The gift basket industry is booming, with sales at an all-time high, so what better time to launch a gift basket business?
Whether you are a first-time business owner or you have been an entrepreneur for a while now, setting up your own gift basket business couldn’t be easier. Discover exactly what you need to do to get your new venture up and running with practical tips that are easy to apply.
Ready to get started?
Step 1: Choose your niche
When it comes to starting a gift basket business, the first thing you need to do is decide what type of gift baskets you want to sell. For example, fruit baskets, flower baskets, muffin baskets, or a variety of different baskets.
Make sure you take the time to research the market to see what types of gift baskets are most in demand and also to see how much competition there is for each niche.
Step 2: Create a business plan
Creating a business plan is essential for all new businesses, and it includes all the details about how your company is going to operate and how you will turn a profit.
Your business plan should include elements such as a description of your business, an analysis of the market, and your marketing plans. If you want to request a loan from your bank, you will need to show them your business plan, so make sure it is as detailed as possible.
Step 3: Secure funding
How are you planning to fund your new venture? Do you have savings put aside, or do you intend to borrow money? There are lots of funding options for new businesses, such as a bank loan, personal loan, borrowing from family and friends, or even crowdfunding.
When choosing how to find your business, make sure that you can comfortably afford any repayments you will need to make, and also, make sure you borrow enough to cover all your costs for at least the first six months.
Step 4: Source supplies
Now comes the exciting part: sourcing your supplies. While you may be tempted to head to your nearest craft store to buy baskets for your new business, this is not the best choice for your profit margins. Instead, look to source gift baskets from a wholesaler such as Wald Imports, as these will be a lot more cost-effective.
Don’t be afraid to negotiate the prices, especially if you are placing a large order, and also read customer reviews and testimonials before making a purchase.
Step 5: Promote your business
If you want your gift basket business to be a success, you need to have a strong marketing strategy in place. This refers to the steps you will take to promote your business.
You don’t need to have a large advertising budget to create a buzz around your new venture, as there are many low-cost marketing techniques you can try, such as content marketing (blogging), social media marketing, and customer referrals.
