A Gift Basket Business could have the greatest potential for enjoyment and making money as any small business idea. If you would like to find a way to earn income using your creativity and design skills, a gift basket business is something to consider. This type of business is expanding rapidly because it solves a problem people face: wanting to give that perfect gift but not having the time to shop for it.
Some Gift Basket Ideas:
The number and variety of basket ideas is endless, limited only by your rich imagination. You probably already have a great ideas of your own. However, the following list of some popular ideas that may help you get started:
Skills and Knowledge Needed to Start a Gift Basket Business:
You must have some artistic ability and be able to produce baskets that are visually appealing. If you find that this is the small business you would like to start, but you lack these abilities or some of the following, I highly suggest that you team up with at least one other person, who does have the abilities that you lack.
Artistic ability is not enough, however. Those who do best in this business are those who have a business background and know something about marketing and business planning. Being able to draw up a business plan is very important also for long-term success.
Be able to keep accurate records of all business transactions. So you will need to find a bookkeeping system that works for you. There are many bookkeeping systems on-line, maybe find one that's free. Or you can purchase one at the store, for example, at Fry's Electronics you will find bookkeeping software or bookkeeping books by the ton!
It's very important that you know how and where to purchase gift basket supplies, and not just anywhere, but where to find wholesale gift basket supplies, with a good supply house, and with the best
cost-effective prices, at low enough prices that will help you to maximize your profit.
Organization skills are a must. If your business is a home business, you will need at least one large room of your house to build your baskets, possibly your nice, large garage. If you get a large enough order, you have to be organized and ready, so your business material does not end up taking over your house!
Start-up Costs and Potential Earnings:
A gift basket business can be VERY PROFITABLE! A study by Gift Basket Review, shown 75% of businesses make at least $ 50,000. The same study reported that about 20% make $ 200,000 per year!
For Gift Basket Review Magazine go to the following web address, "the world's largest gift basket information site" (they have a membership fee of $ 69 / year for online access):
What Initial Equipment and Other Things You Will Need:
You will need the following, maybe more, at a cost of about $ 4,000 to $ 15,000. However, if you already have some of the equipment, your initial expense could be quite a bit less than the minimum. And we will assume it will be a home business:
- Shrink-wrap machine, hot or cold glue gun.
- Baskets, basket filler, food and gifts, etc.
- Assembly tables.
- Portfolio of your baskets to show potential customers.
- Office furniture, especially a comfortable reclining type ergo chair.
- Computer, multifunctional printer.
- Liability insurance.
Where You Can Start:
Many adult education and community colleges offer courses in making gift baskets and offer other business classes too that you may need such as floral design, bookkeeping, and marketing.
Locate a local wholesale supplies distributor. You can also locate a good wholesale company by attending trade shows. However, it usually takes time and experience to find the best, genuine wholesale companies.
Check with your local government authorities for necessary permits if you plan on selling prepackaged or fresh food baskets.
Start off small, making only a few gift baskets per week, selling to friends or relatives. This will also save on initial expenses, and until you know for sure this is the small business for you. Gradually work your way into advertising and other means of getting the word out. Actually, many entrepreneurs prefer not to advertise at all, but depend only on spreading news of their business by word-of-mouth, and they still do great.