Take Advantage of The Downtime During The Holidays
For most people starting a new business during the holiday season may seem like a daunting task. This is the time when people are busy making plans for their own families and personal adventure. However, the hustle and bustle that comes with the holiday season is just what you need to get your business up and running. Here are some reasons why the holiday season may just be the ideal time for you to start a business.
People are in the buying mood – all through the year people have been going to work and saving up on every penny they can get their hands on. However, it is during the holiday season that these people withdraw a significant amount of cash and spend it on buying various goods and services for the holiday season. Taking advantage of this buying spirit can be a prudent move.
- Tax breaks – the government extends tax breaks to people and businesses during this season. That means you will have the leeway to set up your business without spending a lot on taxes.
- Holiday sales – during the festive season most sellers provide discounts to their customers. This may include Black Friday and Boxing day sales. You can take advantage of such offers to increase your stocks at a lower cost while also promoting your own products at a discounted rate.
- Appeal to last minute shoppers – most of your competitors are likely to remain closed during specific holidays. However, customers are available throughout the season meaning you can be among the few businesses that serve customers throughout the season. As a result you will get a large number of customers.
Where To Start
- Make a business plan – while you may have everything figured out in your head it is wise to write it down on paper or type it into your computer. A plan allows you to gauge the viability of the business in the face of the risks that are likely to arise. The plan also allows you to come up with a brand name that will capture the imagination of your potential clients.
- Create a budget – the next step regards making a budget. Determine the sources of funds that you will use to finance your business and calculate all the costs you will incur while setting up. Make sure you remain as accurate as possible when creating your budget.
- Task list – human beings are generally known to work by deadlines rather than self motivation. This is why you should create a list complete with individual tasks and their deadlines.
- Marketing plan – come up with a sound marketing plan. This can involve social media networks, word of mouth, business cards and other platforms through which you can share the message about your products or services.
- Get legal documents – to operate any type of business you must be approved by the relevant local authorities. Be sure to submit your application for a license and wait for it or any other legal documents before opening up shop.
Embrace The Season
Once your business is active it is prudent for you to communicate with your clients on a personal level. This will create stronger bonds that will translate to better sales. Your services or products should be geared towards saving time and money during the holiday season. Partner with other businesses to promote each other and increase sales. You can also work with local charities to show your appreciation to the community.
What Do You Think?
I’m curious to know if you’ve been on the verge of launching your first business! Let me know in the comments! Be sure to follow me on Facebook, Twitter and LinkedIn for more entrepreneurial advice and updates.