Many businesses have ups and downs in their businesses and in many cases, these fluctuations are due to the seasonal changes. Seasonal business is a term to describe such types of businesses that correspond with the seasonal changes. A season can be comprehended in this setting to incorporate a) periods of the year and their climate-related changes, b) holidays, and c) festivals like the Holi, Diwali or the Christmas. Although most organizations experience some occasional business variances, others experience serious regular changes and may even restrict their tasks to specific seasons.
Some businesses that are extremely seasonal may close down completely at some time of the year. There are some businesses that are open throughout the year but may experience huge profits during one or two seasons of the year, like Diwali or Dussehra being the busiest for electronics.
Some of the events can influence the sales in every month of the year that can be predictable to businesses. These types of seasonal events can affect different industries differently. For example, January is a good month for fitness memberships or health memberships. February is generally the slowest month but it does have Valentine’s day which triggers a great way for a seasonal business. Summer is the month where all the summer products are in high demand. Likewise, June has a great increase in back to school sales. Finally, winter that starts with November and December is also the holiday month for many. Therefore tourism increases.
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The dominant feature of all these seasonal businesses is that they are all small shops like kiosks in a mall or a beach shop – they are all gift stores. What this means is the customers are buying a gift for someone or gifting themselves because they are on a holiday.
These are the important customers that are more open to buying a high priced item than the other ones that only buy items in seasonal business due to the sales that they can get with any type of brands.
Though this type of business is not the most traditional type of retail business, they are very much profitable when they are in a high traffic location that has a lot of footfall in the form of tourists and vacationers. If you have a seasonal shop or are thinking of opening one, here are some of the reliable tips that you should use to manage your business for success:
1. Marketing of your brand- You might have been advertising your event mostly in a traditional way that is print media, television. You should now try to leverage social media to gain benefit for your business. Facebook, Instagram, Twitter whichever suits your demographics well. They will help to reach a larger audience without investing a lot of funds.
2. Advance advertising of opening- One of the mistakes that new seasonal businesses make is to wait until they are open to start advertising the brand. Experts in the marketing field believe that advertising beforehand, that is before launching your product can create a huge interest in the customers regarding the brand and they are much more willing to stay updated.
3. Know your vicinity- If possible see to it that the products you sell do have a local connection. Some of the examples include locally hand made products and products that have a local theme and also products that have a direct connection with the city where you have set up your business. For example, if you are in Goa then the products will have a style that is local and cannot be found online easily so that they come back home.
4. Clear out- Make sure that you don’t hold onto the old merchandise because they feel like “it never gets old.” But guess what? It does. Have a huge clearance sale that will while there are still shoppers left. Don’t wait for the offseason.
5. Pick the right products- Select the products that are proven to be top-selling items. If you dont then the sales training will also not help you. You don’t have time with slower-moving products when you run a seasonal shop. Even though they have a higher profit margin it is recommended that you have a product that has better sales. Successful seasonal business flourishes on higher volume.
6. Give customers a motivation to purchase- People are bound to burn through cash when they’re in the midst of a get-away. Separate yourself from your rivals and you’ll see a greater amount of that cash coming to your direction. Show a couple of things keenly instead of racks and racks of something very similar. Feature new uses for a more established item. Prepare extraordinary signs that make clients stop and think about your things.
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7. Be different- Continuously search for approaches to differentiate your business so you’re not all that subject to the blast and-bust cycle of the occasional activity. Would you be able to start more organizations that kept running in various seasons?
8. Utilize the off season furthering your potential benefit- The best entrepreneurs utilize their personal time to revive and plan for one year from now. Clean the whole store – that implies the build-up toward the sides of the floor covering, the extra tape from signs, stapes from enhancements, the works! Do the math. Search for approaches to improve. Refocus your methodologies. To put it plainly, improve yourself and you’ll improve your business.
Now if you are looking for spaces for your seasonal business. Myrsa will help you find spaces in different locations. You can book a space for a few hours to a few days in high footfall areas. Find spaces in malls and also in other commercial areas with Myrsa.