You need to do a market research to discover Singapore businesses opportunities before opening a florist business. Conducting a local market study is essential in your approach to opening a flower shop. Indeed, the market study will push you to thoroughly analyze the local market to verify that your project is commercially viable.

This will allow you to answer the following questions

  • What is the potential of the catchment area around my commercial premises?
  • Who are my local competitors? What is their commercial strategy (product range, communication, price level, services offered)?
  • How to stand out from competitors and create my clientele?
  • You can do this market research yourself or have a professional help you. We also advise you to talk to other florists to get a better idea of ​​the constraints of the trade.

The job

The florist is a craftsman whose job is to:

  • Retailing potted flowers, plants and shrubs.
  • Prepare, cut, clean the flowers.
  • Create inventive and innovative floral compositions.
  • Suggest specific requests from customers.

To practice in this field, it is necessary to be:

  • The beauty and originality of the compositions made are the best selling points of the florist.
  • The use of cutting tools requires the utmost vigilance.
  • The florist works upright, often in the cold and damp.
  • The shop must be open late at night, weekends, not forgetting holidays.
  • Be in love with nature and the earth: florist is first and foremost a profession of passion.

What should a florist business plan contain?

The business plan is the reference document for your project. It will allow you to verify that it is financially viable – that the business will be profitable – and you will be required to approach the banks for financing.

In a schematic way, the business plan has 2 elements: a presentation file highlighting the assets of the project, and a 3-year financial forecast allowing the banks to estimate the borrowing capacity of the company. Being good at florist Singapore the below details are provided.

The presentation file answers the following questions:

  • Who are the project leaders?
  • What will be the legal structure of the company?
  • Where will the company be located?
  • What types of flowers will be proposed? At what price?
  • What will be the customer acquisition strategy?
  • Who are the competitors?

 

 

Conclusion

The most important point of florist activity is supply management. That is, your ability to control purchasing costs, and optimize inventory to minimize unsold products on short-lived products such as cut flowers.In your business plan it is therefore important to highlight your suppliers and your purchasing policy (frequency, quantity, etc.).

The second key point is the increase in competitive pressure in the market. Your business plan will have to explain how you intend to differentiate yourself to withstand the burden of the big players in the sector (franchises, supermarkets, etc.).

And the financial forecast to these:

  • What will be the initial funding requirement and how will it be funded?
  • When does the company plan to be profitable?
  • What will be the level of profitability?

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