30 days to Becoming an Entrepreneur: Should you hold an open house or grand opening party?

Should you throw a party? This will certainly be the most difficult question you will grapple with in your process to open your business 🙂

There are two questions you should ask yourself when deciding whether to throw a party – do you have the money and do you have the people?

Throwing a party costs money. Since it’s your grand opening you’ll like want to promote it, serve food, have prizes, have fun activities, have a photographer, etc. All these things cost something. If you have the time and you’re lucky, you can probably get sponsorships for the party (i.e. free photography, free food, etc) in exchange for promoting the sponsor. When Deckci Decor had it’s last open house, we had a local cake bakery sponsor the open house and they gave us a ton of free cake in exchange for having their business cards at the party. We also had a special for clients that came and booked that day – at the open house.

If you throw a party, you want people to be there. The last thing you want is to spend a bunch of money on this party and have no one show up. Not only is it disappointing for you – but it doesn’t look that great to the people who do come when there are only three people there (counting you). Make sure that you have a community of people that will come to ensure it is a success.

Are open houses worth it the time and money? Honestly, no. I don’t think it’s worth it for a new business. You don’t have a community of clients and don’t have tons of money to spend. If you are an existing business that is moving your location, then that’s a different story. But for new businesses, throwing an open house/grand opening party isn’t worth it in my opinion. You’d be better off just having a grand opening day discount – then you’d save the stress of hoping people show up and the money of providing a fun time for those that do.

30 days to Becoming an Entrepreneur: Becoming part of people’s routine

Photo Credit: Jixuan Zhou

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