Venting: Too Many Vendors
January 17, 2011
Everyone wants to be in the event industry. As the industry grows, it’s becoming more difficult to get clients. Not to mention that a lot of folks are practically giving away their services, making it difficult for those in the business to make a living.
I am a firm believer that the universe is extremely generous and there is more than enough work for everyone. However, the one thing that has kept me going for the past 30 years was always the desire to be DIFFERENT, yet still make a living.
There are three simple questions that should always be on your mind, in order to be different and at the same time make a profit.
- What am I selling?
- How can I make it different?
- How can I make a profit?
This can be applied to any service or item you are selling. However, because I started as a florist, I’d like to give you an example of a floral arrangement.
1. What am I selling? Flowers and a container.
2. How can I make it different? (This is the fun part.)
- I could find 5 container shapes I have never seen before.
- I could make my own vase by gluing flowers on the actual vase.
- I could use flowers I love, and arrange them in a very unique way.
- I could use petals floating in water to create my own flowers.
- I could use branches and hang lots of flowers from them. The list is endless…
3. How can I make a profit?
- Make a sample (This could be a very important step that saves you money in the long run.)
- Pricing the cost of each and every element and always getting the best wholesale prices.
- How long did it take to make this arrangement? Put a cost to your time.
- Flowers are delicate. Always buy at least 20% more than you need.
- Add: Time+flowers+vase, then (depending on your area} mark up at least 100% (please keep in mind that this mark-up also covers your rent and other expenses.)
If you want to become a vendor that is around for many years, being unique is a great way to survive.
Tomorrow, I’m going to talk about how you can be unique and different by giving great service.
As always on our Venting blogs, if you are trying to be unique and different and you are having a hard time making money while doing it, leave a question below and I’ll answer you directly by email.