jeudi 22 septembre 2016

How do you know if the market is saturated?

I had an idea for online retail for wedding favors, decor rentals, and wedding gift and bridal gift packages but then I looked online and did some research and the market is heavily saturated. I decided maybe renting should be more of my focus.

Target audience would be weddings and bridal showers. You would be able to rent out lighting, linen, seats and covers, tables and table clothes, back drops, bar set up, dining, wedding decorations like card holders and table center pieces, tents, etc. but also have a shop set up for wedding favors, bridal shower packages, etc.
I would like to deliver around the area but also offer shopping to any location and also have the option for pick up.

I looked online and in my county alone, there were 8,000 marriages. My county is small with a pop of 1 million but there are other surrounding counties too of course. .Average wedding spent is $25,000 and average guest count is 120. In my area there are some party rentals but only 3 that targets weddings (1 targets vintage and the other rustic).

Does the competition seem too heavy or is there room me for piece of the pie? I want it to be a one stop shop for a wedding planner or bride to be to create the perfect wedding whether small or big themselves. Many rental places online either do only linen or only tents or only decor.

Also, I am inspired by a business I found based in Florida Nationwide Wedding and Event Rentals with FREE Shipping Both Ways! | Nationwide Wedding Rentals and they ship anywhere in the country for free. How is that even possible? It seems it can be costly to pay for all deliveries. The only have the flashy set up not the decor.

Also, I have $35,000 saved but I want to buy a house. Currently live with my parents and I need to get out but I think this is enough for start up. My parents are willing to help invest too.

The scary part is taking the walk and knowing if this would be viable to make a living off of!


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