By ANDMORE
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(formerly International Market Centers)
As you know, the flowers aren&#;t the only things that make an arrangement special. The vessel and accouterments add distinguishing qualities to a design. However, finding truly unique and unusual accents can be difficult, and large-scale buying events can be the difference-maker for florists looking to elevate their offerings. For many florists, gift and home markets&#;like ANDMORE&#;s semiannual Atlanta Market at AmericasMart Atlanta and Las Vegas Market at World Market Center Las Vegas&#;are must-attend sourcing opportunities.
Held each July and January at AmericasMart in downtown Atlanta and World Market Center in downtown Las Vegas, the Atlanta Market and Las Vegas Market host retailers and designers from every U.S. state and around the world looking to discover new resources and buy for their businesses. The Atlanta campus spans three integrated buildings and is the nation&#;s largest product mix for gifts, complemented by a broad selection of home décor, furnishings, apparel and the nation&#;s largest outdoor living presentation. In Las Vegas, four state-of-the-art buildings host the premier sourcing destination on the West Coast, including a wealth of complementary gift, décor and furniture resources.
These multiday wholesale shopping events showcase brands in a combination of permanent showrooms and temporary exhibits on easy-to-navigate, amenity-filled campuses. Florists, in particular, shop these marketplaces to find containers and accessories to accentuate their arrangements and sell in accompaniment to their floral creations.
Toomie Farris, AIFD, AAF, president and CEO of McNamara Florist in Indianapolis, Ind., has been attending Atlanta Market for more than 30 years. He&#;s become an Atlanta Market expert and has utilized this event to grow his store into Indiana&#;s top full-service florist. Here are his top tips for florists looking to leverage gift and home markets to extend sales opportunities.
Plan Your Buying
Probably the most important step when planning to attend a gift market is to know what you need to buy while you are there. You would not leave for vacation without an itinerary, and a trip to market is no exception. Because Atlanta and Las Vegas Markets occur twice a year, vendors work on six- and 12-month cycles. This means placing orders in January for fall and winter merchandise and ordering spring and summer items in July.
&#;Our goals are to make merchandising decisions for a six-to-12-month period that is 9 to 12 months out at each market,&#; Farris explains. &#;We use the market to identify trends and new products; evaluate our pre-market thoughts and plans to be on trend, current and viable; and then to buy products that fit into the plan and seasonality of our business.&#;
Knowing your buying schedule will focus your at-market activities and help you plan your trip before heading to Atlanta or Las Vegas. With so many floors of permanent showrooms and temporary exhibits, the campuses can be daunting landscapes. There are acres of space with thousands of product lines to browse, and preparing for a gift market is vital to successfully shopping all the products, lines and brands during your visit.
&#;We accumulate information about trends and what we see in shelter magazines all the time,&#; Farris notes. &#;We usually start planning in more detail about a month before market, which includes feedback from our retail store managers and an inventory analysis.&#;
Atlanta and Las Vegas Markets last for multiple days, giving you flexibility to visit for the days that work best for your business and travel schedule. Consider spending the first day just browsing to either narrow down or add to your shopping list. While you&#;re browsing, ANDMORE&#;s &#;@Market App&#; lets you track your stops by scanning a QR code outside of each showroom or booth. It also allows you to take photos and make notes to keep you organized and remind you of products you want to purchase. Of course, if you have extra time, consider staying an extra day in Atlanta and Las Vegas to sightsee or visit local retail florists and other stores for added inspiration.
&#;While we end up going to market with some general ideas of what trends and colors we are going to focus on, we finalize the merchandising plan as we make buying decisions on the trip, trying to remain focused on creating cohesive merchandising themes in our stores seasonally,&#; Farris elaborates.
ANDMORE&#;s &#;@Market App&#; and Market websites are useful tools for the planning and preparation that will help you to be organized rather than overwhelmed and focused rather than frantic. In addition to a complete directory of vendors on each campus, the app allows you to select showrooms and brands that you want to visit and save to your personal shopping list, called your &#;Market Plan.&#; The websites, which include exhibitor directories&#;searchable by product category, exhibit location and keyword&#;as well as schedules of events and at-market activities, walk you through pre-market preparation plans and tips to help you maximize your time at market.
For first-time attendees, ANDMORE&#;s market websites (atlantamarket.com and lasvegasmarket.com) also have tools to help you prepare for your shopping visit. Atlanta&#;s &#;Market 101&#; page includes tips on how to budget for buying and credit information needed to open new accounts. Las Vegas&#; &#;Attend&#; page provides an overview of each product category as well as complementary cross-category connections.
Look Beyond Garden and Gift Resources
As a florist, you may be tempted to spend all your time shopping gift, garden and seasonal resources, but that would be a mistake. In addition to the expansive selection of floral-related gift products, many florists love attending gift markets to source the expansive selection of top-of-the-line complementary décor product. Farris, like fellow shop owners, comes to Atlanta Market with a long list of home décor and outdoor furnishings products to buy for McNamara Florist.
&#;We look for home accessories such a lamps, art, home fragrances and candles, holiday decorations, and even artificial flowers,&#; he details. &#;We buy products that fit into the plan and seasonality of our business.&#;
A great destination for florists is &#;The Gardens,&#; located on the 9th Floor of Building 2 in Atlanta. More than 60 brands fill this redeveloped space and showcase outdoor décor and garden gift products. Here, you can find sturdy containers for exterior spaces, birdhouses and bird feeders, and adorable ornamental pieces. Even florists who only create interior designs can find useful items in &#;The Gardens.&#;
In Las Vegas, Building C, floors 5 through 7 are chock-full of pottery, containers and more products that florists will love. These floors also boast a large selection of seasonal gifts and décor for you to browse, for those special-occasion flower arrangements.
Other products found at Atlanta and Las Vegas Markets that pair well for flower businesses include candles, ribbon, stationery, and a wide variety of décor and accessories for holidays throughout the year. Furthermore, both of these marketplaces have a large mix of handmade products and gourmet food offerings&#;think coffee, tea, spices and chocolates&#;that can add excitement to flower shops&#; merchandise mixes.
&#;Over the years, I&#;ve witnessed firsthand the immense value florists gain from attending markets like Atlanta or Las Vegas,&#; shares Angélique Witcher, marketing and content manager for Accent Decor, based in Chamblee, Ga., and one of the many exhibitors with showrooms in both Las Vegas and Atlanta. &#;These shows offer a treasure trove of innovative products, exclusive show specials, and invaluable opportunities to engage directly with vendors and appreciate products in person,&#; she assures. &#;Whether exploring new trends or forging relationships with suppliers, attending these markets is a strategic investment for florists seeking to stay ahead in a competitive industry.&#;
Find Your Inspiration
More than just sourcing product, gift markets offer opportunities for florists to find inspiration for their art. With meticulously crafted merchandising in showrooms on every floor, aisles and aisles of tradeshow booths, and multifaceted displays in lobbies around the buildings, florists can view new trends and creative ideas in person. &#;You have to keep it fresh,&#; Farris states, &#;and seeing new on-trend merchandise opens our eyes to new ideas for our floral designs.&#;
Gift markets also offer full slates of educational seminars and networking opportunities that can help take your business to the next level and enrich your at-market experience. Educational seminars feature experts from a variety of industries offering deeper insights and new perspectives. Celebrity appearances, book signings and meet-the-artist events are all a part of the market experience. In Atlanta, you can even sit in on a cooking demonstration and enjoy sample bites from a leading chef. The Atlanta and Las Vegas Markets&#; websites include complete schedules of market happenings so you can build these content and community-building activities into your plans.
Spending time at gift and home markets is a great way to get your creative juices flowing and stock up on unique and distinctive products that will level-up your flower business. Understanding your retail needs and customer demands, researching the product lines and brands available, and creating a buying plan before going to a market will lead you to a successful sourcing experience. With the right preparation and open eyes, a trip to a gift market, particularly the Atlanta Market or the Las Vegas Market, will unquestionably enrich your flower business.
Atlanta Market is a dynamic and immersive wholesale sourcing destination housing the nation&#;s largest product mix for gift complemented by a broad selection of home décor, furnishings, apparel and the nation&#;s largest outdoor living presentation. It features three buildings with 51 floors of showrooms and temporary exhibits, with thousands of brands that attract retailers and designers from every U.S. state and more than 50 countries. The next edition runs July 16-22, , at AmericasMart Atlanta. (atlantamarket.com)
Las Vegas Market is the leading home furnishings and gift market in the western U.S., presenting thousands of gift, home décor and furniture resources in an unrivaled market destination. Las Vegas Market&#;s diverse product offerings allow for cross-category commerce among these industries. The Summer Las Vegas Market is July 28-Aug. 1, , at World Market Center Las Vegas. (lasvegasmarket.com)
About ANDMORE
ANDMORE, formerly International Market Centers, is an omnichannel wholesale market-maker that fuels opportunities for wholesale buyers and sellers to connect, grow and prosper through physical markets, design centers and digital channels. The company owns and operates more than 20 million square feet of premium event and showroom space, hosting live events in Atlanta; High Point, N.C.; Las Vegas; and New York City. By pairing face-to-face events with always-on digital tools, ANDMORE provides truly omnichannel business platforms for its global wholesale customer base. (andmore.com)
Tips for Planning Buying Trips and Navigating Gift Markets
By Nita Robertson, AIFD
BEFORE YOU GO
&#; Research the Market
Before attending a gift market, research the event to understand its vendors and product offerings; for example, some markets (and vendors) specialize in regional goods, home décor and furniture, jewelry and apparel, resort and souvenir merchandise, and so on. (See a list of upcoming gift markets in our &#;Coming Soon&#; events listing in each issue&#;on Page 62? in this issue). Comb through exhibitor lists to identify the best sources for the products you intend to buy, and then plan which exhibitors to visit and in what order (based on either showroom/booth location or product importance). This will save you a lot of time once you arrive at the gift market.
&#; Identify Trends and Themes
Research current gift and retail trends before you go, to identify popular looks, styles, themes and products that are in demand, as well as those that conform with your store&#;s brand and clientele. You will also discover similar information while at market. Look for unique, distinctive and/or niche products that will differentiate your store and attract customers.
&#; Set Buying Goals and Budget
Define your buying goals and budget for the gift market. Determine the types of products you&#;re looking to source, the quantities you need and the price ranges you&#;re willing to pay for each. Having clear goals will help you stay focused while shopping the market. Allot a small percentage of your budget (say, 10 percent to 20 percent) for exciting new must-have items and impulse purchases&#;items you find that you may not have planned to buy.
&#; Be Credit Ready
Prepare a &#;trade reference&#; listing of your business, banking and credit information, including credit references (existing open accounts), that you can give to new vendors to expedite establishing open accounts with them. Also, to gain access to short-term funding for purchasing new inventory, consider opening a business &#;Line of Credit&#; (LOC), which will enable you to borrow cash on an as-needed basis instead of taking out a loan for a fixed amount. Depending on your business situation, another option could be securing a Letter of Credit (L/C) from a financial institution, whereby the financial institution guarantees payment to the supplier on your behalf.
&#; Schedule an Appropriate Amount of Time
Determine how many days you need (and can afford) to allot for attending a gift show (be sure to factor in travel days). Most major winter and summer gift markets run from four to seven days while midseason, regional and specialty gift markets typically span two to four days&#;some are even one-day events. Make sure to build in time to explore new vendors and products (it would be a shame to visit only your regular suppliers) and to attend a few of the myriad education, networking and social events hosted by many gift markets (who says you can&#;t mix business with pleasure?).
&#; Plan Travel and Accommodations
Research hotels for prices and proximity to the gift market, and schedule travel arrangements. If you will drive, investigate parking availability and cost at the gift market; if you fly, check out shuttles or other transportation to and from the gift market. Most major gift markets will assist with and provide information on all these details, and many of them arrange for discounted air fares and lodging prices for market attendees with various airlines and hotels.
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AT THE MARKET
&#; Source from Diverse Vendors
Explore a variety of vendors to discover a wide range of products and suppliers, including handmade, artisanal and/or locally crafted items, that will appeal to customers seeking unique gifts and décor. Consider spending the first day (or two) of your buying trip just browsing the market to identify products and vendors you&#;re interested in, and then go back and buy later, after you&#;ve seen everything that&#;s available.
&#; Evaluate Product Quality and Provenance
Assess the quality, craftsmanship and provenance of the products you&#;re considering. Look for well-made items that meet your standards for quality and value. Ask vendors about materials used, production processes and any relevant certifications, in order to provide product &#;stories&#; to customers and appeal to those who are concerned with eco-friendliness and broader sustainability issues.
&#; Consider Merchandising and Display
Visualize how the products you&#;re buying will fit into your store&#;s merchandising and display strategy. Choose items that complement your existing inventory and can be showcased effectively to attract customers.
&#; Negotiate Prices and Terms
Don&#;t hesitate to negotiate with vendors on terms and pricing, especially if you&#;re placing bulk orders or making significant purchases. Ask about show specials and other promotions and incentives, including payment terms.
&#; Stay Organized
Keep track of the vendors you visit, the products you&#;re interested in, and any relevant pricing or terms negotiated. Take notes, collect business cards or catalogs, and maintain a record of your interactions for future reference.
AFTER THE MARKET
&#; Follow Up After the Event
Follow up with vendors after the gift market to finalize orders and to confirm shipping, delivery, terms and any additional details. Keep communication open and responsive to ensure a smooth process.
&#; Plan for Product Arrival
Schedule time in the weeks and months ahead to handle the arrival of your new merchandise. This can include unpacking; pricing; marketing and promotion of new items; assimilating new merchandise into existing inventory; storage; and making plans for dealing with items that arrive damaged, are unavailable and/or were not shipped.
By following these tips, retailers can navigate gift markets successfully, source appealing products for their stores, and delight customers with unique and desirable offerings.
Tips for Navigating Gift Markets
By Nita Robertson AIFD
As a retailer navigating gift markets, your goal is to source unique and appealing products that will resonate with your customers and drive sales.
Research the Market: Before attending a gift market, research the event to understand its theme, target audience, and the types of vendors that will be present. Look for markets that align with your retail niche and cater to your customer base.
Set Buying Goals: Define your buying goals and budget for the gift market. Determine the types of products you&#;re looking to source, the quantity you need, and the price range you&#;re willing to pay. Having clear goals will help you stay focused while browsing the market.
Identify Trends and Themes: Stay updated on current gift and retail trends to identify popular themes, styles, and products that are in demand. Look for unique or niche products that will differentiate your store and attract customers.
Source from Diverse Vendors: Explore a variety of vendors at the gift market to discover a wide range of products and suppliers. Look for vendors offering handmade, artisanal, or locally crafted items that will appeal to customers seeking unique gifts.
Evaluate Product Quality: Assess the quality, craftsmanship, and durability of the products you&#;re considering. Look for well-made items that meet your standards for quality and value. Ask vendors about materials used, production processes, and any relevant certifications.
Consider Merchandising and Display: Visualize how the products you&#;re buying will fit into your store&#;s merchandising and display strategy. Choose items that complement your existing inventory and can be showcased effectively to attract customers.
Negotiate Terms and Pricing: Don&#;t hesitate to negotiate with vendors on terms and pricing, especially if you&#;re placing bulk orders or making significant purchases. Ask about discounts for volume orders, payment terms, and any special promotions or incentives available.
Build Relationships with Vendors: Cultivate relationships with vendors whose products you&#;re interested in sourcing regularly. Exchange contact information, follow up after the event, and explore opportunities for ongoing collaboration and partnership.
Stay Organized: Keep track of the vendors you&#;ve visited, the products you&#;re interested in, and any relevant pricing or terms negotiated. Take notes, collect business cards or catalogs, and maintain a record of your interactions for future reference.
Follow Up After the Event: Follow up with vendors after the gift market to finalize orders, arrange shipping or delivery, and confirm any additional details. Keep communication open and responsive to ensure a smooth buying process.
By following these tips, retailers can navigate gift markets successfully, source appealing products for their stores, and delight customers with unique and desirable offerings.
There were 3 flower shops for sale in Austin when I decided to buy a flower shop back in . And when it came time to look under the hood of those businesses, I was shocked!
The sellers did everything possible to put lipstick on the pigs, but two out of three of the flower shops I considered buying were not profitable at all.
The third flower shop was profitable. It had a great team, a loyal base of customers, and it was in an ideal location. I knew I had to become its next owner. Verbena Floral Design is the flower shop I bought and ran for over 12 years! And I am proud to say it was highly profitable every single year that I owned it.
Now when I look back 18 years later, I can clearly see what separated these three flower shops and what made one flower shop profitable and the other two profit-less!
Now when I tell people I was a flower shop owner, people frequently ask me &#;Is owning a flower shop profitable?&#; And like most things in life the answer depends more on the people behind the business than the business itself.
Let&#;s dig a bit deeper into small business profitability and the factors that drive success.
Here&#;s the short answer. Flower shops are profitable when the owners and managers make smart business decisions that drive revenue, control costs, and yield advantageous results. In fact, this goes for any type of business.
Flower shop owners who are profitable typically have 3 important things.
Good product-market fit
A sound pricing strategy
Smart cash-flow management
But if you landed on this post and have gotten this far, I think the question you really want to ask is &#;how can I make my flower shop profitable?&#; because you know it&#;s possible!
The answer lies in learning from other&#;s mistakes. So let&#;s look at a few things that create a strong foundation for a profitable flower shop and a few things that need to be avoided if you want to be profitable in the floral business.
Most flower shop owners don&#;t want to share how much money they are making each year, but I am happy to share what I made in my flower shop annually. My business revenue was right around $500k and my profit was usually around $85k after all my bills, expenses, and payroll (including myself) were taken out.
So I know from personal experience that it is possible to make a healthy living and that owning a flower shop is profitable! And the keys are having a good product-market fit, a sound pricing strategy, and smart cash-flow management. But of these 3 the most important is a sound pricing strategy because without it revenue often falls flat and can be the cause of lots of serious issues in your floral business.
Do you want to get the scoop on floral design pricing so that you can run a profitable flower shop?
Let&#;s talk pricing!
Being a creative person, you may not love the math involved in running your floral design business. I understand that completely. However, if you want to become a more profitable floral designer, you must make implementing flower math pricing a priority every day. Then you can take it to the next level by avoiding the top 10 floral design profit pitfalls I'll discuss below.
The fundamental structure of floral design pricing is a cost based model. Why use it? It&#;s simple and it works! You&#;ll calculate the total costs it takes to make your product and then add a percentage margin to determine your final retail price.
The mark-up on your flowers is typically 3 to 4x your wholesale cost. The mark-up on your hard-goods is usually 2 to 2.5x your cost. The design fee is calculated as a percentage and needs to be in the range of 30 to 50% depending on the complexity of the design.
And what about the other costs of running your business? Rent, , internet, etc.? We&#;ll call that overhead and it&#;s covered by your profit margin.
Of course, these are guidelines and as a small business owner, you must decide what formulas work best for you. Don&#;t undercut yourself. Be sure to keep these suggested numbers as your starting point.
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