Valentine’s Day can be big business if you plan accordingly. Normally those already running certain businesses stand an easy chance to capitalize on the day to drive sales. On the other hand, it is also possible to actually do a somewhat pop-up business just to tap into the day. It is actually funny how time flies because a year ago this time people were busy lamenting that it was pointless to celebrate the day. This was due to the struggling state of the economy but here we are a year later and the economy is still struggling. Global sales into the tens of billion US dollars are realized during Valentine’s Day every year so prospects of making money are there. Herein is shall be discussing 6 business ideas worth considering for this year Valentine’s Day.
Item Personalization Services
If you can get or have items that can be personalized then you could make some money during Valentine’s Day. More strategically, if you have the capacity to personalize certain items then Valentine’s Day is for you. The idea of receiving something personalized on the day is so enriching. Some examples to consider are soccer team jerseys, t-shirts, caps, and so on (essentially most clothing items can be personalized). In fact, the domain of things that can be personalized is infinitely large. The most common model here is the print-on-demand approach. If you have or can get the required hardware and software to personalize items then offer your services exclusively for Valentine’s Day.
By themed packages, I am referring to packaging your services for Valentine’s Day. This means those already running certain businesses can come up with this. Examples of businesses that can do this are restaurants, hotels, spas, and so on. Basically those running businesses in the tourism and hospitality sector can effectively come up with themed packages. This does not mean that other sectors cannot do so; so long you are enterprising enough you can do themed packages for Valentine’s Day. The idea is to competitively package your services for the day by targeting dating or married couples.
Popular Gift Items Retail Or Wholesale
Most of you who are familiar with Valentine’s Day will know that there are popular gift items that people buy for their loved ones. We are talking about things like teddy bears, coffee mugs, flowers (real or artificial ones), cosmetic products, jewellery and so on. This can be done by someone already running some business or can be started as a pop-up. If you are already running a business you can simply add those items to your goods or services. Most of these gift items can be cheaply procured from neighbouring South Africa.
You can choose to either wholesale or retail – after doing your homework you can better know which is best for you. You can think of unique ways of making your gift items more alluring. I will give you an example; I know of a local branding business that is offering colour-changing mugs. That is quite unique as opposed to just an ordinary mug plus they can personalize it for you and more. I am saying this to encourage you to think broadly and come up with creative ways.
This, like themed packages, tends to be applicable to certain demographics. Again those in the tourism and hospitality sector can do this. Those in the entertainment domain can also take advantage of this. The idea is to organize events themed and earmarked for dating or married couples in light of Valentine’s Day. Think along the lines of organizing couples retreats, couples dinners, and the like; you could even organize couples seminars (but of course, bundled together with other fun activities). The success of themed events relies on striking strategic partnerships or joint ventures with other brands.
If you already have any form of business then this is for you. The strategy is to think of ways in which you can drive sales by luring dating or married couples. Here you must let your imagination and creativity stretch because the possibilities are endless. Suppose you run a spa business; you can come up with a promotional where you say the first 50 couples to arrive get a certain discount or maybe a gift voucher (e.g. a free spa treatment redeemable later). Alternatively, you could say the 100th couple to come will receive free spa treatment. You could even partner with other brands by for example, giving a prize handpicked from that partner brand. There are so many ways to explore here but the central thrust is to drive sales by tapping into dating or married couples.
Do Not Forget The Singles
It is funny how people literally forget about the singles demographic when it comes to Valentine’s Day. There are surely a sky-high number of people who are single out there. I mean, think of it, so many businesses will be grappling for the non-singles so the competition will be stiff. Imagine how witty it can be for you to instead target the singles in light of Valentine’s Day. I am confident you can make loads of money from this. You can actually redefine every other area I discussed earlier to target the singles. Alibaba once realized US$38.4 billion worth of sales on their 2019 singles day, 11 November. I believe you can take cue from that and target singles during this year’s Valentine’s Day.
It is roughly a week away from the day so start setting things in motion. Bear in mind that the economy is ailing and many people are not financially sound at the moment. Thus you would do well to take that into consideration in your packages and prices. All the best in your endeavours!