Gift basket business
A gift basket is one of the creative business and if your head is full of trending ideas and have the quality to surprise with your unique package this can be the most successful business for you. Turning your hobby into a profitable business can generate a lot of interest and money.
This is the business anyone can opt for without any qualification or any high skilled labor. This is one of the highly profitable businesses in which you can run from home also. Making and selling gift basket is a lucrative business for anyone.
This is the only business that has a massive client base as anybody can be your client as it has nothing to do with age, gender any kind of restrictive community.
Create Your Gift Basket Business Plan
There are lots of fun items, gifts, tremendous presents available which you need to pull all together and make a remarkable presentation to sell out in the market.
Creativity and zeal of achieving business targets can make you a successful entrepreneur in a gift basket business.
You just need to customize the demand of your client and understand the emotion and their budget and sell out your gift basket.
It does require preparation and commitment as this business demands punctuality, the market for gift baskets is still wide open and the sales opportunities are virtually limitless.
Start-up cost varies as it depends on you how much you want to invest in your business. Whereas there is estimation according to which you need to plan your business as it requires some essential equipment and packaging cost. This can be your home-based business so it doesn’t cost you much.
But if you go for proper professional set up here is the list to make it easier to understand the requirement of your business.
- Specialty equipment this includes shrink wrapper, heat gun, signage, and security system work space fixtures, work tables, crafting tools and this may cost you around 10,000 to 15000/-
- Storage fixtures and hardware involves storage shelves and cabinets are part of and this will cost you around 1000/- to 5000/-
- Store equipment/fixtures for retail operations include special displays, display shelving, cash register, marking guns, floor gondolas, pegboard, hooks, showcases and wall gondolas. It doesn’t cost you much if you have already, but the costing can go around 9,895/-
- Retail supplies include cash register tape, shopping bags, gift boxes, and sales tags and/or labels can cost up to rupees 1,510/-
- Office furniture, equipment, and supplies involve a computer and technical systems, fax, phone system, furniture, business stationery, and miscellaneous supplies this can cost you around 10,000 to 25000/-
- Packaging/shipping equipment involves hand truck, high-speed tape dispenser, carton stapler, electronic scale and paper shredder which can cost you rupees 350 to 1,490
- Packaging/shipping supplies which are sealing tape, boxes, mailing labels, cushioned mailers, and packing materials can cost from 500/- to 1500/-
- Gift basket supplies which include baskets/containers, packing materials, decorative materials, shrink-wrap and/or cellophane and product/gifts 1,675/- to 28,500/-.
Investment depends on the quality and quantity of your gift basket.
Pricing your gift basket:
- You need to price your gift basket. You can’t go for too low prices as you need to recover the cost of your profit as well.
- Be sure you know how long it takes you to assemble, package and deliver or ship a basket; put together several of varying complexity, and time yourself–don’t estimate. Figure out how much you want to earn for labor, and add that to the cost of the basket.
- Once you started getting profit you estimate pricing accordingly. There should be a profit margin and competitive enough to grab the attention of your customers.
Make it legal
- You need to register your proprietorship and your business under Shops and Establishment Act
- And as your business contains con sumable products need to register into food and drug administration. You can run your business from home after doing all the legal formalities.
Marketing and Promotion Strategies:
- Advertising is an excellent tool for gift basket businesses. You can use mail greetings to make your customers remember you. If there’s a holiday during that month, the card focuses on gift ideas for that holiday. You can send a birthday greeting just to make your customer feel how much they are important to you.
- Make an offer every month and keep your store full of surprises
- Brochures, flyers and business cards t should be there with you any time you are stepping out of your home, either you are on elevator, hallways and even on the street people should stop and comment on the basket you’re carrying.
- When you meet someone with the potential to become a good customer, send them a complimentary basket with your brochure and several business cards.
- Discount, rewards or a small gift can be a smart investment to develop client interest and encourages future referrals.
- Schedule your day to make cold calls in industrial parks or office buildings, take a brochure, business card, and any pertinent seasonal information, and visits as many businesses as you can.
- Make sure gift basket recipients know how to reach you when they need to send a gift by including your company name and the telephone number you can go for address also on every basket you prepare at least twice.
- Make them remember the importance and occasion of each day. Help your customers find reasons to send gift baskets by promoting lesser-known holidays. Just about every occupation has a “day” to honor it.
List of Gift Basket Business Ideas That Can Help You
- Travel gift basket which can include movable items such as bubble bath, hairbrush, sleep mask, shaving kit, etc.
- A goodies gift basket includes your favorite munchies and snacks
- Baby shower gift basket and welcome baby gift basket.
- Dinner or movie night gift basket can include lots of movie CDs and DVDs. (The Cutting Edge and Dirty Dancing ).
- Spa gift basket includes an eye mask, candles, massage oil, loofah, etc.
- Car care gift basket includes car perfume, car decor, hand sanitizer, etc.
- Feel better gift basket for the one you going through a hard time and lighten up their mood by giving them a surprise gift basket.
- Birthday gift basket
- Valentine gift basket
- Honeymoon gift basket
- New home gift basket
- Wedding gift basket
- Thanksgiving gift basket
There are many more ideas which you can create by yourself for each occasion and make the customer feel overwhelmed
Make Your Business Online
This is one of the e-commerce businesses and can do massively amazing on the internet. Getting your business online can make it more profitable. One of the best options is to go to an online store.
Many online store builders can help you to get your online store such as Shopify, bigcommerce, Wix, Volusion, Weebly, Squarespace, amazon. They provide you a very powerful and simple e-commerce platform to run your business online.
They either work on the commission base or by one-time payment, you just need to buy your store online and keep your display. You don’t require any coding programming to get your store it is easy by making your account on an e-commerce website. Many of them have drag and drop facilities.
Categorize Your Basket:
Identify the market demand and what your potential customers want.
You can market them by categorizing them, such as Custom baskets will often include items you purchase specifically for that basket, and most of these items will be bought at retail, which makes these baskets more expensive than your standard offerings. You’ll need to explain this to your customers, find out beforehand the budget of the customer and how much they are willing to spend.
Standard baskets- This basket is the patent for all customers who are looking for ready-made baskets and are in a hurry and do not have the choice in customizing it.
This gourmet food, toiletry and bath, and wedding and baby shower baskets–can serve as samples you can show to prospective customers. If the contents are non-perishable, you can assemble and store a number of them fairly quickly, lowering your labor costs and allowing you to charge lower prices for these selections.
Your inventory consists of items you buy at both wholesale and retail prices. Wholesale purchases will include items and supplies you use in large quantities for your most popular basket arrangements and as filler items. You may find suppliers through various trade publications and your listed wholesalers.
Most gift basket business operators expect to net 15 to 30 percent of their gross revenue, and they typically reach this goal by applying a 100-percent mark up to the cost of the items in the basket.
You can opt for a gift basket franchise to make earnings without giving a lot of time in marketing as you get the direct benefit of a particular brand.
This is one of the most growing businesses in India and you can earn fame and money both with your creative instinct. Always try to update your business trends and popular gifts.
Utilize your social media and share your amazing gift ideas, make sure you always have something exclusive to offer to gain popularity among your competitors. Comment down and let us know what your gift basket contains…!!!