The gift basket business in 2020 is on the rise, along with the gift industry itself! Gift businesses are projected to expand exponentially in the coming years. If you doubt that, you’ve heard the story of the guy who bought Apple shares at a dollar in 1980 when nobody did, and now he’s a millionaire. Well, it’s not much different in the gift industry, and who doesn’t like a gift basket?
Plus, we’re going to give you just the exact steps - 8 simple steps - you need to start your very own gift basket business with virtually no investment!
Welcome to Kaivalya.me! Let’s jump right in!
Start A Gift Basket Business in 8 Simple Steps
1) Pick a Niche
You don’t want to be that ordinary Joe who joins the crowd like millions of others. If you really want to see your gift basket business soar, you’ll have to differentiate from the market: pick your niche. Take Valentine’s gift baskets, and make those the best there are! You see, if you focus in one area, it becomes much easier to be the best at it.
You may not make the best gift basket in the world, but you do make the best Valentine’s gift basket. So, if I’m going to buy a gift basket for my Valentine, I’m coming to you, not to the best gift basket maker. Makes sense?
But how do I pick a niche? That’s not very hard:
- Write down your interests: You’re the owner, you’re gonna spend hours into this. Better like what you’re doing!
- Who’s the target audience? If you decide to open a gift shop in town, know what kind of people loom about the area. That’s not easy, but it is with our Free Audit and Consultation services! Check it out.
2) Draft a Gift Shop Business Plan
Business plans sound intimidating, but trust me - they aren’t. They’re quite literally the easiest part of the business. That’s not to say they aren’t important.
Your business plan will define who you are, what do you do, why do you do, where do you do, how do you do (not that one 😉) and everything! It maps your finances, creates protocols for your gift business, and sets a great framework in your head and on the paper, so that you and the others know what this is all about.
A few things to include in a great business plan:
- Description
- Analysis of market
- Products you offer
- Marketing plan
- Funding Info and financial projections
More on business plans on this post by WikiHow. Don’t worry, once you’re done writing a business plan, you’ll thank yourself. They really are helpful!
3) Pick Gift Selling Platforms
In the era of technology, having a physical gift shop is no longer the only option. There are literally hundreds of platforms which allow you to sell anything and everything. Some of these include Shopify, Amazon, eBay, Etsy, and many others.
But if you’re the ambitious type, you’re going to make your own online gift store. Good, too, cause we’ve got a super-detailed post on that!
4) Understanding The Gift Industry
It’s extremely important that you know the gift industry surrounding you. To give you some context, watch this video:
As you can see, Christian Bling appear to be an American gift business. And they are plenty successful. Know why? You’ve probably guessed it: their solid understanding of the gift industry in the United States. You see how the flash the numbers “80% Americans are Christians” and pick the niche, study what the behavior in this market is, and then make this compelling ad (at least if you’re a Christian American) which is why they’re successful.
Now, it does take a lot of time and effort to pull this study off the right way, and that’s after you have years of experience. But don’t you worry, we’re here for you! We’re giving Free Audit and Consultation to those who’re interested, check it out!
5) Sourcing the Best Gifts Materials
Getting good material for your gift basket business means good products, which means customer satisfaction, which means recurring client base, which means - you know you want it - money!
There are a multitude of ways to source your material:
- Online Directories
- Merchant Trade Shows
- Wholesale Distributors
Always remember what I love calling the wholesale paradox: the more you buy, the cheaper it gets per unit.
6) Designing Gift Baskets
This part is really in your hands. You’ve got to make those baskets (or hire people to make those baskets). But always have customers and the gifts market at the back of your head. If your gift basket is not up to their mark, it’s really no point.
Get some cool design ideas here.
7) Pricing Your Gift Basket
Pricing right is necessary. You’ve put a lot of effort and love in your products, and you better get paid right. But it’s also necessary to soothe the customer’s bargaining instinct! A simple trick is to price the basket double of the investment cost + taxes. That way, for each basket you make, you could make two more. Speak of an exponential trend!
8) Advertising Your Gift Basket Business
Whether a physical gift store or an online gift market, your gift basket business requires the attention of the public. If you want to stay here for the long run, the two things you need to seriously put efforts on are the design of the gift baskets and the advertising!
There are many ways you could advertise your gift basket:
- Social Media: Networks such as Facebook and YouTube let you flash your ads to the right audience for a fee. If you consider reaching hundreds of people through your gift basket business, you better take this one!
- Website Ads: Microsoft Ads, Google Ads, and many other agencies display your ads on websites relevant to what you do on a cost-per-click basis.
You could also follow the traditional marketing such as printing posters, listing in the yellow papers, connecting to call centers, etc. Another great way to advertise yourself is through the word of mouth and the hidden power of WhatsApp. When you deliver great baskets to a few people, they’re going to tell others. Maintaining consistency in quality is the best ROI!
And there you have it, folks! All set to rock the gift basket business and the gift industry itself.
However, if you’re the expansionist type, this isn’t going to be enough for you. While these 8 steps would get you going with an established gift basket business that does pretty well, it won’t exactly leave your mark in the industry.
But, if you’re interested, we’ve got a solution for that too! You see, the gift market is a lot more dynamic than most people think. There’s a new trend every day and these trends take place at different times at different places.
For example, the California summer pants will never make a sensible gift in the freezing state of Alaska! Even within each state, the cities are all trending differently, and this directly affects your gift basket.
But worry not, for we’re here to assist! You see, at Kaivalya.me, we’ve got years worth of experience serving a multitude of gift businesses in different parts of the world. Check out our FREE Audit and Consultation service which could get you set for being the big player in no time!Pricing right is necessary. You’ve put a lot of effort and love in your products, and you better get paid right. But it’s also necessary to soothe the customer’s bargaining instinct! A simple trick is to price the basket double of the investment cost + taxes. That way, for each basket you make, you could make two more. Speak of an exponential trend!
8) Advertising Your Gift Basket Business
Whether a physical gift store or an online gift market, your gift basket business requires the attention of the public. If you want to stay here for the long run, the two things you need to seriously put efforts on are the design of the gift baskets and the advertising!
There are many ways you could advertise your gift basket:
- Social Media: Networks such as Facebook and YouTube let you flash your ads to the right audience for a fee. If you consider reaching hundreds of people through your gift basket business, you better take this one!
- Website Ads: Microsoft Ads, Google Ads, and many other agencies display your ads on websites relevant to what you do on a cost-per-click basis.
You could also follow the traditional marketing such as printing posters, listing in the yellow papers, connecting to call centers, etc. Another great way to advertise yourself is through the word of mouth and the hidden power of WhatsApp. When you deliver great baskets to a few people, they’re going to tell others. Maintaining consistency in quality is the best ROI!
And there you have it, folks! All set to rock the gift basket business and the gift industry itself.
However, if you’re the expansionist type, this isn’t going to be enough for you. While these 8 steps would get you going with an established gift basket business that does pretty well, it won’t exactly leave your mark in the industry.
But, if you’re interested, we’ve got a solution for that too! You see, the gift market is a lot more dynamic than most people think. There’s a new trend every day and these trends take place at different times at different places.
For example, the California summer pants will never make a sensible gift in the freezing state of Alaska! Even within each state, the cities are all trending differently, and this directly affects your gift basket.
FREE Audit and Consultation