storefront and/or updating your website to catch the consumers eye.
Getting a Plan Together
First things first - get started by updating your short-term business plan to take these upfront expenses into account and establish a working budget for Father’s Day. Take a look at what working capital you have to spend; if money is tight, you may want to consider getting a merchant cash advance to get the liquidity you need to fund your holiday push. Once you have your finances in order, you can create a plan of action.
The type of merchandise you stock for Father’s Day will obviously depend on the type of business you own. If you have a retail business, then you will want to purchase inventory that appeals to your demographic and has a solid track record as a Father’s Day favorite. Being that special store with the perfect gift selection doesn’t happen by accident – it is a mixture of business savvy, intuition and working with trusted wholesalers who know what’s hot. Take a look at past sales records to see what was popular last year, and remember to offer those unique items that will keep your customers coming back for all their special occasions.
Reaching Your Customers
Now that your business plan, working capital, and inventory selections are in place, take some time to decide whether or not you need to invest in any type of advertising or special promotions to get a competitive edge. You might only need to do something as simple as make some signs for the inside and outside of your store, or posting an update on your social media pages like Facebook, Twitter, and Instagram. Other times you may want to turn to traditional print advertising or a direct marketing campaign. Regardless of how you do it, get the word out to your customers at least two weeks in advance.
Last, but certainly not least, you want to provide some eye-catching in-store displays and decorations. Any individual shopping for a Father’s Day present will certainly be more inclined to visit an establishment that has made the effort to decorate for the holiday. You want to bring in as many potential customers as possible, so pull out all the stops. Decorate your store window with lights, balloons, and merchandise that screams, “we have exactly what you need!” Getting them in the door is more than half the battle – your attitude, salesmanship and confidence is what closes the deal.