10 year end business products to help you earn high profits
Why do business at the end of the year?
The end of the year is typically a bustling shopping period as gifts, decorations, and services are in high demand. This creates opportunities for businesses to boost their sales figures and revenue with suitable year end business products.
New year preparation is an opportunity for businesses
Aside from the consumer demand, there are several other reasons that make this period a more lively business season, including:
- Promotions and Discounts: Businesses often roll out promotional campaigns, discounts, gifts, and special offers at the year’s end to attract customers. The combination of heightened demand and enticing promotions usually leads to a surge in consumer spending and shopping.
- Extended Shopping Period: The end-of-year shopping cycle usually stretches from Black Friday through Cyber Monday, continuing through Christmas and New Year. This extended time frame allows businesses to amass profits over a longer period.
- Special Product Development: Many businesses create special products, services, or gift packages exclusively for the holiday season. This generates unique value for customers and often results in increased sales figures and profits.
- Enhanced Advertising: Brands often ramp up their advertising campaigns towards the end of the year to capitalize on the heavy demand. Strong advertising efforts can draw in additional traffic and improve brand recognition.
Unique year end business products for the Lunar New Year
As Tet draws closer, it is the perfect time to start offering products or short-term services to boost your income. If you are wondering what to sell for Tet, here are 10 ideas to consider for 2024 Lunar New Year:
Refreshing your wardrobe with new clothes after a long year is a tradition of people from all walks of life. Unsurprisingly, the demand for fashion surges every Lunar New Year. For those looking to make more profit during this period, fashion can be a promising sector to explore.
Fashion business can generate effective revenue during the last days of the year
The fashion industry is diverse, offering a wide range of styles and designs that evolve with the times. If you have an eye for fashion trends, your business efforts could yield quick results.
Nowadays, with the aid of information technology, online business can be facilitated through platforms like Facebook, TikTok, Instagram, and more. However, it is essential to source reliable products at reasonable prices to ensure sustainability and attract repeat customers.
Much like clothing, the footwear business can be quite lucrative during the Lunar New Year. Consumers are on the lookout for new shoes to complement their festive attire and create a lasting impression. To succeed in this venture, plan well in advance and ensure you have a diverse range of stylish products.
When setting up your shoe business for the Lunar New Year, consider factors such as trendy designs, comfortable sizes, and competitive pricing. Online marketing, especially through social media, can help you reach a wider audience and attract potential customers. Additionally, offering promotions, discounts, or bundled deals can entice buyers and contribute to higher sales.
Footwear is a product with high profit potential
As families welcome the new year, ornamental plants become sought-after decorations for homes. These plants may symbolize prosperity, luck, and new beginnings, making them popular choices for households during the festive season.
Demand for ornamental flowers for Tet tends to increase
A business centered around ornamental plants can be a rewarding endeavor. The possibilities are endless as you can approach a vast range of customers thanks to the product diversity. It ranges from fresh flowers to artificial arrangements and intricately pruned bonsai trees. To stand out in the market, focus on offering high-quality products that are visually appealing and carefully curated.
Given the diversity of plants available, extensive knowledge about the different varieties, care requirements, and aesthetic appeal is crucial. Additionally, sourcing plants from reliable suppliers, understanding pricing strategies, and providing exceptional customer service will contribute to the success of your venture.
The festive season is a significant time for family and friends to gather. As a result, people often want to renovate their living spaces to welcome guests and create a cozy environment.
House renovation create business opportunities
Considering the relatively higher cost of these items, customers tend to carefully weigh their options before making purchases. Therefore, understanding customer behavior is crucial for success in the interior design business.
Pet boarding services
With every Lunar New Year and seasonal transition, households become busy with preparations for family gatherings or vacations. This is why many pet owners worry about the care of their furry companions. As a result, pet hotels and services see a surge in demand during this time.
Pet boarding services is a necessity for pet owners
The daily rates for such services can range from 200,000 to 500,000 VND, depending on the package that includes care for the pets during the owner’s absence. Although the service comes at a price, it remains a popular choice for pet owners during the festive period, contributing to significant profits, particularly during the New Year festivities.
As the year comes to an end, the workload increases significantly, leaving many families with little time for pre-Tet cleaning. Consequently, the prices for home cleaning services skyrocket during this period.
Typically, these services cost double or even triple compared to regular days. While the usual hourly rate of 50,000 to 60,000 VND covers tasks like cleaning and cooking, the week leading up to Tet sees rates rise to 120,000 VND per hour, and even as high as 150,000 to 200,000 VND per hour. Thus, successfully capitalizing on this business opportunity during the festive season can lead to substantial earnings.
Pre-Tet cleanup services can generate substantial revenue
Ceremonial and feng shui items
Alongside the excitement of new clothes and spruced-up homes, preparing ceremonial items for worshiping is a common practice. People often buy items like incense, gold and silver ingots, and auspicious plants to pay respect to their ancestors and bring luck into the new year.
Offering a variety of worship items and feng shui products could attract customers seeking meaningful items to enhance their celebrations.
Ceremonial and feng shui items is a niche field that attracts many customers
During the new year, customers adorn their homes with festive decorations like red envelopes, lanterns, and banners with well-wishing phrases. Selling these decorative items in the lead-up to Tet can be a profitable venture. People are eager to create a joyful atmosphere in their homes, and unique decorations can help them achieve that.
Doing business in Tet decorations brings high profits
Consumers often search for unique and special products to find gift ideas for Tet. Imported pastries and confectionery products typically have different flavors and designs compared to local products, attracting a multitude of customers.
This mindset brings many advantages to businesses dealing with imported confectionery in the Vietnamese market. Especially during the Lunar New Year, Vietnamese people are even more inclined to purchase the best of these products.
Confectionery can be a sweet deal for your business
Typically, this service sees an increase in demand during holidays, and Tet is the biggest one of them all. The surge in activity leads to a higher need for safe parking spaces, creating a golden opportunity for businesses.
This presents a fantastic business opportunity for entrepreneurs without a hefty initial investment. All you need is an empty plot of land with sufficient space and secure surroundings.
High traffic to parking lots
Some noteworthy suggestion when doing businesses
To achieve success and reap substantial profits, you also need to establish an effective and reasonable business strategy as follows:
Boost promotional program
Promotion and discount programs have always been the most attractive and effective methods to quickly attract customers. Therefore, it is beneficial to pump out more promotional events and offers for an occasion like Tet.
This not only helps introduce your products to potential customers but also helps them understand the outstanding features your products provide, thereby stimulating shopping needs and facilitating smoother business operations.
Boost promotions to attract customers
Stock up at the right time
Due to the nature of year-end business, which is not prolonged, entrepreneurs should choose the right time to stock up on goods. For instance, for decorative items and flowers, it is advisable to stock up more than 1-2 months before Tet to get good prices and a variety of styles and designs. Additionally, do not procrastinate as suppliers tend to run low on products as the year is ending.
Find the best time to stock up for perfect pricing and supplies
Seek out quality suppliers
To achieve larger profit margins, businesses should seek reliable and quality suppliers who offer reasonable prices. For instance, if you are planning to run a small clothing store, consider the following sources:
- Look for local fashion manufacturers or workshops in your area. These could provide a good supply source to ensure uniqueness and distinctive designs for your store.
- You can search and choose suitable online suppliers for clothing and accessories based on your needs.
- If you intend to purchase in larger quantities, consider reputable wholesale suppliers for clothing. While this might require more investment and larger orders, the average price per product will be more favorable for you.
Effective inventory management
When running a business, inventory management is also important. Limit excess inventory and avoid losses to ensure profitability and optimize your business model. Here are some strategies you can apply to manage your inventory effectively:
- Forecast demand: Use historical sales data and market trends to forecast goods demand. This helps you place orders appropriately and avoid ordering too much or too little.
- Plan regular ordering cycles: Build a fixed ordering plan based on sales cycles and supplier lead times. This helps maintain stable inventory levels and prevents unnecessary purchases.
- Prioritize monitoring slow-moving items: Keep an eye on products with slow sales or are nearing expiration dates. This allows you to focus on consuming them before creating excess stock.
Consider price increase
If you have some high-value products in your hands and there is a strong demand for them, it might be worth considering raising the prices to match customer demand and ultimately boost profits.
A price that fits the market
Furthermore, you could think about creating bundles or comprehensive service packages. This provides an opportunity for customers to experience all the
services and products you offer. This move can significantly contribute to increased revenue and a higher likelihood of receiving positive feedback and reviews from customers.
These are the ten potential year end business products suggested by On Digitals. While these ventures can enhance your income, they also require thorough preparation and effective strategies. By taking into account the insights provided above, you can successfully navigate the end-of-year business landscape and reap substantial profits.
Keep following On Digitals to discover more insightful information related to the field of Marketing that you might find useful. On Digitals is a Digital Marketing Agency, and if you are seeking an agency for SEO, social media marketing, or website design, do not hesitate to reach out. Contact us today for the opportunity to become your partner in the near future.
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