How to Start a Gift Basket Business on a Shoestring Budget (Video)
Assembling beautiful gift baskets can be simple and fun. One can start a gift basket business from home or in a storefront. Consider which model is best for you before you go into business to create gift baskets for sale.
You must also try to answer a few basic questions to help shape your business model. Is there competition in your area? Who are the players in the game in your locality? How will your customers find you ?
We’ve grouped the following resources together as a starting point for your research into what it would take to start your own gift basket business.
In addition to a sample gift basket business plan, you will also find links for various gift basket online store templates as well as tools to help create a business plan for your venture.
Find key outlines in the planning process as well as links to tools and other pertinent information to help you get started.
Here are some basic questions to help start your gift basket business.
What Will You Sell?
This is a question to consider on a very basic level. As you may know, there are different kinds of gift baskets in the marketplace and you want to look at your situation and figure out which type(s) of goodies will fit with your budget, skills, location, etc. Do you need a business plan?
I often hear entrepreneurs say business plans are outdated. I half agree with this viewpoint, I think sometimes you might start a business with no real clarity on how you want the business to progress and therefore might just start with a basic outline of what you want to happen, then figure out the "How" as you go.
I do however, think that a plan is often great to have as it helps focus your actions and gives you a clear visual of the road ahead.
Check out this sample gift basket business plan for some ideas on how to write yours. Also, you can easily create a business plan with Liveplan. What will your point of sale be?
Figure this out very early on in the planning process. Making a decision on whether you will operate a storefront or online presence will be the single biggest factor to shape your capital requirements for your new business, for obvious reasons.
It is important to look at your target audience as you make this decision, which sales mode works better for your potential market.
Younger folks are more comfortable with eCommerce and thus, might be a better fit for an online-only format. Other groups may have other needs.
Check out these gift basket shop website templates.