I’ve wanted to work in a flower shop since for as long as I can remember then I realized I can just start my own! I’m still in school right now so I have a long while until I’m ready, so giving, let’s say, a five year time period, what should I start doing now to get ready?
I’m a history major but one thing I’m going to do is start taking classes in business, etc. What other things should I at least start doing?
Polish up your credit record. Or establish one, whatever the case may be.
Work in a flower shop part time.
Try to see what their profit margins are. What their main challenges and opportunities are.
Ask yourself if opening a flower shop is an avenue that will give you an income you’re satisfied with. Plenty of people open chocolate stores, restaurants, coffee shops and such thinking that “hey, what’s sold there is pleasant, offering it as a business will be even more pleasant” and find out that’s not the case.
Start socking away living expenses. Do not plan to live on the income from your business right away. Six months bare minimum, more is better.
What sort of school are you attending? One thing to be wary of is that business courses taught in college may not be particularly useful to running a small business. If your college is trying to prepare its students to be CPAs, their introductory classes aren’t going to be as helpful as a much simpler intro to bookkeeping class at a community college might be.
Generally speaking nothing could prepare you better than working in a flower shop and learning everything you can about the business.
That’s probably below the bare minimum.
If you’re starting your own business, you should not expect to take any money out of the business for the first two years. So you’ll need one of the following:
Why is it said to take two years? What happen sduring that time?
Is it rather stable accross industries or does it vary significantly?
I’d recommend taking some classes in horticulture and flower arranging (or whatever it is that flower shop employees study). And in addition to working in a flower shop, I think you should try to work your way up to managing someone else’s store before you go out and start your own.
you have to prove to everyone (including yourself) that you can save equal to six months worth of your monthly gross (no particular time required to do it, just do it.) once you’re in business, your savings efficiency will increase 3 times.
What does the term “savings efficiency” refer to?
refers to how much of your gross earnings you can save and re-invest. as a salaried professional, 10% is already good (you’re not likely to save more than the taxes you pay.) as a businessman, that percentage could go way past 50%.
It’s a general rule of thumb not a hard and fast timeline.
It’s a reflection of the fact that you’re going to be putting money into the business when you start it so you shouldn’t rely on having money you can take out of the business for your normal living expenses.
Hopefully after you’ve been running your business for a couple of years, you’ll have made all of your start-up investments, all of your rookie mistakes, and gone through a couple of annual business cycles. At that point, you should be able to make a realistic assessment of whether or not your business is going to succeed.
Yep, save up a lot of money. Practice living frugally to make that money stretch further.
And work in a flower shop; learn everything you can on someone else’s dime.
Start working on a comprehensive business plan. Done properly, they can provide a priceless roadmap in the first few years of poverty and hard work.
Then, as stated above, get a job with a florist. You may be able to find a situation where an older florist is thinking of retiring in several years, and you could buy the business from them. Then, you get a few years of on the job training, and can move into an established business.
And start learning everything there is to know about money - financing, investing, saving, budgeting, etc. Everything.
Some added information: my wife is an accounting major.
I’m paying close attention to this, because going to my ten year college reunion and watching some amazing people receive outstanding alumnae awards made me realize that, hell, I need to be doing something more with my life, so I’m starting to take some steps to approach the career shift to midwifery that I’ve been thinking about a lot lately.
The thing with that is, you can do the academic work through distance ed while you’re working at a regular job, but at some point you’ve got to do an apprenticeship which takes a long time and isn’t really compatible with 9 to 5 work at another job, as women will go and have their babies at any damned time at all. And my partner makes less than zero money at his own business. So it’s something I’ve been thinking a lot about lately.
First of all running a small business is hard and the failure rate is high. You should have a clear idea of what skills you bring to the table compared to your competitors who have much more experience.
Become a sponge and absorb as much knowledge as you can about the flowershop business. As mentioned working in one is a good start but you need to read books, talk to people and scour the web. Visit every flowershop in your city and analyze them: their location, displays, pricing etc.
The web is a massive resource and perhaps one area you have an advantage over older florists who may not understand the medium well. Online florists are going to be a major competitor so you need to analyze their business models and figure out ways you can compete with them. Also analyze the websites of other flowershops and think about what you want your own website to look like. Learn about search engine optimization and how you can you use free tools like Facebook, Youtube, blogs etc. to promote your shop.
Use your university education and facilities. In addition to taking relevant business classes use your professors' office hours. Check if any of them have done research on small businesses and entrepreneurship and ask their advice. Read up on the academic research that's been done on the flower business. Use your university's media/computer facilities to learn skills like making videos and designing websites.Work in the flower shop industry. Go into this thing with no experience and contacts and you’re extremely likely to have your ass handed to you, with interest.
Not a florist shop, but I remember reading a good article from a guy who runs a comic book shop giving some realistic advice about starting your own business. Searching for it, I found a second article on the same subject. Obviously, the stuff about dealing with printers and dipping into the inventory for your own collection isn’t relevant to a florist shop but some of the advice is applicable to any business.
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