If you are considering starting your own gift business, this is the blog post for you! This step-by-step guide will provide some guidelines on how to establish a successful gift business in your area. If you are selling playing cards for gifts, use playing card packaging to aesthetical appeal to your product. From finding your niche and marketing plan to acquiring capital and managing inventory – this article has it all. If you’re ready to get started, read on!
Know Your Audience:
Choosing a product is only the first step when establishing your gift business. The next step is to establish who your intended audience will be. For example, if you are in college, you might consider marketing towards other students in the area with similar interests or products that assist in their college experience. You can then create products that fit into this niche.
However, it’s important not to limit yourself to just one type of person – even though you might be targeting a specific group, there are bound to be others within that group who would want something else too! It doesn’t hurt to try more than one product line…as long as you have the resources for it!
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Find Out Your Business Competitors:
A very common error when starting a business is to assume that you can be the best at what you do without considering how the competition will affect your sales. If there are already five other companies selling your exact product and doing well (this is called market saturation), how successful will your business be?
This doesn’t mean you should abandon your plan of venturing into the gift industry. It just means you have to get creative! Many times, if something has been done before in one area, there could still be an opportunity somewhere else…for example, maybe no one else in your area sells local or handmade gifts.
Choose Your Product Line:
You can sell a lot of things, but you should know your boundaries and be careful about the kinds of products that might reflect poorly on you as an individual. In addition, choose items that people will want to buy!
Some good product types include:
- Concert tickets/accessories (jewelry, earplugs, etc.)
- Phone cases with funny pictures or sayings
- Written books related to your field of interest
- Business promotional materials (e.g., pens, magnets)
Once you have chosen what kind of products you want to carry, it’s time to design them! This is when you really get creative…if it helps, think about what inspired you in the first place. For example, if you’re a big fan of a band, think about how their logo could be incorporated into some cool earrings or bracelets. Or maybe the product is related to your field (education) and has something explaining your passion.
Focus on Aesthetic Appeal of Your Products:
You can also target specific types of customers (e.g., parents, children, music groups/concerts goers). For example, if you’re selling baby onesies with custom texts or images on them, consider targeting stores that sell maternity clothes.
If you wanted to make hair accessories for girls, think about where they could be sold. Clothing stores or boutiques might want them.
Whatever You Do…Don’t Think Small!
Volume is also important because of the economies of scale. Typically, the more products you order at once, the cheaper they are per unit. This is why many businesses order supplies in bulk. If you’ve ever ordered pads of paper from an office supply company, you understand what I mean.
Do not think too small when it comes to the market for your product. If you’re selling customized playing cards, the fewer people there are who will buy them. There is less volume in this situation. Therefore, it’s harder to make more money per unit sold or close sales.
Set Competitive Pricing:
Once you’ve determined the market for your gift business, you need to stay competitive. You can do this by comparing the prices of gift basket businesses online.
This will help you figure out an appropriate asking price. It is not good to be too aggressive with the pricing. People might think that you are trying to scam them or hurt them in some way. Other people will think that your business does not care about customers and they will leave.
Establish a Brand for Your Business:
You have to have your own company if you are making gift baskets for customers. You need a domain name so that when people want to buy again, they know who to go with. People will trust you more if they can find your company on the internet.
Promote Your Business Locally:
Promoting your gift basket business locally is the best way to gain customers and get new gift basket orders. You can do this by handing out flyers at places where people will see them. Or you can give gift baskets for free.
You should put a sign outside your building to let people know that you are in there. Put baskets outside so that people can ask them questions when they walk by.
Show Your Online Presence:
After you have made sure that your gift company has a storefront, you want to make sure it is easy for customers to find online. You can do this by buying business cards and having the web address on them. Customers will know where they need to go when they are ready to buy. If your business is not well known yet, take out an ad in the newspaper or do a press release.
You can share the picture of custom retail boxes on the social media platforms to gain the customer’s interest to your products.
Great Special Offers:
Most gift baskets are ordered at least once every few months, so offering up regular specials will let customers know that there’s always going to be a reason to come back. You can offer deals such as free shipping after minimum order amount or coupons, which are progressively used for purchases.
For example, the first purchase of gift baskets would be 10% off with a coupon code, which is included on your gift basket business cards. The next gift baskets ordered over the minimum amount may receive 15% off by using the same coupon code again.
Try to think of ways to make new gift baskets enticing if possible or offer something that customers can’t get anywhere else, such as themed gift baskets for every holiday during the year, promotional gift baskets for local sports teams, etc.
Once gift baskets become your primary focus, you can start to branch out into other gift items like gift cards. Gift cards are a great way for customers to try new gift basket companies without purchasing the actual gift basket. Furthermore, gift cards give businesses flexibility and make it easy for customers who aren’t sure what they want or need until closer to the gift-giving date.
There are many great gift basket companies that provide numerous gift ideas and gift-giving occasions, such as gift baskets for any occasion, baby gift baskets, wedding gift baskets, sympathy gift baskets, and much more.