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How to Start a Corporate Gift Basket Business

Start a Corporate Gift Basket Business

In today’s world, there are many occasions that we celebrate that call for a gift. However, people tend to struggle to find the right gift for their clients, coworkers, and employees or they might simply not have the time to go looking for a gift. This is where gift basket services come into play.

Starting a corporate gift basket business is an excellent idea for creative people who want to do something they love and make a profit from it. Providing gift basket services and streamlined options to companies makes purchasing and giving gifts simple and easy. In addition, businesses that provide shipping and delivery option make the overall experience even better.

You might have the right talent and the knack for putting together a memorable gift, but there are certain aspects that you need to consider to set your new corporate gift basket business up for success.

Below, we provide a simple guide on how to start your corporate gift basket business.

Write a Business Plan

The very first step to starting a corporate gift basket business is creating a clear business plan. Without this, you won’t be able to achieve significant success as an entrepreneur. Writing a business plan can help you map out the specifics of your business and explore some unknown factors. It will help you set your goals, organize your ideas, and create a robust strategy, especially if you’re going to seek funding or business partners in the future.

If you are unsure of how to go about this, you can learn how to write it quickly and efficiently by using a business plan template that includes some helpful suggestions and details of what to include in it.

Make sure to include a market analysis as it’s an essential part of the business plan as it helps you ensure there’s truly a need for this type of business. Research the current market and see how many similar businesses operate in your area, what they provide and how you can stand out from the crowd. This will also give you a feel for your target audience.

Pick a Legal Entity

gift basket

Before getting creative with your impeccably curated gift box and basket ideas, you should choose the legal structure of your business. A sole proprietorship is simple to set up, which makes it the most common business structure in the US. A Limited Liability Company puts a barrier between the owner’s finances and the business’s which requires you to register this entity and pay a nominal filing fee. But, if your business runs into trouble, your assets won’t be on the line.

Also, you can choose a partnership that is similar to a sole-proprietorship but run by two or more owners.

Pick the Type of Basket You’ll Offer

corporate gift

As soon as you identify your target audience and refine your niche, it’s high time to think of the type of gift basket you’d like to offer to prospective customers. You may want to offer pre-made gift baskets which are a great base for your business.

By always having several pre-made gift baskets in stock with non-perishable products, you reduce the assembly cost and have baskets at your disposal for swift delivery.  If you wish to sell pre-made baskets, be sure to have different sizes available and price ranges to fit any need.

For corporate customers interested in custom gift baskets, present a list of items you already have on hand. You can also present them with the option of personalizing the baskets. There is also a great interest in seasonal baskets and if you decide to offer this option, make sure to include it in your business plan and budget.

Choose Sales and Marketing Channels

When learning the tricks to starting a gift basket business, you might want to think about how you are going to sell your products. A gift basket business can be run both offline and online. If you run your business offline, you will be limited to your local area. The advantage of running the business in your area is that you will be able to stay up to date on the market, trends, new suppliers, etc.

The advantage of running your business online is that you will not be limited to the customer base in your area but will work with customers from different locations and you will need to keep up to date with the changes in different markets and trends. To run an online business, you need to create a website with a catalog of your gift baskets, a payment system, and an opportunity to communicate with your corporate customers. This can ultimately pay off with higher sales and higher prices.

Last but not least, think of your marketing strategy as it’s vital to get your products to capture clients’ interest. The more companies see your gift baskets, the more likely you are to make larger sales. Work on your website, promote your business on social media platforms, pay for online ads, and network with influencers who have a great online following.

Conclusion

Companies who buy gift baskets look for an easy, quick shopping experience but they also look for value. Your gift basket business will face plenty of challenges and competition but by starting the right way, the chances of it surviving and thriving are greater.

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