What's your favorite season?
Do you like the summer heat, hitting up the beach for a nice tan?
Or maybe you prefer cozying up in the winter with hot cocoa on tap...
If you ask me, I prefer the awakening of springtime over the dead leaves of autumn.
Who doesn't love the season of new beginnings?
Like you prefer one season over another, seasonal businesses are those that work well during a particular season.
So, what exactly is a seasonal business?
Seasonal businesses typically only offer their services during a certain time of the year.
Here's an example...
Did you know that consumers are expected to spend $10.14 billion on Halloween-related items in 2021?
That's an all-time high!
And as we all know, the seasonal demand for costumes skyrockets during October. Many people want to dress up like the characters on Squid Game. Or use Captain America's shield for Halloween.
If you are already in this niche, that means you can create a quick windfall just by giving your customers what they want.
If you're still not riding the wave, then the seasonal industry is a step in the right direction. Managing seasonal business during slow times can increase the efficiency of your business.
It sounds like a good plan, doesn't it?
When taking up this kind of venture, it does not hurt to learn tips and have tricks up your sleeves to be successful.
Whether you're just starting out or a "seasoned" commerce owner. (No pun intended).
As you know, victory loves preparation.
In today's blog post, I am going to help you prepare for any kind of weather that comes your way.
Let's dive right in...
Five Guaranteed Tricks to Maximize Your Seasonal Online Business
1. Review, Review, Review!
It's time to break out the pen and notebook for a good old studying session.
When starting from scratch, do you know what can help fill the gaps in knowing your market?
It's market research.
I know, the word "research" sounds daunting and tedious. However, it's pretty straightforward when you put it in bite-size pieces.
So, let's put it in simpler terms, shall we?
A. Ask your audience
Start asking customers what they want:
- What products do they buy?
- Do they buy it often?
- How much would they pay for your services?
- What are their purchasing behaviors?
Any kind of data you can have about your customers is important. It will also help you adjust your services in the future to benefit your customers further.
B. Assess your competitors
Like a boxer preparing for a match, observe how your competition works.
Look into your competitions to shed some light on estimated sales. How do they market? What are their strengths and weaknesses?
That way, you'll know where to land the punches.
By knowing more about their market, you can create your own Unique Selling Proposition.
In simpler terms, USP is what makes sets you apart from your competitors. Ask yourself: What makes me different from my competition?
Knowing your USP helps you stand out from everybody else. A compelling unique selling proposition will make your target customers see what you offer and why they should choose you.
With your unique selling proposition ready, you can now...
C. Create a plan
Nobody likes feeling lost.
If a sea captain needs nautical charts to go through the waters, then you definitely need one to go through your seasonal business, too.
Your nautical charts come in the form of a business model.
Map out with a business model. Your business is not year-long round. Accounting for the cash flow during the off-season is the utmost priority.
Your business model should include the following:
- Your specified product or service
- How do you go by marketing it
- What your expenses will be
- What your expectations are profit-wise
Once you have burnt the midnight oil reviewing, continue on and...
2. Get Only What You Need
The seasonal business has its own dangers.
One of them is that you may be stuck with supplies you weren't able to sell during the off-season.
Getting stuck with unsold products is an eyesore no business owner wants.
Garages are for your car and yard tools.
And your gym equipment, if you're into that.
But they are NOT for storing your unsold products. They're still NOT for any equipment you thought would help you with your services.
To avoid this problem, assess the demand for your market. You can use the data you got from your research. A break-even analysis can also help you make a better financial plan.
That way, you can determine your margin of safety. Knowing so will minimize your risks in the future.
When you get the hang of it, make sure to...
3. Diversify For Greater Profit
Your parents used to tell you to try new things.
"You like walking with your dog? Well, then you should definitely try hiking! I'm sure you'll love it!"
To be fair, that advice still holds true until this day. Especially if you're a business owner.
Why do you need to widen your business out?
Well, it can boost customer turnover. You can target new customers with new needs and wants.
Choose one that is similar to your business and picks up on your off-season. After all, niche business is all the rage these days (and in the future).
For instance, why not try to match the time of year? Think ice cream trucks and swimwear for summer season business.
Need holiday business ideas? How about Christmas trees and decorations? Chocolates and confectionaries come right after for Valentine.
Some exemplary winter business ideas are skiing equipment and winter gift baskets. They all identify to a niche market, after all.
This also creates an additional source of income for you throughout the year.
An industry with a great seasonal demand example is food trucks. The food truck industry is flexible in a lot of ways — its location, schedule, and services vary each time.
As restaurants closed due to the COVID-19 pandemic, food trucks became the solution to communal dining.
This seasonal industry has also expanded to catering parties and weddings.
For their catering services, they launched their own website as a way to diversify. All of their menus and shared photos from events are some of the highlights of having a website.
This is still in line with boosting your customer turnover, isn't it?
When the season's done, it might feel like the high of running a seasonal business is done.
But once you're on slow times, go ahead and...
4. Make the Most Out of Off-Seasons
When it's not business as usual, it's still business as usual.
Yes, that means how it sounds like.
Off-seasons does not mean your business needs to close down.
As an option, discount prices will keep your business in the spotlight all year long. This can attract new customers even when it's not a peak period.
Let's go back to one of my favorite holidays, for example — Halloween.
Of course, it only makes sense that your Halloween store would make most of its sales before that week comes. All of the spooky decorations, trendy costumes, and candies should all be purchased by then.
But the moment the clock strikes 12 on November 1st, it would then be considered an off-season.
To help with sales during the off-season, retailers typically offer discounts from 50% to 80% once the holiday has passed.
Another thing to do during your off-seasons is to keep yourself updated with market trends.
Attend network events and seminars to help grow your business. Make sure that all your equipment, products, and skills are in top shape to keep up with seasonal demand.
Of course, you can still enjoy a peaceful time during your off-season. But still...
5. Use the Quiet Time to Stay in Touch
Keep in touch with your customers. With the world at your fingertips, there are a lot of ways at your disposal.
Establish a social media presence that will showcase your services or products. Connect with your customers to build a better relationship.
Keeping in touch with your customers means you are also visible throughout the year.
After all, your competitors might be idle during the off-season. Reaching out to your audience before peak season will give you an edge over your competition.
Digital marketing is a great device to reach out to loyal customers as well as new audiences.
Why don't you tie all these up with your own online space?
Creating your own website might sound complicated. But there are user-friendly spaces where you can start your online presence.
To guide you through it, here are important things to consider when starting an online business.
Make Your Seasonal Business an All-Time Favorite!
Seasonal business certainly posts new challenges.
It's a unique experience: You're on standby for a couple of months. Then suddenly, your shop is flooded with customers.
That makes things a bit more complex.
So be sure to pay attention to your business all the time. Even when you're on the off-seasons.
Keeping these tricks in mind will definitely lead your business to victory.
And see that your brand is visible all year long!
Why don't you start now?
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Trisha Ballesteros