A solid business plan is one of the most crucial aspects of starting a florist franchise. Without it, your flower shop may not reach its full potential, or even struggle to get off the ground. But where do you start with your business plan for a florist franchise? Here are some handy hints and tips to help you nail it.
Flowers are a lovely way to mark an occasion, whether you’re celebrating, commiserating, mourning, or simply showing someone you care. And if you’ve always thought that your green fingers could hold the key to a great business opportunity, opening a floristry business could be the ideal opportunity.
According to the UK’s Flowers and Plants Association, the fresh cut flower and indoor plant market is worth a staggering £2.2 billion. The amount the average person spends on flowers and indoor plants has risen since 1984, going from £8 per person per year to £36. And with more and more people buying flowers outside of special occasions, this is a sector with a very bright future.
Even five years ago, most people in the UK only bought flowers for special occasions like weddings and anniversaries, and may have bought a pot plant when visiting someone. Now, we all realise the beauty of having fresh flowers and plants around our homes, workplaces and public places.
- UK Flowers and Plants Association
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How to create a business plan for a florist business
If you’re opting to become a flower shop franchisee, you’ll need to put together a solid business plan to show your new franchisor why you’re the right person for the job. It can also be a crucial aspect of successfully securing a business loan for your franchise.
There are a number of key elements of a successful franchise business plan that you should aim to include, such as:
- A succinct yet solid executive summary, which explains everything from how you plan to differentiate yourself from competitors, to your short, medium and long-term goals for your new business
- A detailed description of your chosen franchise
- A product/service description, which outlines the main offerings you’ll sell and why you believe they’re so compelling
- A management summary, which details who will handle key responsibilities
- Market analysis
- Operations, explaining how you will source key supplies and other business-critical concerns like insurance and health and safety
- Sales and marketing plans
- Business premises plans
- Financial projections and needs
If anything changes within your business, you should make sure that your business plan is updated accordingly. It’s also sensible to review it regularly to ensure you’re hitting your goals and that it still reflects where your franchise is heading.
Not sure where to begin? Here are four tips for building a business plan for a thriving florist franchise.
1. Outline your core product offerings
As a florist, much of your business will come from key events like:
- Corporate leaving presents
It’s sensible to have a solid product offering already prepared for these occasions to help indecisive or overwhelmed customers quickly find something they like. Giving thought to core product ranges will also show your franchisor and potential financers you understand where the most profitable opportunities lie, and that you’re ready to capitalise on them.
If your franchisor has already done this work for you, make sure you highlight their unique products in your business plan. Doing so will also show why your chosen franchise is different from its competitors, and worth investing in.
2. Include details about how you’ll sell your products
In years gone by, you’d see a number of florist’s shops on every local high street. Now, however, more and more people are opting to buy their flowers online. If you’d like to maintain a traditional premises and make sure you claim your fair share of digital customers, you’ll need to plan ahead.
Questions to address include:
- Does my chosen franchisor have an existing online presence, or is there scope for me to develop one?
- Does my franchise have partnerships with courier companies, or is this something that could be explored?
- How will I make it easier for customers to order and receive my products?
3. Consider your location carefully
As a result of the Covid-19 pandemic, lots of towns and cities across the UK are starting to establish local hubs outside of their central business areas. For florists, that means that spots that were once undesirable, such as those in out-of-town areas with previously low footfall, suddenly look a lot more attractive.
Multinational businesses are now setting up ‘spoke and hub’ office models, meaning staff spend most of their time working from local bases and travel into central hubs less frequently. You could set up your floristry business near these new offices to capitalise on footfall that’s been directed from city centres.
If your chosen business model doesn’t rely on physical premises, you could get even more creative. For example, opting for a mobile flower van/cart that can promote your franchise and drum up business at large events could be a great way to supplement your online sales. No matter what you choose, you need to clearly outline your location plan in your overall business plan.
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4. Closely analyse your costs
Understanding the costs associated with your franchise business is crucial. Failing to prove you’ve grasped them could come between you and the financial assistance you need to realise your dream. However, the costs for every flower shop business won’t be the same.
According to Chron, typical start-up costs can range from around $10,000 (£7,200) to $50,000 (£36,000), depending on things like:
- The suppliers you choose
- Your location
- Whether you operate primarily online or from a physical store
- The products you sell
With a franchise, you’ll understand exactly what you can expect to pay. You’ll have a set franchise fee, as well as clearly communicated expenses like a marketing fee, which are much easier to budget for. And as other franchisees have gone through exactly the same process, you’ll be able to look to them for an idea of your costs.
Start a florist franchise today
We hope these tips have helped you get a better idea of what you’ll need to include in your flower shop business plan. If you’d like to learn more about how to choose the florist franchise that’s right for you, or want to find out how to make a career change with a florist franchise, check out our other informative articles. You could even get a glimpse into a day in the life and understand what it takes to run a florist franchise.
Not sure the flower sector is right for you? We have plenty of other exciting opportunities - just check out our UK franchise directory to find out more.
Sophie Cole, Point Franchise ©