What To Do When Your Kid Wants To Start a Gift Basket Business

A gift basket business is one that will never run out of demand. This is because there is always cause for celebrating. It could be a birthday, baby shower, Christmas or any other celebration that will cause people to come to one another and express their love through gifts. People struggle to find the right present to give and even those with ideas of what to get sometimes do not have time to go shopping. Gift basket services make the purchasing of gifts very easy today. So if your kid got an interest in wrapping gifts and arranging in in baskets then she or he could get into this type of business. They could provide both standard and customized baskets that are just right for many different occasions.

You should allow your kid to get into this business if, he or she likes giving presents in a creative way. This business can be started at home and quite easily. Some of the responsibilities of a gift basket service owner spend most of their time helping customers select or assemble gift baskets or delivering baskets. This business has the capability of operating through a franchise or selling exclusively online. Whichever system suits your kid works well from home.

If you have never started businesses for your kid before, then follow the steps below to make things easier for you.

Steps in starting a gift basket service

1. Plan

There is nothing in this world that does not require planning. Before you begin to take any step, you will need to identify all of the things that are involved in running this type of business. This will include, cost, materials, advertising and other stuff. By planning, your kid will express what he or she wants their business to be in the future.

2. Get the skills

Putting together a gift basket requires both an appreciation for what people like and an eye for presenting it nicely. So that means, your kid needs a lot of creative ways to package the items and the gift basket. Luckily, learning how to make a good gift basket does not require much coursework. Your kid will just have to watch lots of YouTube, Pinterest articles, and blogs that have free tips and ideas. These can serve as a starting point where your kid and get inspired and with time get to develop her own skills.

3. Cost

The setup cost might not be much but it will need a little bit of cash investment. Now your kid could invest into this by putting in his own money from savings his made before or you could loan him the startup capital. Another method could be to ask your kid to bring half while you bring the other half of the money. Depending on whatever procedure suits you, try as much as possible to support your kid. Some of the cost involved is money for baskets in various sizes, crinkle paper cellophone, ribbon, tags, and products to put in the baskets. You could put lots of things in the baskets and these could be local products, gourmet foods and candies which are quite popular. One good thing about this business is, you do not have to pay rent since you can assemble baskets in your home.

4. Legality

Try to register your business because that means you and your kid can run your business with no hassle at all. Get whatever license or permits that you will need to run a business at home and also if your kid is really into the business, you could register it as a company. By establishing it as a legal entity, it prevents you from being personally liable if your gift basket issued. You also need to pay taxes before you can open for business and even while in business. One of the good things about following this process is that you teach your kid how to follow the law and do the right thing. So, endeavor to get all the necessary requirements.

5. Identify your target

This is very important for any entrepreneur that wants to sell faster and meet the demands of the potential customers. Depending on how big your kid wants their business to grow, the customers that are attracted to gift baskets are affluent individuals who have demanding jobs. They sometimes order gift baskets for holidays and special occasions because they have money and can afford it. So, if you have those kinds of people in your kid’s neighbourhood or area or town, then they could be potential customers. Secondly, companies often order gift baskets for events and as client’s gifts. The others are people that will also need your services but not as ideally as these two groups mentioned above. Hence, gifts are wrapped according to what they request.

6. Set up a business account

This is a must have for any business regardless of it being run by kids. Help your kid to start up a custodial bank account mainly for the business and nothing more. This account will make your kid learn how to manage the business well because it will require him or her to make financial accounting. He or she will need to keep records of his finances. This will mean taking note of how much is being spent and how much comes in. with this information, one is able to know if you are making a profit or not. In addition, having an account makes your business appear professional to your customers.

7. Define your brand

Your brand is what your company stands for, as well as how your business is perceived by the public. A strong brand will help your business stand out from competitors.

8. Pricing

Prices in this business depend on the items that are put into the basket and this at times can cost little dearly. But regardless of that, try to offer less in your gift baskets so that it is not expensive for the regular people that just want gifts. As for customized gift packages, those can be done according to the amount the customer is willing to pay. By making your gift baskets in a different price range, you encourage people of different financial capability to buy.

9. Advertising

This type of business will require you to go the traditional ay, which is by word of mouth. Start by telling family, friends, and neighbours about your kid’s services. You could make flyers so that they could be easily passed wrong online. Getting a business card is also ideal for when you deal with companies or for official purposes. One of the best ways is to make calls. Go into apartment management offices, professional offices and the headquarters of companies with a business card and sample basket to showcase your products. This is ideal for when your kid wants to expand their business. In the initial stage, you could just cater to special occasions like parties and other functions that are similar.

In conclusion, this business can bring in a lot of revenue and your kid can be a successful entrepreneur, but he or she needs you to be there at all times.