Many local flower shops are trying to compete with large big-box stores and are struggling to keep up. Stop spreading yourself too thin and start narrowing the scope of your services.
Capitalizing on a niche in the floral industry can set your business apart and lead to great success, but only if the niche is profitable and able to sustain your business.
When looking for a profitable niche, these three questions are crucial to consider.
Is the target audience willing and able to spend money to solve their problem?
Answering this question requires doing some market research in your area. If you are considering focusing on the bridal industry, are there enough brides in your surrounding area to sustain your business? How many brides would you have to book in a year? Is your staff large enough to handle the volume of business required? What is the average bride in your area spending on flowers? The answers to these questions will reveal how profitable this niche could be in your area.
Is there already a business capitalizing on this niche in my area?
If there is already a flower shop providing window displays for every large corporation and business in your city, that is not the niche for you. Choosing a niche is about separating yourself from the competition. Don't choose a path that is going to be paved with challenges and uphill battles.
Do I have the skills to be an expert in this area?
Many people are afraid to call themselves an expert. Being an expert doesn't require decades of experience, it simply means that you know more about a certain topic than most people. The best way to grow your knowledge base is to learn from other successful people. See who is currently owning the niche market you're interested in. What is making their business successful? What parts of their business strategy can you recreate in your own city?
You are an expert in the floral industry! Be confident in your abilities and your target audience will trust you with their business.
Your location and potential clientele are large determining factors in what niche you can specialize in. Keep these three questions in mind and discover what specialty works for your business!