Financial advice for seasonal businesses
Boost your seasonal business all year round
All seasonal businesses experience slow periods. You need to think creatively to get through these. Look for areas where small changes might keep your business active outside peak seasonal times.
Diversify your business
Most businesses can branch out from their core activity. If your business is seasonal, this may be essential to avoid inactivity during off-peak months.
For example, a business making wedding dresses might make most of its sales during the spring - but by using its skills and equipment to make other special occasion dresses it might be able to move into a market that is busy in the autumn and winter months.
You could consider expanding into international markets with opposite seasonal trends. This will create opportunities for you to counter the slump of seasonal sales through export sales, thus maintaining consistent production and profitability all year round - see basics of exporting.
Market your business so it stays active longer
Another strategy for seasonal businesses is to develop a marketing plan that makes sure the busy season lasts as long as possible. For example, discounts, sales and promotions can be used to bring customers in during off-peak months - this is the way many tourist accommodation businesses price the rooms they rent out. You may find ideas by looking at what your competitors do. See understand your competitors.
Off-peak times also allow you to put your marketing plans in place for the next peak season. This is one of a range of tasks that can be completed out of season - see seasonal businesses: make the best use of quieter periods.
You should also look at the media you use for your marketing. The internet can be a very cost-effective way of helping people to discover your business.