As we said last time, florists are happy people. And many people dream of owning their own business. So why not open a floral business? What does it take? Whether you are a flower enthusiast looking to “go pro”, a floral business employee looking to go out on your own, or an entrepreneur looking for an investment, here are some numbers to help clarify the picture.
NerdWallet.com, a personal finance website, interviewed Paul Goodman, president of Floral Finance Business Services. Mr. Goodman has crunched the numbers highlighted in an article entitled “Starting a Floral Business: Tips on Seed Money, Salary, & More.”
- Earning Potential: Goodman says that you can earn a salary — including taxes and benefits — worth 10% of annual sales of up to $500,000. For sales above half a million, tack on another 5%. On top of that, you can also earn 10% in profit off the bottom line if you manage your business well. Theoretically, $500K revenue could mean $50K salary and $50K profit. However, SAF reports that the average revenue is closer to $360K.
- Opening Shop: Because you can often get started practically anywhere with a large cooler, launching your retail empire doesn’t have to take a lot of money. However… “If you’re opening a storefront, you’ll need $30,000 to $50,000.”
- Hiring: Unless you are absolutely certain of your artistic talent, hiring a designer might be worth it. “Because you can pick up a bouquet practically anywhere, design is becoming more important for a business.”
- Wire Service Pros and Cons: Yes, this is a topic covered in the piece, he said bravely.
Of course, these are just the bullet points. You will find a lot more detail at the original piece, so check it out! It also provides additional resources from the likes of SAF, AFID, and more. If you have a secret itch to start your own shop, this could be a good place to start! And when you make it to the top, remember Floralife for your flower food, finishing sprays, dosing systems and more!