Thinking Big Business

Posted on: August 24, 2011

So you have achieved a fairly dominant position in your area and are the go to business when it comes to hiring out bouncy castles for children’s birthday parties and school fetes. Now however, you must look at where to take your business next as going forward and growing, whilst avoiding stagnation is an essential element of success.

If you have taken the time to read the autobiographies of successful businessmen such as Duncan Bannatyne, Alan Sugar or Peter Jones you will understand that a successful businessmen is one that is always searching for new opportunities and diversifying their business in order to capture market niches and extract more profit.

But how do you diversify?

It is important look at new opportunities outside of your normal operation, you know that you can make money from children’s birthday parties and weddings but are there any markets you are missing? For example, you could take your offering to the corporate world, speaking to local businesses, corporations and even pubs/bars whether they would like to use your bouncy castles for their works parties, employee/family days, or themed nights.

To secure such bookings you should also be prepared to broker a deal, your usual rate card may not be sufficient and you may even want to add benefits to using your services, such as providing the bucking bronco for free if the company in question agrees to book at least 2 inflatables.

Finally if you’re thinking big with your diversification you should also consider expanding into other avenues of entertainment. Large scale parties are even more likely to book if you can offer a full entertainment package which includes inflatables, DJ equipment and even catering. Even if you cannot afford to supply everything from your operation, if you have the right connections you could combine your efforts to secure big (and highly profitable) entertainment deals.

Thinking big isn’t just about dreaming of what your business could be, it’s about taking logical steps towards achieving your goals and understanding that with some imagination it is possible to secure huge bookings with equally large booking fees.

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