Are you any different from your competition - Do you have a USP (Unique Selling Point) that sets you apart?

With so many balloon businesses offering the same types of products and services, you can only win over your competition if your products or services offers something that theirs does not. Chances are, your competitors are in the same marketplace as you are, so it is important that what you are selling has certain features that cannot be easily found elsewhere.

This factor is known as a selling point, or a USP. Essentially, a USP is a summary of features that makes your business unique and valuable to your target market. It tells your target customers that your company offers more value compared to other balloon businesses. It is not just about appearing different from the rest, it is about offering something of value that consumers will not find from other balloon businesses.

It is our mission to find a compelling reason for someone to order balloons and decor from you rather than someone else.

The low price guarantee is a USP that many larger businesses use to entice customers. Here in the UK, we have a large retail chain of department stores who use the motto "Never Knowingly Undersold" - This means that this store will never knowingly sell identical products that are of a higher price or worse value for money than those offered by other retailers. This USP has been a huge part of their marketing for many years, and it certainly works! But is offering lower prices a good USP for a small business? 

Remember, price is never the only reason people buy. If your competition is beating you on pricing because they are larger or undercharging, you have to find another sales feature that addresses the customer's needs and then build your sales and promotional efforts around that feature.

 

Focus on a niche - something that you specialise in.

Focus on what you can do to be different, as attempting to be known for everything will only lead to not being known for anything at all. And remember, it’s not just your product that can be the differentiating factor, it could be your location i.e. there are no other competing businesses in that area, or it could be the incredible customer care and service that you offer!

There is no need to take ‘unique’ too literally. Simply being perceived as the brand that focuses on a specific thing can work wonders, even if your competitors are doing it as well (but maybe don’t shout about it).

It is perfectly OK to have more than one USP!

Personalisation is a fantastic service to offer and can be a great USP! 

"All our personalised balloons are beautifully handcrafted to order."

Be the creative, small business that cares! Telling customers that you are a small business and that you care is a great USP! There has been a lot of support towards small and local businesses during the pandemic. #supportsmallbusiness #supportlocal and #shoplocal are three extremely popular and well-used hashtags on Social Media. Pointing out that you are a small business and that you care is a positive USP that will mean something positive to your potential customers.  

No company is born with a USP or differentiating factor. You must create, nurture, and propagate it if you want to reap the benefits.  

Your USPs need to be in front of the customer at every possible opportunity. For example, they can (and usually should) be included in: brochures, adverts, press releases, direct mail letters, letterheads, corporate Christmas cards, invoices, catalogues, on the walls in customer areas, and in as many other places as possible.

And finally, remember that you cannot please all the people all of the time - your USP may attract some customers and not others, but that's life, and maybe they are not the customers or clients that you are actually looking to work with! 

Frank Jeschke of Ballonmeister in Hückeswagen, Germany, recently expanded his ever-growing business and opened a new, bigger balloon store in his home town. He opened his first store in 2017, but with his growing business, he felt that this was the perfect time to expand! I asked Frank what his business USP is. He said:

"The secret of our success is a combination of important features.

We are creative and offer hundreds designs for all occasions, for every taste and in every price segment.

Our good selling designs work with uncountable combinations of foils and latex. Following the principles of design, every day we sell something new. We don't stop working on our skills and technics to develop new ideas.

We customise many balloons with individual enhancements in every style and colour.

Our product range of balloons is as high as possible. Our customers can find foil balloons covering every occasion and topics. We offer latex balloons in every size and in all colours. The quality of our materials is really important to make our works as durable as possible. Last but not least is professionalism, which is a main factor in our business. Our customer's knows that we are the specialists for balloon decorations and balloon gifts. That is the reason that the catchment area of our shop is big."

www.ballonmeister.de 

So what is your USP, and have you applied it to your business ethics?

Happy Ballooning!

Sue

www.suebowler.com

Follow me @suebowler

How Much Should You Charge for Your Balloons?

How much should you charge?

Being creative is fun, but working out how much to sell our work for is not quite so exciting!

I have written a number of blog posts on this subject, but with many new people joining the world of balloons, I felt that this was a good time to revisit this topic! 

I regularly see posts on Facebook asking for help with pricing and I know from my own experience that understanding how to cost your work is probably one of the more difficult aspects of running a balloon business. However, it is one of the most fundamental things you need to have at least a basic understanding of before you set up any business. Get it right the first time, and you’re well on your way to having a successful business. Get it wrong and you’ll either not make enough money to survive or you’ll be too expensive for your customers.

If an item is readily available at a variety of outlets, such as a carton of milk or a weighted helium -filled 18” foil balloon, then it will have a ‘market’ price. However, if it is a bespoke balloon sculpture, event decor, or even an elaborate arrangement, then pricing is not so straightforward.

Take your time to absorb this post, as it is full of important and helpful information, especially to first-timers! I have shared two great pricing tools that will help you with your pricing calculations, however, you still need to understand how to work out the different costs that you will need to include So please read through or watch the video's that I have attached to this post as each will also help greatly! 

So how do we price our work?

Remember, the price that you charge may be VERY different from the price that another balloon company would charge and you will understand why very soon.

There is one simple rule to remember when pricing - make sure that you make money!

To be able to calculate a selling price we need to know the following things:

• How much our materials cost including helium (balloon gas), accessories and add-ons
• How much we need to charge per hour
• How much does it cost us to run our business (in other words, what is the overhead?)
• How much profit do we want to make

Material Costs

Material Costs should includes all the components that you have used in the design or decor that you have made. This includes balloons, balloon gas, accessories, etc. It is a good idea to create a cost sheet with unit cost prices for every single items you use, even down to the little glue dots you may use!

How much should you charge for your time?

Calculating an hourly rate for a self-employed person is not easy. Many people begin by looking at the hourly rates of people that are employed. However, the rate for a self-employed person cannot be equated in ANY WAY to the hourly rate of an employee, and here's why.

An employee (someone who is employed) will in most cases be compensated for some or all of the following

• Holiday/Vacation time
• Sick leave
• Work breaks
• Obtaining quotes for a customer
• Paid even when they have no work to do
• Is provided with a place to work
• Is provided with equipment, computers and all office supplies
• Employer contributes towards a pension
• Employer covers all the bills (heating, telephone, internet)

As a self employed person you will not get paid for any of the above and in addition:

• You need to pay for premises - unless you work from home
• You need to pay for business equipment (e.g. computers)
• You need to pay for insurances (e.g. public liability)
• You need to sort your own pension
• You need to pay all the bills
• You need to do your own marketing
• You need to pay accountancy fees

In the world of being employed by a company there’s a simple formula to calculating out an hourly rate: Take the annual salary, divide it by 2 and remove 3 zeros.

For example; If someone is earning £20,000 a year, they are roughly earning £10 per hour. If they earn £25 per hour, they roughly earn £50,000 a year. 

If you want to make £20,000 per year from self employment you will need to charge more than £10 per hour. Remember, the rate that you pay yourself needs to include the time that you spend visiting clients, doing admin, sick days and holiday allowance... plus other expenses. 

Check out these Self-Employed Day Rate Calculators to help you to determine how much you should be charging. I am sure that there are similar calculators that reflect employment rates in different countries. Check them both as they work slightly differently.

https://www.stepchange.org/debt-info/self-employed-income-calculator.aspx and https://www.freelancesolutions.co.uk/day-rate-calculator/ 

Running Costs and Overheads

This is the cost of running the business.

While overhead costs are not directly linked to profit generation, they are still necessary as they provide critical support for the profit-making activities. The overhead costs depend on the nature of the business. For example, a retailer’s overhead costs will be widely different from someone who works from home.

Some examples of overhead costs are:

• Rent
• Utilities (water, electricity)
• Insurance
• Office supplies
• Advertising expenses
• Accounting and legal expenses
• Salaries and wages
• Depreciation
• Government fees and licenses
• Property taxes

Overhead costs can include fixed monthly and annual expenses such as rent, salaries and insurance or variable costs such as advertising expenses that can vary month-on-month based on the level of business activity.

How do you calculate your overhead rate/percentage

To calculate the overhead rate, divide the total monthly overhead costs of the business in a month by its monthly sales. Multiply this number by 100 to get your overhead rate.

For example, say your business had £1,000 in overhead costs in a month and £5,000 in sales.

Overhead Rate = Overhead Costs ➗ Sales

The overhead rate is £1,000 ➗ £5,000 = .2 or 20%

This means that the business spends twenty pence on overheads for every pound that it makes.

Profit

Making a profit is vitally important for the growth of your business.

The term Gross Profit is the Overhead % and Net Profit % added together

The term Net Profit is a company's profit after all of its expenses have been deducted from revenues.

What net profit margin should a UK small business aspire to make in the UK?

A good margin will vary considerably by industry and size of business, but as a general rule of thumb, a 10% net profit margin is considered average, a 15% - 20% margin is good and a 5% margin is low.

In the balloon industry we generally use a Job Cost Form. The job cost form is a manual tool that will help you to calculate a selling price.

Here is an example of a Job Cost Form that I completed for a design that I made some time ago.

Now for the good news! There are now two Interactive Pricing Tools that I am aware of. These tools were created and shared by two UK Balloon Wholesalers. With both of these tools, you can easily work out the prices you should be charging for a product, service or decorating job. You will need to input materials, quantities and costs and then a total cost will be calculated for you. Adding in labour and other expenses, you can accurately come up with a direct cost for your job. From this figure, the tool then works out a selling price for you based on your desired level of profit and assumed overheads.

Balloon Market Interactive Pricing Tool

This tool also gives you the option to manually price your designs using the Manual Pricing Tool – This is a printout version of the interactive pricing tool so that you can write in details and work costs out yourself. A bit more difficult, but definitely worth doing - this is the same as the one that I used above when costing the Pedestal Bouquet.

There is also a Formula for Manual Pricing – This is a little guide on how to work out costs and selling prices. The numbers correspond to the boxes on the Manual Pricing Tool.

And to help you with your helium pricing, there is a Helium Calculation Sheet – This sheet is to work out your helium costs. All you need to do here is enter in what you have paid for your cylinder and the rental charges (if applicable), and the sheet will do the rest of the work for you. You can then transfer these costs into the Interactive Pricing Tool or Manual Pricing Tool.

To download this tool follow this link: https://www.balloonmarket.co.uk/interactive-pricing-tool

The other Pricing Tool is an App that has been created by Greetings House that you can use on your iPhone and is available from the App store, just search Greetings House. You are able to change the values and currency in the setting easily.

Both of these tools are completely free! I am sure they will become invaluable to your business as they are to mine! 

Here are two excellent videos that I believe will also help you to understand pricing a little better. The first one is from Balloon Market with Mark Drury of Qualatex Europe. Mark has helped countless balloon businesses work out the correct costings for their decorations and has given a lot of people the confidence to price correctly. Please note that this video was filmed in 2017 and prices quoted may differ.

The second video below features Keith Stirman and Dominic Cassidy - The Boys of Q Corner. In this video, they share their extensive knowledge of costing using the Qualatex Job Cost Form.
They show how to easily find the minimum sale price of your balloon work, as well as what happens when you discount your work, and how it affects your bottom line. They also demonstrate how to ensure you are pricing for profit and not just turning over money. Remember: Turnover is vanity, Profit is sanity & Cash Flow is reality! For the links that they mention visit https://www.youtube.com/watch?v=hXayX0IriPo&t=478s or click HERE

As I stated at the start of this post, pricing is probably one of the hardest parts of running a business, but it's so very important to get it right to ensure that you make a profit. Making a profit is essential for a business to survive.

I hope that you have found this post helpful! 

Happy Ballooning! 

Sue

www.suebowler.com

Follow me @suebower

Even More Tips and Tricks of the Trade: How to Make 11" Confetti Balloons, How to Make a Chain of Bubbles From a 260Q, and the Benefits of Using Decor Menus!

We all have our own ways of doing things when it comes to working with balloons. We learn in different ways and develop our own technique along the way. Over the past 30 years, I have learned many great techniques and some fabulous tips and tricks that have made my life much easier and my balloon designs look even better. But as I always say, I am still learning, and I love it when I see something exciting and new!

Today, I would like to share with you a few more tips and tricks that may help you develop your own techniques!

Our first trick is from Tina Giunta of Shivoo Balloons in Melbourne, Australia. In the video below, Tina shares her own technique for making 11" confetti-filled balloons. If I am honest, I have always been very wary of making confetti balloons using 11" balloons; however Tina's amazing homemade applicator makes it so very quick and easy! 

Every day, I see more and more dećor that incorporate chains of precision bubbles within the design, such as this baby design shown on the right, with the bubbles wrapped around the pole. Adding small details to a design can really increase its value, but the cost to you can be minimal. 

Decor Menus - Streamline sales with a decor menu. 

Decor menus are a helpful, multi-use tool allows customers to see your most popular and profitable balloon offerings in one place. 

Ideal for websites, Decor Menus can also help weed out price shoppers (customers who are looking for the lowest price), leaving you more time to spend with serious clients.

More importantly, a Decor Menu can help to streamline your sales process by letting you feature the designs you want your customers to see. The visual aspect for decor menus cannot be understated. Customers can look at your menus and see the designs they want and the correct name for it. If you take the guesswork out of the buying process, customers can tell you exactly what they want to know, and they will know what they are getting.

Just because Decor Menus display standardised designs, it does not mean your creativity is limited. In fact, designs on your menu can be shown in conjunction with your project galleries and create multiple variations of decor your customers like.

A huge thank you to David Mahoney from Balloons Everyday in Dallas, Texas, USA., for sharing two of his pricing guides.

If this is something that you are unsure how to make, then you will be pleased to know that Rachel Porter, CBA, of Balloon Clip Art, of Balloon Splendor in Bothell, Washington, USA., has created many templates that you can purchase for a nominal fee from her Etsy shop. There are five different styles to choose from and many variations with each style! 

To check out Rachel's complete range, click HERE or visit https://www.etsy.com/uk/shop/BalloonArtClipArt

Rachel also has a Facebook Group - https://www.facebook.com/groups/balloonartclipart. This is a closed group, so you will need to apply to join, you just have to show evidence of your Ballooning Facebook Page or Instagram account to verify that you are an authentic balloon company.

Thank you to Tina Giunta, Q Corner, David Mahoney and Rachel Porter for sharing and contributing to this post! 

Happy Ballooning! 

Sue

www.suebowler.com

Follow me @suebowler

Starting a Balloon Business - Part 2

So you have decided to start a balloon business and you are not really sure how to go about it?

In part 1. Starting a Balloon Business  I walked you through;

• Choosing a business name - not as easy as you think! 
• Legal requirements and other items that you need to know and do.
• How much you should charge - the hardest question of them all! 

In this second part we will look at;

• Tools of the Trade
• Helium
• Marketing 
• Training 
• Balloons and the Environment

Tools of the Trade

Every industry, especially the balloon industry, has their Tools of the Trade. Deciding on what equipment your trade will need can be a bit of a minefield - should you spend a few pounds on a hand pump versus spending hundreds of pounds on an automatic air inflator!

I suppose you should consider if a tailor for example could work without a sewing machine or a builder without all their power tools? 

When you choose to create your air-filled decor with a hand pump, it will certainly require many hours of work, versus the time requirements of a  good electric inflator, with which you can create something very beautiful in a fraction of the time - remember "time is money".

There are many 'Tools of the Trade', and to help you through some of them, I will reference a number of blog posts that I have written that will help you in your decisions.

1. A Sticky Situation - which glue is best for you and your balloons.

There are many different adhesives that work with balloons. Each glue or tape types works differently and are good for different purposes. This post will guide you through the most regularly used glues and tapes used by balloon professionals.

2. Electric Air-Inflators - Which Electric Air-Inflator is Best For You and Your Business

It's essential to your balloon business to have some kind of air-inflators - the question is, which one? The answer is both!
Owning a hand-pump should be a given for your balloon business, as it is an essential tool in any balloon artists toolbox. However, having an electric balloon inflator in addition to a hand-pump will enable a significant increase in the amount of decor work that you can do.

3. Digital Balloon Equipment - Will Investing in a Digital Balloon Inflator Help You to Grow Your Balloon Business?

So why should you go one-step further and invest in a top of the range digital balloon inflator? Check out this post to see what is available and why they are so necessary!

If you attend a training course or balloon event make sure you get the opportunity to try out as much of the equipment as you can so that you get a good idea of what you like, and don't hesitate to ask others what their favourite equipment is and why! 

Helium

Helium is an inert gas. Meaning it will not react with any other elements; therefore it is impossible to cause a fire or to burn. It is also colourless, odourless and tasteless.

Balloon Gas

Balloon gas is often use in the balloon industry. It is a mix of helium and air. The mix is approximately 98% helium and 2% air, and is a recycled product that can no longer be used for medical and other professional uses.

There are a number of different helium (balloon gas) suppliers in the UK and many others worldwide.

• BOC/Linde
• Air Products

If you are planning to use helium, you should establish who your helium supplier is before you invest in any helium inflation equipment, as each cylinder type has different fittings. As with all gases, the cylinder that the helium is contained in is under very high pressure, so it is imperative that the correct balloon filling equipment is used for the type of cylinders that you are using, and it should never be altered or tampered with.

In the UK setting up a helium account with a balloon wholesaler can often be less expensive than hiring directly from the actual helium companies, as the wholesaler can benefit from discounts that are generally pass onto their customers. 

Helium Safety

• Always use a trolley when moving or transporting balloon gas cylinders. A trolley will also act as a support stand when inflating during on-site decorating jobs.
• Always secure cylinders. In case you cannot secure them upright, simply use them lying down on the ground and prevent them from rolling.
• When transporting or moving cylinders, always make sure that you remove the balloon filling kit, and that the cylinder is well secured so that it cannot move at all.
• Helium is a non-flammable gas. If the tank is punctured or knocked over, the gas can escape with such force that the tank can be propelled at a very high speed.
• Although balloon gas is not poisonous, it I can cause you to asphyxiate.  if it's inhaled too deeply, it can be fatal. A similar thing can happen if a cylinder is fully opened in a non-ventilated room.

Marketing

Marketing takes on many guises in business. Having a good website and having at least one business social media channel is vital for any business. 

I have written many posts on social media and the different platforms that businesses use. You don't need to be an expert, but it certainly helps to do some research to ensure that you get the best that you can from each of these platforms! Here are links to two of my posts that you might find useful.

1. Instagram, are You Using it to Grow Your Balloon Business?

2. Why We Should Social Media to Promote Our Balloon Business

There are many more helpful posts on the blog, use the search option on the blog page to find more! 

If you are looking for social media marketing materials, www.Qualatex.com has so many fabulous free posts and images available! 

How about ready made posts; these are great when used as part of a social media schedule. Having a variety of post types is very important to keep followers interested and engaged, as well as attracting new followers too! 

To see the full range of free marketing resources available from Qualatex click HERE

Training

Learning your trade is so very important. I view many 'ballooning' Facebook Groups and see many "how to" and "how much" questions that are posted daily. While there is nothing wrong with asking a few questions, it is sometimes better and more rewarding to work it out for yourself. Learning through trial and error is the best form of training!

Face to Face Training - if you get the opportunity to attend a hands-on beginner's course with a reputable instructor, you will learn more in one day than you could on YouTube in a month! A good beginner's course is designed to teach you everything that you need to know to get you started. Courses like these cover so much more than how to inflate balloons; a typical beginners course will include the demonstration of a range of different techniques, formulas for creating balloon Arches and Garlands, how to form perfect balloon bouquets using the Staggered and Layered techniques, pricing, equipment... and much more! Qualatex has a fabulous beginner's course known as Qualatex Fundamentals - The benchmark Course for the Balloon Professional. To find out where this course is offered, check out the Qualatex Balloon Education Calendar.

There is a Balloon Basics section on the Qualatex website that will give you tips on how to create Basic Balloon Decor, as well as Basic Balloon Tying and gives you Inflation Tips.

Qualatex also has an Events and Training Calendar on the website. Type in your region and it will give you an up-to-date overview of classes, courses, and events in that region. Just FYI, face-to-face training sessions are currently very limited due to Covid-19 and government restrictions. 

The Q Corner Balloon Convention - this is an incredibly valuable free resource. At the beginning of the pandemic lockdown, Qualatex with the help of the 'Boys from Q Corner' Keith Stirman and Dominic Cassidy, produced an online balloon convention unlike any other. It consisted of over 120 hours of non-stop balloon classes from some of the top instructors in the industry, as well as many new instructors who are rarely seen outside of their country, who I must add, all generously gave their time and creative talents.

To see who the convention instructors are, the classes that they teach and to access all the classes click HERE. The convention was recorded in sessions, each which contained a number of different classes.

I strongly recommend that you download the Class Matrix with class descriptions, instructors, languages and direct links to each class - this is available on the link above.

To give you a little taster, I am including one of the convention session here:

Many industry instructors also have training videos that they have produced and are available to purchase as DVD's or as on-demand video downloads, which are available to view from your laptop, TV or phone at anytime!

I have a few training videos that I have produced in conjunction with Balloon School Pro on Vimeo. Balloon School Pro makes high quality training video's specifically for the balloon industry, with professional instructors that give you as much knowledge and detail as you can get without actually being in the training room with them! This includes overhead cameras, close ups of techniques and supporting information either on screen or by email when you purchase the program. 

There are certainly many opportunities to learn from YouTube, but be very careful! Many of the tutorials are from people who, though their intention are good, are not always teaching the best skills and techniques - be careful not to pick up bad habits! 

Try to learn from the best, and do your research and see whose 'ballooning' style and techniques you like. Follow them on social media - start with the instructors from the Q Corner Convention! 

Balloons and the Environment

This is a very important topic that anyone embarking on a career in balloons should have a good understanding of.

Balloon Releases

Any balloon that is released into the atmosphere will almost certainly create unnecessary litter. To help to protect our environment, NEVER release helium-filled balloons as a balloon professional or as a consumer, and always dispose of balloons, accessories and any packing responsibly. 

Safe Balloon Practices

There are a number of organisations that work very hard to protect the balloon industry, as well as offer useful advice to both the balloon professionals and the consumers.

PEBA - Pro Environment Balloon Association 

PEBAUK - Pro Environment Balloon Association UK

EBPC - European Balloon and Party Council 

Balloon Council 

The Balloons and the Environment guides and social media posts are all available to download, click HERE for a direct link.

I hope that for those of you who have recently started or considered starting a balloon business that you have found the Starting a Balloon Business Part 1 and Part 2 helpful and informative! Starting any business can be challenging, but I hope that I have managed to answer some of the many questions that you have and helped you to understand our industry a little bit better! 

Happy Ballooning! 

Sue

www.suebowler.com

Follow me on Instagram @suebowler

Part 1. Starting a Balloon Business

This may seem like an odd topic to talk about, as I expect many of my readers already have established balloon businesses. However, it has been proven that during difficult times, and particularly during recessions, the balloon industry thrives and grows. Even if the party is smaller, people still want to celebrate! This is also a time when people are looking for new business opportunities; so I felt that this would be a good topic to discuss for anyone new to the world of balloons! 

Why Balloons?

There are so many reasons why someone might start a balloon business. I started my balloon business when my eldest daughter (now 30) was 6 months old! I wanted to be able to grow my business at a pace that worked for my family and I. I also needed to ensure that I worked with a product that was non-perishable, and balloons ticked all those boxes perfectly! I am not going to pretend that it was easy; it was a very steep learning curve, and 30 years ago support and resources where extremely limited. 

The biggest challenge in running a balloon business is having the ability and obligation of being the "creative artist" versus being the "business person". This industry is what you could term as an easy access industry, set up costs can be relatively low - and anyone can inflate a balloon... can't they?

There are those who "do balloons" as a weekend hobby to supplement their full-time incomes, and those who set up a full-time "ballooning" career (running  businesses from shops, warehouses, and even from home.)

Often balloons are added to established business, such as florists, greetings card retailers, and event planners.

There are many highly successful, and profitable balloon businesses around the world, and on the other hand there are those who come, play around for a short while and then disappear just as quickly as they came.

Setting up your own business

Setting up your own business and becoming self-employed can be one of the biggest and most exciting adventures of your life! Being your own boss will be in the best interest of you and your business.

You will need to decide if you are going to trade as Self Employed or as a Limited Company. 

When you are self-employed you literally work for yourself (sole trader or sole proprietor is just another name for a self-employed person.)

Being a limited company is completely different. A limited company is a separate legal entity; if you have your very own limited company you are generally not regarded as self-employed.

To learn more about setting up a business and the legal requirements that are needed in the UK, visit https://www.gov.uk/set-up-business. Outside of the UK, just do a Google search - setting up a business in ******* (type the country/state name) and this should direct you to the relevant page and information that you will require.

Choosing a Business Name

This is one of the most important things that you will need to do. There are so many things that you will need to do when setting up a new business, but without a business name it will be impossible! 

• Open a business bank account 
• Invoice customers
• Write terms & conditions
• Set up a website and social media business accounts
• Order business cards
• Open trade accounts

In the world of social media and SEO (search engine optimisation), choosing a name that people are more likely to search for, this will give you a much greater chance of you coming up in search results. So start by thinking about what your customers are likely to be seeking out.

Obviously, having the word balloon somewhere in your business name is important, and if you can include your location too, that would be even better! 

Here are a few examples of business names that fit into this criteria:

• The Brighton Balloon Company
• Brighton Balloon Delights
• Creative Balloons Brighton

Choose a functional name

It can be easy to get carried away with being a little too creative with a business name. Ideally you should choose a business name that instantly describes what your business does. Think long term; how will you feel about the name in a few years time when your business is more established? 

Use your own name

The great thing about using your own name is that you are very unlikely to find another balloon company with the same name and therefore you will be easier to find on Google search. The downside of using your own name is that it will be very difficult to sell your business in the future, so take that into consideration.

My business name is Balloon Art by Sue Bowler, but my business is mainly directed to the balloon industry and therefore using my name, which is also my brand is very important.

Make up a word!

If you want to be a little more creative with your company name, why not morph two words together to create your own unique name!

 

Balloontopia

Balloontastic

Ideally, you should come up with a shortlist of around 5-10 business names

before you make your final decision.

Make sure that the business name is not already taken, you can usually check this by doing a simple Google search, or by searching with Companies House, or do a Trademark search.

Check that the domain is available and that you can get your business name as a .com or .co.uk - for UK businesses, and also if it’s available to use for your social media accounts.

Legal stuff

Start by registering your business - in the UK visit https://www.gov.uk/set-up-business

Insurance Cover - You may not realise that having insurance cover is important, but in reality all businesses should have it, including home based businesses. There are a number of different insurances that a business should have: Public Liability – insures your business against third party claims for personal injury or property damage. Professional Indemnity – covers your professional advice. Employer's Liability – provides cover for your employees (this is legally required). If you are operating your business from a shop or store you will also require Building and Contents Insurance.

Inform HMRC or your government revenues and customs department - In the UK you need to register with the UK government (HMRC) to tell them that you’re self-employed. Check to see what your legal requirements are in your country.

Find an Accountant - It might be advisable to find an accountant who will tell you what you will need to do to ensure that you fulfil your tax requirements. 

Comply with data laws - It’s not just big companies that need to know about General Data Protection Regulation - GDPR. Small businesses also have a legal responsibility to keep personal data safe and provide a clear policy on how that data will be used and why.

Employing Staff - If you are employing staff, there are so many other legal requirements that you will need to abide by. I strongly recommend that you look into all of those too! 

How Much Should You Charge?

To know how much to charge for your balloons and decor, you need to know how much you are going to charge for your time, and how much you should allow to cover your overheads (business running costs)... and believe me, even when you work from home, you have overheads. Added to that will be your material costs, helium and delivery charges if applicable. 

So the first thing you should do is work out how much you are worth! Deciding on what to charge for your time is not easy, but if you do not charge enough, you will honestly struggle to make enough money to live on.

As great as it is being your own boss, you need to consider all the benefits you won't get when self-employed.

As a self-employed person:

• You don’t get paid for holidays
• You don’t get paid when you’re off sick
• You don’t get paid when you’re having your lunch
• You don’t get paid when you’re doing your accounts
• You don’t get paid when you’re looking for new work
• You don’t get paid when you’re updating your web site
• You don’t get paid when there’s no work to do
• You need to pay for premises
• You need to pay for business equipment (e.g. computers)
• You need to pay for insurances (e.g. public liability)
• You need to sort your own pension
• You need to pay all the bills
• You need to do your own marketing
• You need to do your own sales
• You need to pay accountancy fees
• You need to pay legal fees 

I am not going to tell you what you should be charging for your time, but I strongly recommend that you read an article How Much Should I Charge an article from the Small Business Toolbox.


I have found the Small Business Toolbox to be an amazing reference whilst writing this post. Andy MacLellan goes into a great deal of detail about how much you should be charging to survive, and it makes for a very interesting read!
I am also going to point you in the direction of a couple of blogs that I wrote regarding pricing your work. You will often hear people talking about Job Cost Forms. This is a pricing system that Pioneer Balloon Company used as part of the Qualatex Balloon Network (QBN) program. I learned to price using this form and will still refer to it today to ensure that I am earning a fair price for my work and that I make a profit!

How Much Should I Charge For That

How Much Would You Charge For This Design 

I am also including this BMTV video, which features Mark Drury of Qualatex. Mark has helped countless balloon businesses work out the correct costings for their decorations and has given a lot of people the confidence to price correctly.


This video has some great reviews and I am sure that it will help you too!

In Part 2 of Starting a Balloon Business, we will look at the following:

• Tools of the Trade
• Helium
• Marketing 
• Training 
• Balloons and the Environment

Happy Ballooning!

Sue

www.suebowler.com

Follow me on Instagram @suebowler

*To assist my writing of this post, I have referenced Small Business Toolbox that is packed with some great information for anyone starting up their own business.