Popular party supply businesses like Party City do well because they sell a wide selection of supplies for every type of event. However, when you are starting up a small party supply business it's best to focus on a specific type of customer and event. The demand for party supplies fluctuates with the economy; in times of prosperity, people tend to spend more on their parties and celebrations. But a well-managed party supply business that sells the most popular party goods at the right prices will receive continued business even in lean times.
Instructions
1. Browse online sites that sell party supplies to see what are their most popular products. Make a list of these products so that you will know what to order for your party supply business. Decide what types of party supplies you will be offering. Will they be for classy, elegant celebrations like weddings, cocktail parties, and receptions, or for kids' parties? The way you decorate and set up your store (and the cost) will depend on the type of party supplies you will be offering and the customers you are targeting.
2. Get in touch with a distributor who sells the type of party supplies you want to sell (see links below for suggestions). You will need to negotiate a contract with the distributor. Since you are starting a new business the distributor may want to get at least a partial upfront payment from you on the first order to establish a relationship. From that point forward, you will probably be given 30-day net terms (to pay your invoices within a month).
3. Find a retail store location in your area that is in a high-traffic shopping district, preferably near a supermarket or cake shop so that people who are planning a party can get one-stop shopping.
4. Establish a small eCommerce website to sell your party supplies online. You will need a website hosting plan with eCommerce features and a domain name as well as an online merchant account for your site (see Resources below for more information).
5. Purchase or lease equipment that can be rented by customers for parties, such as helium machines and inflatable toys for kids to play in.
6. Schedule a grand opening date and hold a big free party for your own business, mostly catering to the people who will probably patronize your shop (kids, parents, wedding planners and other event coordinators).
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