The Key To A Successful Start In
Your Gift Basket Business
~ Know How To Shop ~

 

Dear Latarsha And Gift Basket Business Friends,

My goal is to be totally honest with you because my start in my gift basket business was not planned.  And the tips I'm about to give you are tips I wished I had known before I got started.

 

When I Began My Gift Basket Business, I Had No Clue What I Was Doing

 

I started the business when a co worker at the office was thrown a baby shower.   Several, people had purchased small gifts and we decided it would make a better presentation as one large gift, I went to a local craft store and bought a basket.

• I also picked up some cellophane and a few other small decorative items.
   
• The shower was the following week and I had everyone bring their items in.

 

I put everything together and the result was a stunning basket - It was the centerpiece of the shower - after that, things took off.

 

My Start To A Gift Basket Business - Humble Beginnings

 

Starting a gift basket business sort of fell into my lap. After that one baby shower, co workers would ask me to make baskets at price points that they chose.  They would set an amount and tell me the occasion and I would make the basket.

 

The More Baskets I Did, The More Creative I Became With The Containers And The Fillings

 

Starting a gift basket business on-a-whim was fun, but I soon began to realize that I needed to think more like a business owner.  I knew that if I had maintained my initial strategy, my business wouldn't thrive. I had to shop differently to be able to price my baskets effectively.

• Initially , I got all of my supplies from local stores.
   
• However, I realized that I could be giving people more value for their dollar by shopping at outlets and online.

 

Starting A Gift Basket Business Meant That I Had To Become A Smarter Shopper

 

I began to connect with distributors who cut me amazing deals based on volume.  When I finally decided to make baskets my full time business, I had made connections across the globe.  I have suppliers in Europe and Asia , as well as across the United States.

 

Prior To Starting My Gift Basket Business, I Wish I Had A Clearer Understanding Of How Sales Worked.

 

I had a hard time pricing my baskets and would often get carried away.  I often bought items without checking to see if they could be purchased cheaper.  I was unable to differentiate between things that I needed to make the basket complete and going over the top to serve my vision.

 

My Start To A Gift Basket Business Also Meant That I Became A Savvier Online Researcher

 

Quickly, the internet became an essential part of my business.

• I learned that almost any item can be purchased for less online than in a retail store.
   
• I also began to understand my power as a business owner with my vendors.
   
• I was able to negotiate special deals and incentives because of my consistent orders.

 

Starting A Gift Basket Business Also Meant That I Had To Learn To Practice Self-Control When I Shopped

In my early days of starting a gift basket business, I got too 'shop-happy'. I would buy too much, and then have feelings of regret tied to ordering items that I did not use.

I would get excited about a product and would order double - assuming I would eventually use it.   I quickly realized it is important to have certain staple items and that I must be choosy about the other products that I select.

 

My Start To A Gift Basket Business - The Bottom-Line

 

I've had so much fun learning the ropes of starting my own gift basket business. I just wished I had become a little wiser about shopping a little sooner.  But, oh well, we live and we learn.

The key to running this business is t know your clients and select merchandise carefully.

 

My Parting Advice To Those Of You Looking To Start A Gift Basket Business

 

Learn as much as you can about running your business by keeping one eye on what you will offer your customer and the other on how you can maximize that money that you spend.