In the Bloom with Maria: Adding extras to boost your business may also mean boosting your insurance coverage.
More customers and improved sales are the goal of every business owner. But there are many different ways to achieve that. Hortica Retail Sales Specialist Maria Shepherd discovered some floral shops are adding to their inventory by stocking more than plants and flowers. But those changes may require changes in your insurance.
The November 8, 2017, Florist Blog from Floranext suggested some combinations that can work. The idea is to diversify your business to better deal with the ups and downs of the market, while raising sales of both products by having one giving more exposure to the other.
Flowers and coffee
This can be an easy combination if you already own a brick and mortar flower shop with enough space for seating. You could even partner up with another business that specializes in coffee. Successful stores offer:
- An atmosphere surrounded by flowers and filled with scents
- Comfortable seating both indoors and outdoors
- Free Wi-Fi
- Delivery of all coffee shop goods along with floral arrangements
Florist and bakery
Here’s a chance to combine the smells of baked goods, bread, pastries, and cakes with flowers. One example of boosting sales is with anniversaries—customers can get their cake and flowers in one spot. Here are some tips for this combination:
- Offer wedding packages for flowers and wedding cake
- Team up with a reception hall to offer floral and baked good services for all their events
- Provide delivery options that includes bakery goods and flowers
Florist and home decor
Many florists already incorporate home decor items in their flower shop. Some are taking it to the next step by operating two businesses in one location, offering things like furniture, textiles, and candles. If this appeals to you, you’ll need to consider:
- Location, space, and parking
- Home decor vendors that allow you to maximize profit
- Delivery for home décor items
- Packages offering décor and flowers
Whether your plan is to sell gourmet coffee, cakes, or home décor, you’ll need to do some homework. Check your city’s food service and fire codes to make sure your combination will meet their standards. And always let your Hortica insurance agent know about your diversification plans. Food handling can be just one of the insurance liabilities you’ll face. We’re here to help.
For more information on protecting your business, check out the Hortica Resources section.
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