Posts Tagged ‘money making ideas’

How to Start a Gift Basket Business

July 15th, 2017

Whilst some of us excel with science/mathematics, others are better with their hands and really love to get the creative juices flowing. If you fall into the latter category, you might just be perfect for a home gift basket business this year. Whether they’re for birthdays, christmas, anniversaries, or any other event, personalized gift baskets are a fantastic idea but not everyone has the time to make them…this is where you step in. By doing it for them, you can make a small profit and make a career from something you enjoy!

Before You Start – Since this will be a long and tough journey, you need to know this is something you have the passion for both now and ten years from now. If you don’t have any experience, why not try making a few baskets and giving them to friends and family? This way, you get to see what the business would entail and how well the baskets are received at various events. Remember, it will be something you have to do every single day for the foreseeable future so you need to be motivated and passionate.

Whilst creating samples, it will also give you a rough idea of how much each basket will cost. Once you add in your time, you can calculate the minimum selling price you require in order to make a respectable profit. Of course, your business license will give you access to wholesale prices but there’s nothing wrong with doing as much planning in advance as you can.

Business License – If you want to make it official, the first step will be your business license and this activates your business. For some reason, people seem to avoid this step but it grants you access to cheaper prices and it provides certain tax benefits so it’s a win-win. Furthermore, healthy discounts on business-related expenses means you can run efficiently from the very start.

Product Range – If you feel confident this is the right step for you, go ahead and develop a range of products, options, and prices. For example, you will need different baskets for mother’s day than birthdays. The more celebrations you cover, the more likely you are to see year-round success rather than building a seasonal business. Sure, christmas might be busier than any other time of year but you can fill the calendar with anniversaries, graduation, passing a driving test, valentine’s day, etc. If you need help at this stage, ask people you know for ideas.

Pricing – Before launching, you should be comfortable with your prices for custom baskets as well as the standard options. Then, you can make business cards and get your name into the world. As well as asking family and friends to help, use social media and drop leaflets into local businesses. Unlike many suggestions, you don’t need to choose between local and countrywide marketing because nothing stops you from doing both. If you want to start local before building up, this is absolutely fine. If you network with local businesses, you might be able to get your name involved with local charity events, sponsored marathons, etc.

Holidays – For many businesses all around the world, the holidays are pivotal and this won’t be any different for you so take advantage of this fact. For example, many businesses look for gifts for their important clients and employees so target this niche. As October comes around, start advertising these ‘Holiday Gift Baskets’ and get your name as far and wide as you possibly can.

Summary – Don’t believe the false stories, creating a gift basket home business will be hard work. However, there is room for success if you’re willing to work hard and put in the hours required!