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Starting Your "Gift Basket Business"

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For those who loves to be artistic, creative, and loves sharing happiness to other people, a gift basket business might be perfect for you. Besides being a lot of fun, this business also has a lucrative potential, and can be started right at home. Gift basket business is one of the fastest growing industry in the US. And with the rise of social media, and online platforms like Etsy and Ebay, marketing your gift basket will be easier than ever.

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Thinking of starting your own gift basket service?
This is a great time, and here are a few things to help you started.

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1. Startup Cost
This business can be started with a fairly low startup investment, although having more capital will certainly benefit the business. You can start right at home with $2,000 for equipment and supplies like the baskets/containers or other packagings, decorative materials, shrink wrapper, heat gun, showcases, and the items for the gifts itself. The more money you inject at the start, the more expensive gifts and packaging you may sell.

2. Defining Your Target Market
Your target market will mostly be women. Nowadays, gift baskets are also common for corporate gifts. It's good to have your uniqueness and niche to build more credibility and reputation at the start. By finding your own niche, you'll create unique value unlike any of your competitors.

3. Licenses and Permits
Depending on your locations, most states won't require special licenses for this industry. However, it's a good idea to consult your local authorities beforehand to avoid legal problems in the future.

4. Marketing
A great customer service is a must in this business, as per surveys, word of mouth recommendations are the most influential marketing force in this industry, so you'll have to make sure every and each one of your customers gets a good experience. Build a great website, and gain traffic through advertising and/or SEO. Nowadays, social media marketing is also important. Starting on Etsy, Ebay, or Fiverr can be a great start as it guarantees exposure with their large viewers base. With marketing, creativity is always your only limit.

5. Pricing
Thorough research of the current market condition and your competitor can help a lot in determining your price. Consider preparing several prices determined by sizes and types of items. This way, you can offer more options to your potential customer. Hint: Do you know that most people will always look at the second most expensive item as their first option? Set a bigger profit margin there.

Earning Potential

The income potential will vary with how many clients you have, and how much time you would like to invest. As an example, Doing a 20-hours work week in this business can net you a $20,000 annual earning on average. But top players have shown to get millions annually, and some started right at their homes.

The profitability of each gift basket is on average 20-30 percent of the price, which is quite high across all industries. Gift basket business is not only a fun and entertaining both to you and your customers, it is also financially very promising.