This January, I am focusing on how I can make, save, and spend in My Event Décor for 2019.
Earning more money
In January 2018, my company had two categories: sales and leases of décor products. Each class had two markets: (a) weddings and private parties and (b) corporate events and product launches.
Event décor leases comprised 77 percent of earnings in 2017 but only 37 percent in 2018.
This fall in category share was a result of my own 2018 concentrate on the lucrative corporate décor purchases marketplace, wherein venue managers and event organizers dictate decorative props — customized or in volume. I also ceased marketing into the lower-profit consumer wedding décor rentals.
The strategy grew my earnings by 65 percent in 2018 over 2017.
Business décor market sales have risen from nine percent of the total in 2017 to 42 percent in 2018.
I listed fewer corporate event rentals, falling from 56 percent of total earnings in 2017 to 33 percent in 2018.
After I ceased marketing wedding décor rental products, its group share dropped from 21 percent of total earnings to four percent . Revenue from wedding décor buys , however, rose 20 percent, because of selling higher priced goods.
As I withdrew from the wedding market, I introduced a selection of products broadly acceptable for themed parties, and increasingly, for your home.
In 2017, home décor earnings accounted for only 1 percent of my earnings; at the end of 2018 home décor was in charge of 12 percent.
The customer home décor place took me by surprise. From late October to mid-December, I featured a range of Christmas décor products. Unsure what the response is, I bought a small number of odd festive-themed items, which sold out. This year, I will plan my Christmas range considerably sooner and will buy more inventory.
Due to the Christmas range and Google Shopping pay-per-click advertisements , home decor merchandise earnings rose by 439 percent from Q3 2018 to Q4.
This year I will be focusing on reducing shipping costs as my company occasion volume orders continue to rise.
I expect to save money on shipping and fulfillment costs in 2019 by:
- Ordering standard box sizes in bulk.
- Selecting certain providers to drop ship bulky things so I don’t need to send them to the client.
- Specifying the Delivery option from suppliers.
- Buying larger quantities of hot products to decrease unit prices and total shipping fees.
- Bundling products in the same city in one shipment to reduce overall shipping costs.
- Asking corporate clients to take pallet delivery, which rates transit times, reduces breakage, and reduces managing costs.
I used to believe”spending” money on my company meant I was”investing” in it.
But investments will need to create a return!
As mentioned in a prior post, I will spend more in Google Shopping at 2019. It generated an impressive return on investment.
The actual money to be made in 2019 is selling goods for corporate events and places, in large volume or customized.
I intend to expand my assortment of products that make an event”buzz” and aren’t commonly available through other occasion providers. To do so, I want to invest money in creating a selection of custom event décor prop products for your 2019 holiday season.
Once I have calculated the margins and costs — and forecasted sales and profits — I shall invest in product research, samples, photography, publicity, and packaging.