With the demand for wedding related items growing each and every year as the population of the world increases, it is only logical that any great entrepreneur would consider getting into the industry. There is more money to be mad each and every day, so getting your hand in the cookie jar can be a great way to make more money. However, many of the different genres of weeding services and supplies will require specialized knowledge, experience, and a large monetary investment which can be problematic if you’re looking to get into the industry. For instance, wedding planners will need a lot of experience with weddings in order to be successful, so that isn’t really a viable option for the average businessman. Similarly, things like owning a wedding venue or starting a bridal shop can require a substantial amount of time and money to get off the ground, so that type of wedding business may be too involved for fast money. So what is an entrepreneur to do?
Fortunately, there is one genre of wedding business that requires very little knowledge and cash investment to start while still offering enormous profit margins, and that’s starting a wedding supply shop. Wedding supplies, simply put, are anything that is required to properly host a wedding such as wedding favors, decorations, and other basic supplies. There are tons of ways you can approach this type of business successfully, but typically it is best to focus on a specific niche. Here are some ideas to help you brainstorm the type of wedding supply shop you want to start so you can begin to capitalize on increasing amount of money spent on weddings each year.
Decorations are very important part of any good wedding because they can transform an ordinary space into an elegant palace fit for the event. From a business perspective, wedding decorations are an enormous cash cow because the margins are massive and nearly every couple planning a wedding will be buying wedding decorations. Wedding decorations include all sorts of things including table centerpieces, balloons, and ribbons that hang from the ceiling. You can usually expect to at least quadruple your money on every sale which makes selling wedding decorations an attractive option for entrepreneurs.
Wedding favors are another area where you can make a lot of money with very little invested. The best approach to corner a segment of this market is to find an underserved niche and dominating it. A good plan of attack is to start a wedding favor shop that specializes in a certain type of item like things shaped like butterflies or a store that sells wedding sparklers because you can really target your efforts at a specific group of brides. You can always diversify your product line later, but getting a good customer base right off the bat can increase your chances of success exponentially.
Another great area to consider is selling basic supplies because they are necessary at every single wedding. This encompasses items like plastic eating utensils, paper plates, and napkins that are designed specifically for weddings. Popular items in this genre are usually white, red, or pink in color and often have romantic graphics printed on them like flowers or hearts. Like wedding decorations and favors, the margins on basic wedding supplies will be insanely good.
How to Sell
There are a few options you have regarding how you sell your wedding supplies, but the most popular two are opening a storefront or selling online. If you’re planning on sticking to a specific niche, selling online is a better option because you can reach more couples and the demand will be much higher unless you live in a very dense population center. Additionally, you can usually work out drop shipping deals with your suppliers so that they’ll ship directly to your customers and you only pay for the inventory you sell. This is a great way to keep your overhead costs to a minimum and start your business with as little cash invested as possible.