Small entrepreneurs / individuals looking out for self employment opportunities have been gifted by the growing awareness and subsequent requirement of customized gift baskets by various businesses and individuals alike. Given the limited shopping time and increasing dependence on e-commerce, customers find it convenient to look out for readymade gift baskets rather than purchasing and arranging various gift items on their own. Gift basket business is perhaps one of the few businesses which are handy to both the supplier and the customer. It is a low-investment business which, if complemented with apt guidance rendered by tool kits and other research resources available in market at a reasonable cost, is bound to grow. The industry is rapidly expanding and the various survey results are all in favor of setting up a gift basket business. The Planning Ingredients ? Work Station: Could be home or a small accommodation, if possible near the target customers. As a startup to keep a check on the overheads, it is recommended to begin from home. ? Selection of the Product Category: There are various options to choose, ranging from baby products to wedding caskets, ornaments and customized gift baskets prepared as per client requirements and occasions. ? Pricing Decision: Price of the gift basket should be optimal enough to cover the cost while at the same time low enough to attract customers. A competitive analysis to understand your competitor's deliverables and corresponding prices is essential to chalk out the pricing range. ? Procurement / Purchasing Decisions: It is better to make bulk purchases from wholesalers rather than retailers as it passes on the price advantage which is extremely crucial to keep up with the increasing competition. It also saves the shopping time which is directly proportional to the orders placed and variety of gifts sought. Shopping for gift items is facilitated by various shopping exhibitions and regional shows organized by specialized craftsmen and societies. These are perfect destinations to look out for the seemingly difficult-to-find items. The Marketing Outlay Any business idea, however good, must be backed up by extensive marketing. This perhaps is another advantage of the gift basket business wherein the conventional expensive means of marketing are not required. The quality of the gifts embedded in the selection of items and packaging speaks for itself. The key is to generate as much word of mouth as possible through satisfied customers. However as a startup you can contact your prospective customers by cold mailing, advertising in various directories, releasing newsletters, creating an online presence and by sending innovative gift items to selective targets as complementary, especially few days before an important occasion. Ample or scant, it is your hard earned money which deserves to be wisely invested. And for this reason it is better if before starting off you have a much deeper look into the dynamics that affect the gift basket industry by referring to various latest informative packages available in market. Many websites offer complete gift basket business packages which give you extensive info on the industry along with e-books to help start up your own gift basket business. |
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