Have you been thinking that it’s high time you start your side hustle you’ve been thinking about for a while now? And you would like to start it in the gift industry? That wouldn’t be such a bad idea considering that the owner of Amazon is now the richest man on the planet even though Jeff Bezos briefly became the richest person in the world when the markets opened on July 27, 2017 it’s still pretty good going…
So if you want to join the rich list here are a few things to consider before starting your gift business Before you start a home-based gift basket business, make sure that this business is something that you really want to do. If you’ve never made gift baskets before, but like the idea, try making one or several to give as gifts. It is an opportunity to show your gift basket making skills to your friends and family. While you are planning and making the gift baskets, ask yourself if this is something you can see yourself doing on a regular basis.
Some other considerations include finding space to work. A business like this needs some space to store supplies, put the baskets together, and store them until they are sold. And it needs be climate controlled and away from pets to ensure any food items stay fresh.
Figure the Costs
Making some sample gift baskets will, also, help you see how much your supplies will cost and how much time it will take you to make each gift basket. This will help you gauge pricing when you start your business. Once you get a business license you will be able to buy craft supplies for wholesale prices in order to save on costs and buy in bulk. Finding the cost to high to get started? Consider alternatives such as becoming a consultant with LaBella Baskets or using a dropship company to supply readymade baskets. You could sell them through your own website.
Get Your Business Licensed
Getting a business license is an important step in making yourself into an home-based gift basket business owner. The process is simple and there are many tax benefits to becoming a legal business person. You can learn more about getting a license through the sba.gov. If you want to create items from scratch, such as cookie bouquets, you will need to look into food sales permits, also. But, if you are purchasing packaged food items, you should be fine with just your business license. Discuss your business registration options with an expert, such as the Small Business Administration and an accountant.
Develop Your Products
After you lay the framework of your business, it’s time to design your catalog of basket options and prices. Think up a few prototypes for different situations. Although gift baskets are popular during the holiday season, you can also create them for graduations, Mother’s Day, Father’s Day, Valentine’s Day and other events. Create a few different gift basket ideas and then ask your friends and family for feedback. Make sure your choices of design and gift basket items are popular with many people before you make them part of your products.
Market Your Business
Have your prices ready for both standard baskets and custom baskets, and then make your business cards and start marketing your business. By now, your friends and family will know about your business and you can tell them to spread the word on your new venture. Network with other local businesses, like nail salons and florist shops, to get your name in front of more people. Targeting businesses that are frequented by women is a good tactic because women are more likely to purchase your baskets.