There is no doubt in your mind you want to start something for yourself. It’s no secret either that you’d love to tell your boss “I’m Quitting” because in 2 weeks I’m opening this fabulous new business.
You just need to focus your energy and time to discover exactly what that “something” is.
If you enjoy young children and are looking for a business in a growth industry, you definitely want to check out these trends.
According to an Entrepreneur.com article, Children’s Party Planning is one of the top 5 businesses to enter with an investment under $10,000. This is a business you can commit to as either part-time or full-time. There are several ways to approach it, either by bringing it to your customers’ location or, opening a modest storefront and having them come to you.
It Can be Done for Even Less
In fact, depending on the approach you choose, the business can be launched for under $5,000.
The International Association of Amusement Parks and Attractions reports that the average revenue for hosting a children’s birthday party is $370. Since this is a low cost of entry, low overhead business, it can be very lucrative whether for a mom on a part-time basis or even more so as a full -time enterprise.
How do I know this true? It’simple since I have been in the Children’s Tea Party business for nearly 20 years and my average revenue per party is higher than $370.
In the past 15 years, children’s birthday parties have experienced a transformation from backyard get-togethers with clowns and games into a diverse $10 billion industry in the United States alone according to celebration industry analysts. This growth has been sustained during a period of major swings in the economy.
A Growth Industry that’s Fun
The best evidence is reflected by the emergence of a new niche in the event planning industry: party planning “consultants” for children’s birthday parties. Many of these companies see great opportunity in the expanding kid sector as parents increasingly find relief in outsourcing the stress of planning the event and taking care of all the logistics and also hosting the parties, which as you know, often includes corralling a few little ones running around on a sugar high.
Parents Need to Outsource
Hiring a party planner for a 5-year-old’s birthday party might seem a little over the top to some, but as a party business owner myself, what caught my attention was a recent article detailing trends in the industry. What popped out right away was the reference to a report on child-focused businesses indicating that children today influence approximately $500 billion annually of their parents’ spending. That’s billion with a B.
Parents are coping with an awful lot these days between managing work and a family and feel that it is well worth their hard earned money for the peace of mind that comes with hassle-free parties. If done right, everyone is happy.
It is a stunning shift from prior generations and quite revealing, perhaps, about the way society operates today and choices parents must make in prioritizing their time between work and family life.
Something in it for Parents Too
Two underlying reasons for this trend are that birthdays are always considered special, and spending on children can give parents a sense of accomplishment in providing unique experiences for their child. So, in that sense, it is as much about the parents as it is about the kids. What a powerful dynamic in a business model based on feelings and emotion.
Some quotes from industry related observers leave little doubt about the strength of the industry based on the underlying psychology supporting it:
“People do find money to spend on their children because they want to make [birthdays] special for their child.”
“The bottom line is that modern parents end up spending lavishly on their children.”
The Franchise Handbook
“It’s great to see that even with a weak economy, parents are still focused on celebrating life’s biggest moments.”
When you take a minute to look at the dynamics that are driving trends in the industry, mainly a parent’s desire to see their children happy, the necessity to outsource the event, and willingness on the part of parents and grandparents to increasingly spend on a once a year celebration, it is easy to see why the business is thriving with plenty of opportunity for entrepreneurs.
It’s Only Going to Get Better
According to the U.S. Census Bureau, there were approximately 50 million children age 10 or younger in 2012. Over the next ten years, this number is expected to grow by about 6 million. This demand indicator alone points in a very favorable direction for continued growth and opportunity in the industry.
The Princess Tea Party business is about making a little child’s dream come true and has demonstrated strength and the ability to prosper in economic down times as well as the good times. While it is a slice of a much larger growing industry, it is made up of small businesses run by enterprising people, primarily women like you and me.
It’s reasonable cost of entry, flexibility and resilience are extremely attractive features, making it well worth looking into.
Check it Out
If you are interested in learning more about the Princess Tea Party business it is my goal to help as many moms and women like you as possible to enter the best business for moms and women ever!.
The Princess Tea Party business is fun, flexible, and lucrative. Now, with nearly 20 years of experience, I am helping other women achieve the same extra income and free time I have enjoyed by offering my “Business in a Box.” It is the exact road map I followed to start and operate a successful business made easy for those interested in the business for themselves. No prior business experience is necessary, and no franchise fees. Purchase a copy today! Learn More Here