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There's lots to think about when starting a new business, and it's no different if you're looking to launch a gift delivery company. From the legal and financial aspects to the practical business side of things, you'll want to learn all the steps needed to set yourself up for success.
Read on to find out the key points of starting your own gift delivery business.
It takes a lot of planning and preparation to get your business up and running, but it doesn't necessarily take much money to get going. Some people prefer to get some experience first by working for someone else in the industry for a few years. This can be a good idea to see how you like the business as a whole.
If you're a creative and entrepreneurial type of person, then you may already have a lot of what it takes to start up a gift delivery business. You'll also need to be hard-working, very organised and disciplined in order to meet the challenges you'll face along the way.
While there is no formal training necessary to start a gift delivery business, there's a range of online courses that can teach you how to get started and how to run this specific type of business.
Many successful gift basket business owners offer informal courses online that show you how to get started and be profitable. These courses run for about six weeks and typically cost around $300-$400. You'll learn the basics of design and how to launch your own website, as well as key marketing tips to help you grow your client base. Separately, you'll want some working knowledge of some basic accounting as a minimum. Read about some of the top accounting software that can help you out.
Whether you're renting space or starting up in your home, you may not need a lot of equipment to get started in the gift delivery business. How much you spend on inventory will depend on your chosen niche market and the price of the products you wish to sell.
Here are a few of the basic items you'll need to invest in to help you get started:
Drafting out your business plan will help you define your business structure. Chances are, you'll be either going into business on your own or with a partner. In which case, there are two types of business structures that may be most appropriate for your situation. These are:
Often called a sole proprietorship, this is the kind of business structure you'd typically want if you're the only business owner. Running and managing the business by yourself also means taking on all the responsibility, including paying income taxes and taking care of debts and losses.
If you are going into business with someone else, your business will usually follow a partnership structure. With two or more partners, the responsibilities, profits and losses are shared among the owners. To keep everything above board, it's recommended that you have a legally binding partnership agreement in place.
A great way to ensure peace of mind and protect the legal side of your business and transactions is to have all your legal documentation in place before you open for business. Here are a few examples of documents you might need:
Many legal documents can easily be drawn up using downloadable templates that you can customise. You can also find many lawyer services offered online, at some competitive costings.
Developing your website and offering your gift baskets online is a great way to advertise your business. Networking through social media platforms can also help raise your online profile. It's also a good way to showcase your products and get sales leads.
Online marketplaces are another option to consider. Not only can you advertise your business, but you can check out the competition to see how you compare.
Some of the more popular marketplaces include:
Another way to get your name out there is to sign up to business directories like White Pages and TrueLocal.
The cost of your gift boxes or baskets will depend on what kind of products you choose to sell. You'll also have to factor in the cost of supplies, shipping, and the labour involved. Generally speaking, you might want to aim for a profit that is double your costs.
Do I need insurance for a gift delivery business?
Aside from vehicle insurance, you'll want to explore your options with business insurance to help protect your assets and cover you from any debts and losses.
Where's the best place to source products for my gift business?
Once you've decided on your niche market, you can start narrowing down the products you want to feature. For unique gifts, you can browse online for wholesalers and distributors, as well as attend merchandise trade shows. Having a good relationship with your suppliers will only help to ensure you're well placed to never run out of products.
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