Ready to get into the business of beautiful things? Flower shops offer a creative move into the entrepreneurial world. If you love all things florals, find yourself dreaming up gorgeous centerpieces, and understand the value of customer service, then buying a florist business may be right for you. Find out what to look for in a floral business below.
Purchasing an existing flower shop allows you to bypass many of the challenges of a startup. Instead, you’re able to skip some of the hard work with an established reputation, business plan, cash flow, and an existing customer base. Depending on the current owner, you may also benefit from their guidance or retaining trained staff to help you start on the right foot.
Still, it’s essential to know what questions to ask and what to look out for when evaluating a flower business. The following can help you start determining if an opportunity is right for you.
One of the most important aspects to understand in any small business transaction is why the existing business owner is exiting the company. It’s not unusual for a florist to sell because they’re entering retirement, moving out of the area, or moving onto a new venture. However, if an owner is selling due to financial hardship, it’s best to take a closer look. The floral industry was hit hard by the global pandemic as complementary industries such as wedding services and funeral homes came to a halt. Still, these circumstances may set you up to negotiate a better deal.
A floral shop needs more than fresh-cut flowers! In addition to inventory, you’ll need equipment and supplies to keep things running smoothly. Coolers are one of the highest costs in opening a flower shop, so be sure to assess their condition. Additionally, if the floral business you’re evaluating offers delivery service, you’ll want to determine if a delivery van is included and, if so, what state it’s in.
In addition to the above, when you start looking at florist businesses for sale, you’ll want to find a shop that makes sense for your business ideas as a new owner. The following qualities can help you determine if a florist shop is likely to be successful.
If you’re ready to get into your own flower shop, consider working with the professionals at Sunbelt Business Brokers. Our business intermediaries offer an invaluable combination of local business information and global reach. Get in touch with your local office today for more insights on every step of the purchasing process!