If you have a passion for partying, why not turn it into your profession? You can do so in a number of different ways — you can become a party planner, you can become a
If you have a passion for partying, why not turn it into your profession? You can do so in a number of different ways — you can become a party planner, you can become a clown, you can work in a costume store, or you can start your very own online party store. If you’ve got an entrepreneurial streak coursing through your veins, then you’re probably going to find yourself veering towards the latter.
If you wish to enter the world of commerce, you should know that you need to do more than just create a website and list a few products on it. This kind of venture takes time, effort, and even upfront cost — if you’re willing to dedicate all of this to the cause, then who knows how far you could go.
Here’s how to start an online party store:
Work on a few key skills
A love of partying is not going to be enough to see you succeed with your online party store. You’re also going to need to work on a number of key business skills. Some of these skills include:
- Financial acumen
- A grasp on local economics
- Being able to spot and source the best products
Know what you’re letting yourself in for
True, there are certain times of the year when the call for your products will be higher (Halloween, festive period, New Year’s, etc.) It’s important to note, however, that there is always a demand for parties, as people celebrate things every single day. Your business will, then, be in operation 24/7, 365 days of the year, meaning another key skill that you need to harness is dedication.
Know the costs
Before you get started with your store’s inception, you also need to know how much the venture is going to cost. In this instance, you have to take all manner of expenditure into account, some of which includes:
- Supplies (niche products, like costumes and wedding gifts, as well as general ones, like decorations, banners, and tablecloths)
After all that expenditure, you’ll probably be looking at a bill well over AU$100,000. If you work hard to ensure that your store is a success, however, you’ll be sure to make that back in no time. As stated, the party market is open at all times, meaning there will always be customers out there for you to sell to.
After all of that, you’re finally ready to get started with your online party store.
The action you must take in this instance is as follows:
- Form a legal entity
- Register for taxes
- Open a business account
- Set up your accounting process
- Obtain necessary permits
- Get insured
- Choose an e-commerce platform to build your site upon (in this instance, you must choose between Big Commerce vs Shopify Plus, the two leading platforms in the market)
- Define your brand
- Establish your presence online
If you wish to make it your goal to go ahead and start an online party store, you go ahead and do it. When you do decide to embark on this venture, though, just be sure to remember all of the advice laid out above.