Running a seasonal business can be fun and flexible but you only have a short time to make a profit. Issues with cash flow and expenses can quickly mount up and successfully leveraging the off-season can be critical in making your business an ongoing success.
1. Start an off-season venture
Starting an off-season venture is a great way to offset the seasonality of your business. For example, over 75% of weddings happen between June and November each year, leaving you the rest of the year to transfer your skills to a complementary party planning business.
2. Consider short term card terminal rental
Short-term card terminal rental allows you to accept payments from your customers on the go, from a range of major credit and debit card providers, without you having to sign up to a long-term contract. You can negotiate a short-term rental agreement whatever your needs are, whether you require a card terminal to cover an event over the course of a couple of days, you’re opening a pop-up business, or you expect to be busier than usual. Short-term card terminal rental will allow you to provide a quicker, easier service to your customers while ensuring your overheads don’t spiral out of control when your business stops trading or experiences less custom.
3. Motivate your workforce
Keeping workers on a short-term contract motivated can be a real struggle, so show them that you care. Training, motivational bonuses and fun award giveaways can all show your staff how much they matter, inspiring confidence and trust. One study showed that motivated employees work 21% harder which is great for business. Try and keep your best performing staff on board through the low season, so your business is ready to roll when the high season comes around.
4. Be savvy with marketing
Take some time to look at website SEO in the off-season – while your rivals are quiet, that’s the right time for you to mount a targeted campaign that leverages the power of social media. Keep the conversation going with your customers and take time to build brand recognition and engagement. 53% of adults who use social media follow at least one brand, so make sure it’s yours.
5. Be a stellar planner
Running a seasonal business is all about generating enough profit for the off-season. You need stellar planning skills to create a business plan to manage your cash flow in the slow season – in the US alone, as many as 82% of businesses fail because of poor cash flow management. Keep on top of your outgoings and be aware of when you need cash – speak to your bank about cash flow options to deal with the slow season, then take a well-earned break!
July 13, 2018