From weddings and bachelorette parties to birthday parties and bar mitzvahs, personalized party favors are a fun way for hosts to express their gratitude to attendees. Party favors can be practical, elegant, fun, tasty, funny or quirky. In this business, the possibilities are limitless. The Internet offers a vast library of great ideas for your personalized party favor business. Modify ideas to make them your own, and then establish a name for yourself in your local community.
Things You Will Need
Identify local competition. Not everyone in this business will have a website or be registered. Check out your local Craigslist.org to find those competitors who may be selling party favors on a part-time basis. Take note of the products sold, services offered and pricing list.
Visit a personalization store in your area to further generate ideas for your business. You can peruse the Web, but visiting local gift shops will help you get an idea of what’s popular locally or any holes your business can fill.
Begin developing ideas for your product line. Generate ideas for corporate events, graduations, bridal showers and baby showers. Personalized candles, stationary, soaps, playing cards, matches, fortune cookies and tins are popular options. While many personalized items are engraved, you can offer new methods of personalization that don’t include engraving. Create handmade personalized gifts using the bride’s favorite color or pictures of the attendees. Create personalized candy wrappers. Or add a personal touch to store bought, wholesale products. Diaper cakes and towel cakes are a good example of how you can transform an average product into something spectacular.
Purchase the equipment and software, such as CorelDRAW, needed to design and produce your party favors. If purchasing an engraving machine, keep in mind that some manufacturers provide the design software. Ensure that the manufacturer will provide training. Purchase wholesale products and design accessories, such as ribbons, faux flowers and fabric.
Create one of each design and take high quality photos of your work. Be sure to use the same background in each picture for a more professional portfolio. Experiment with lighting (natural lighting is preferable) to find the best look for your products. Create a portfolio in which to present to potential clients and business owners.
Establish your business name, develop a logo and register your business with your county clerk. Then ensure that your business is listed in local directories.
Contact party planners, local caterers and florists and in your local area. If you will purchase a website, offer to exchange advertising. Consider selling on Etsy.com. List your business on Facebook, Twitter and Myspace.
Set up your home workspace separate from the rest of your house. You can deduct the square footage used for your home office and workshop. Measure and note the space used. Enter that data in your business file. If you purchase an engraver, you may be able to supplement your income by selling promotional items to businesses.
Develop a business plan that details your expenses, in order to help you better establish your rates and ensure that your business will be profitable. Purchase a liability insurance policy. Your current provider should be able to connect you with a business insurance provider.