7 Things You MUST Do Before Opening a Flower Shop/?php print $breadcrumb; ?>
Launching a new business is exhilarating; you’ve been dreaming about this day for years. It’s easy to get carried away in the excitement. However, there are administrative tasks that need to be in place before you open your shop.
Even if you have the best bouquets and arrangements in town, the longevity of a business is dependent on the system you have in place. This foundational work is crucial to set yourself up for long-term success.
Get ready to take notes; here are 7 things you MUST do before opening your flower shop.
Step #1: Register Your Business Name
Choosing a business structure can be challenging. The structure you choose will influence your day-to-day operations, taxes and risks. It is critical to choose a structure that gives you benefits and legal protections.
Let’s take a look at the seven types of business structures:
Limited liability company (LLC)
Corporation - C corp
Corporation - S corp
Corporation - B corp
Corporation - Nonprofit
An LLC is generally the simplest, most cost-effective and most common business structure to register under. With an LLC, ownership can be one or more individuals, the owners are not personally liable and taxes can be either self-employment tax, personal tax or corporate tax. When you register as an LLC, you have a great combination of benefits and legal protections.
LLCs are registered through your state, and every state runs it a little differently. Spend some time researching LLCs in your state to see if this option is best for your flower shop.
Step #2: Register Your Business Structure With the IRS
The IRS will take your taxes, so you must register your flower shop with the IRS for tax purposes. Once you’re registered, the IRS will generate your Employer Identification Number (EIN).
Your EIN is essential and is required when you fill out forms such as W-9s or your taxes.
Registering your business with the IRS is a mandatory step.
Step #3: Create a Business Bank Account
Once you have registered your business’ name and obtained your EIN, it is time to create a business bank account. If this is your first flower shop, registering with a credit union might be your best option.
When you create a business account at a larger bank, they will require you to have a large minimum balance.
At a credit union, they do not require you to have a large minimum balance. Credit unions are in favor of small, upcoming businesses; it’s your time to shine!
Any money your flower shop makes should funnel directly into this account; however, do not forget to track your payments.
Step #4: Tracking Your Expenses
Everything needs to be tracked: income, spending, mileage, meetings, travel. The list is endless. Documenting each individual component is extremely important for tax purposes. If you slip up on tracking things come tax season, you are going to lose money.
QuickBooks should become your best friend; however, managing your tasks as a florist and owner will become a handful. Once your business gains momentum, consider hiring a bookkeeper.
Every bit of income and expense (down to pennies) should be documented, and QuickBooks is the best tool to organize those finances.
Step #5: Create a Business Email
Although this is one of the easiest steps on the list, it is one of the most important. Similar to the bank account, you want to guarantee that your shop’s emails are separate from your personal emails.
A personalized domain is an additional cost, and for your first year of business, it might not be necessary. It is up to you to decide if you want to contribute more dollars to your email address.
If you use Gmail or Outlook for your email account, make sure you use a professional address. If your business emails are going to a single, professional address, you are all set.
Step #6: Develop Your Content Marketing Plan
Selling your product is essential; therefore, you have to have an effective content marketing plan. You will need to devise two strategies: marketing efforts and a content schedule. Marketing converts shoppers into buyers and your content schedule will retain those buyers.
However, as a florist, your time is devoted to other areas, and Floriology Institute is here to help. Floriology Institute offers Social Media Management services and Search Engine Marketing at your convenience!
Their Premium Social Media package allows specialists to work with you to develop social posts based on your shop's promotions/events, trending topics and much more! They will also engage with your current followers while introducing your brand to new ones.
Additionally, their SEM specialists will create Google Ads specific to your business, protecting your brand from local and national competitors. They will also work to ensure optimized ad spend. This will get you the most bang for your buck.
If these tools interest you, you can request a FREE consultation.
Step #7: Build a Website
Social media is not sufficient as your website—you need somewhere to house your content.
This website will be where you direct shoppers convert into buyers. At the beginning stages, you can build a simple site on Wix, Weebly or Squarespace. These are incredibly intuitive website builders that will accomplish your goals.
Having a website makes it easier for consumers to buy your products and provides a simple outlet to see all your shop’s products.
Once you complete these steps, you will be legally secured, have optimized social media pages and own an efficient website. Not only do these steps keep your business safe, but they build your business into fierce competition.