Fall is here and the holiday season is just around the corner! It’s the busiest shopping season of the year and people are looking for a bargain on products and services. You might think this is a crazy time to start a business, but here are five reasons that starting your business before or during the holidays actually makes a lot of business sense:
1. Reduction on start-up supplies and equipment: Stores are very competitive during the holidays. It’s very likely that several of your start-up supplies and equipment needs will be available at a reduced price prior to the holidays.
2. Ability to develop a holiday promotion to increase total profits: This will be the season to offer discounts on your products and services to attract the discriminating buyer. You can increase your overall profits by reducing your rates to attract more consumers.
3. Ability to meet the holiday demands: The best strategy is to narrow and focus your merchandise assortment and make it the best product that money can buy. Stock the products that your customers want. You have the ability to focus your products to fill the gap on gift items that are sometimes difficult to find, such as gifts for men or the elderly.
4. Increased gift card sales: Gift certificates and gift cards have become an increasingly important component of holiday gift giving. This is the time to promote gift cards for your products and services. A gift card can be a simple gift certificate created on a computer or a fancy plastic card. The goal here is to offer that choice to your customer and add the gift certificates and gift card sales to your holiday profits.
5. Great time to launch a holiday campaign: This is the time to promote your brand through the major holiday season whether it’s your hair salon, your gift baskets business, your photography business, your computer repair service or etc. You can send a mass email or mail-out advertising your holiday specials and services you provide. You can also hold a marketing event on Small Business Saturday (Nov. 29) to highlight your products and services.
The verdict: No, it’s not crazy to start a business before the holidays! If you have a passion, a talent, or simply a desire to have your own business, then this may be the season for you to launch your new business.
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Kimberly Slay Holmes has been practicing law for over 25 years and has represented businesses and their owners throughout her legal career. She is passionate about entrepreneurs and small business. She welcomes reader responses to kholmes@holmeslawfirm.org or 763-553-2000, and you can follow her on twitter @KimSlayHolmes.
