The Flower Lady, Suwanee, Ga.
How does a florist sell more in this economy? We changed our business to designing weddings and events only, as the everyday flowers are not selling. We had to throw out too much product at the end of the week — flowers are perishable!
By Coeli Carr, CNNMoney.com contributing writer
As budgets get tight, people are spending less on luxury items — which means retailers in that market also need to clamp down and mind the bottom line.
Flowers' short shelf life mandates that you control buying and adhere to a strict formula, says Keith Riewe, owner of Bice's Florist in Fort Worth, Texas. The industry standard rule is that the wholesale cost of your flowers should be one-third of what you sell them for, he says.
The moment you realize you've got product left over, it's time to cut your orders, says Riewe. Although many florists pay less for flowers by using a standing order, it's often more cost effective to customize your orders. You'll pay a little more, but you won't be throwing unsold flowers away. It's better to run out than to have unsold product, he says. Some florists have hybrid ordering systems that consist of a smaller standing order, and a separate, supplemental order when necessary.
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