Gift baskets allow you to package an assortment of treats to friends, family, employees or colleagues in a well organized and presentable manner. Starting a gift baskets store does not require a large amount of capital but requires thoughtful planning, enthusiasm, preparation and commitment. The owner of a gift basket store also requires creativity, artistic skills and entrepreneurial skills.
Write a Business Plan
A business plan allows a business owner to lay design goals, objectives and a working strategy towards achieving them. Also, identifying the strengths and weaknesses of the gift basket industry is one of the basic steps toward establishing a successful business. Outline your store's management structure, sales strategy, target market, source of funds, financial projections and a growth and exit plan.
Registration and Licensing
Naming your gift basket store is an important branding exercise. If you choose to name your business anything other than your name, you need to register it with your county clerk’s office in a process known as “Doing Business As” name. Also, depending with where your business is located, you may need to register with a state agency. If you have designed a sign, name, logo, picture or a combination of any of these, which distinguishes your store from the rest, you can register it as a trademark with the U.S. Patent and Trademark Office to gain legal presumption of ownership nationwide (See reference 6). In addition, the government requires businesses to acquire relevant business licenses, determine their state tax obligations and obtain federal business tax IDs to allow easy tracking of revenues for taxation purposes.
Understanding your financing needs as well as available options for you to start your gift basket store improves your odds of business success. The process of financing your business entails estimating start-up costs, developing a cash flow protection and evaluating your possible sources of income. Depending on the size of business you want to start, you can fund a gift store through grants, personal savings, a loan from a financial institution, contributions from family and friends or a combination of two or more.
Location and Design
The location and design of a gift baskets shop plays a significant role in attracting potential clients. Choose a safe and accessible street -- one that is near your potential clients. Also choose a shop design that allows you to display your gift baskets in an attractive manner. For example, a shop with glass walls or big glass windows ensures that passersby see what you have for sale.
- U.S. Small Business Administration: Finance Your Business
- U.S Small Business Administration: Create Your Own Business Plan
- U.S. Small Business Administration: Register Your Business Name
- U.S. Small Business Administration: Filing & Paying Taxes
- Entrepreneur: How to Start a Gift Business Service
- The United States Patent and Trademark Office: What Is A Trademark Or Service Mark?
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