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Monday, October 26, 2009

Become A Halloween Moghoul

       Halloween can be a time to really make some money.  As the second biggest money making season in the United States, Halloween provides many opportunities to generate a profit.  If you are interested in finding your fortune in Halloween, then it's too late for this year, but it's not too early to start thinking about next year.  In fact now's a great time to start doing some research.  Let 's look at how to become a monster moghoul in the Halloween Industry.

        We often hear the old adage: "It takes money to make money."  This is true. The money doesn't have to be yours, but if you are expecting to make money in a Halloween related business you need to do some research and then come up with a plan. Right now is the best time to go into the laboratory of the real world and see what's going on. Check out the stores that specialize in the season and take some notes about what you observe.  This is helpful whether or not you plan to go into the retail sales market.  You want to be able to analyze the clientele and see some of the things that incite them to spend money. Visit some of the Halloween attractions and  communtiy events to see what they do, what they need, and who they serve. Immerse yourself in everything that leads up to Halloween and try to figure out how you can profit.

        Then immediately after Halloween you need to start planning what you want to do and what you need to do to get there-- this is something you will need to plan throughout the next year if you want to make serious money.  Once you have decided what you plan to do then you must figure out how you do it. For example, if you are going to set up a temporary Halloween store you need to find product vendors, decide where it will be, how you will decorate, who you will hire--to do the venture right you do not want to just fly by the seat of your pants.  I've seen people do it this way and it rarely works.  Extensive research and careful planning will give you a better shot at success.

         The money making opportunities to be found in Halloween are myriad.  The entrepreneur interested in a Halloween business is only limited by his or her own imagination.  If you have the money already or have ready access to the cash you are a step ahead in the game. However, no matter where the money is coming from, you need to become an expert on whatever aspect of the Halloween business you become involved. In other words you need to become a Halloween Professional.  If you come across as a quality professional, the probability of getting backing is almost assured.

          Becoming a professional means studying the field you choose to enter.  Check out the internet for the sites related to what you want to do.  Subscribe to publications that specialize in the field. Network with others who know something about the business in order to pick their brains--I've found that most people who are interested in something, especially if they are passionate about it, love to talk about it.  Find out when and where the major Halloween related trade shows are going to be held and plan on attending.  These are excellent opportunities for learning more and networking with others in the business, but even more importantly this is where you will make many contacts for your suppliers and those who can offer expert services.  At the shows you have the opportunity to collect the catalogues and literature for future reference and you can even start placing your orders, sometimes taking advantage of show specials.  Also you will be making valuable professional contacts with the people who are most interested in your success (besides you and your investors!).  Here I'm referring to the exhibitors who not only want your business now, but also in the future.  This is when you can really start increasing the number of stakeholders in your business.

          So now you're an expert, you've got a plan in the works, you hopefully have your funds ready or are finding out exactly how much you are going to have to find, and you have a whole group of other professionals who are cheering you on and want you to be a success.  You might be better off starting off in a partnership on this venture.  Many people start off with a spouse or family members.  Sometimes friends or pre-existing business partners are a good team.  Attending the trade shows are much more fun when you are with others whose company you enjoy. Often better judgement can be used in making decisions when you have more input and duties can be delegated among partners when things get to be too much for one person.  Most importantly, when the time comes to put the wheels of your new business into motion the burden is easier if you have others helping you run the machine.  The bottom line is that you will have to assemble a team to operate the business anyway and it helps immensely if you have other people that you can trust helping to oversee the team.  Be sure that before you even start anything with partners that everyone knows what their responsibilities are and what each person expects to get out of the business.  Drawing up a legal agreement is advised if you have any concerns.  Putting together a good team is integral to a successful business.

         Throughout the journey, everyone involved should keep good notes about what has happened in the business--what worked, what didn't and how do you approach next year.  If there is going to be a next year, you will need to retain fixtures, equipment, and whatever else you will need again. Everyone will need to be paid, including any lendors or investors, and if there is money left after you and your partners receive their fair shares you may want to invest that back into the business for the following year. If good records and notes are kept, and you truly learn from your experiences, then you have a good chance of becoming a big time Halloween Moghoul.   Don't expect to walk away wealthy after the first year or two, but after you have got it all down you can probably expect to make some decent money if you've done things right.

           In the next post, I will be describing some of the types of Halloween related businesses that are out there and what they involve.  Until then, I've tossed some information out to you readers and if you have any thing to say about any of this then, please, toss it back.

4 comments:

  1. In my next life I'm going to be a Halloween party planner. I bet I could throw a pretty awesome costume party.

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  2. Why wait? Do it next year. You can put together a party for the gallery --- don't they do one already?

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  3. Professional organizations seem to be a hidden gem. People don't seem to take advantage of those opportunities. Why do you think that is?

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  4. I think often people go off pursuing a dream based on their own enthuiasm and minimal to no research. This approach frequently leads to failure. The people who do not do thorough research often do not know about professional organizations and trade shows because they have not done enough research. Or they might find out about the professional resources and think they know enough on their own and don't need the additional help or that it is too expensive to pay for memberships or go to shows. They forget that "it takes money to make money", i.e. some training, networking, and outside research might give them an upper hand to succeed.

    ReplyDelete

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