Some traditions have stood the test of time. Giving flowers to loved ones on Valentine’s Day is one of them. And it is an important one to many small businesses particularly small florists and others in this industry.
But what you may not know is that many of these flowers are sourced from countries as far away as India and Thailand.
According to a new report (PDF) by global payments provider Align Commerce, $670 million will be spent on importing flowers for Valentine’s Day this year. On average, each florist will spend $18,957.07 on imported Valentine’s Day flowers.
For small businesses, the blooming flower industry promises untapped opportunities waiting to be explored.
Startups Benefiting from Flower Power
Inspired by growing consumer demand, many flower startups have mushroomed here in the U.S. For instance, San Francisco-based Farmgirl Flowers is one of the biggest success stories. The company sources only American-grown flowers and creates just one arrangement for customers to order each day. In doing so, it reduces waste and saves money.
Today, Farmgirl Flowers is one of fastest growing startups in the Bay Area with revenue expected to hit $10 million this year. Farmgirl Flowers was also recently featured on the CNBC show, The Profit.
Top-notch quality, competitive pricing strategy and smart waste management have contributed to the success of Farmgirl Flowers. For businesses interested in getting into the flower industry, the company is a great example of how a business can meet consumer needs with a clear business strategy.
Another flower startup that has gained success in the flower business is BloomThat. The company offers a curated selection of bouquets, usually four to eight options. About 80 percent of its flowers are sourced from California. For Valentine’s Day, BloomThat is offering a special package that comes with pink nail polish and champagne-flavored gummies.
Achieve Success in this Blossoming Industry
Like all businesses, in order to be successful in the flower industry, it is important to know who your customers are and what they want.
Unique floral arrangements have a big market and the demand is steadily on the rise. With a discerning eye for detail and a keen aesthetic sense, you can strike a chord with your customers and attract more buyers.
Flowers for Valentine’s Day and Beyond
Creativity aside, it’s important to have a great business plan, as in the two examples above. What kind of options should you offer your customers? What will set you apart from your competition? How will you address the waste problem? Can you tie-up with some local farmers without hurting your margins? Certainly, tremendous opportunities exist in this ever blossoming market including flowers for Valentine’s Day and beyond. The secret is to create your own bouquet of services that stand out from the rest.
Image: Align Commerce