If you have been thinking of starting a business and haven’t already zeroed in on an idea, here’s something that’s simple to get off the ground and profitable as well: personalized gift items.
Gifting is an age-old tradition and one that’s never going to fade away. And if market surveys and reports are to be believed, personalized gifting is a practice that’s here to stay. PRNewswire estimates the global personalized gift market to reach USD43.3 billion by 2027.
In today’s era when globalization is at its peak, people are no longer bound by geographical boundaries. The act of gifting too has gone global. By starting a personalized gift business, you’ll capitalize on this trend, make money, and make a positive difference in people’s lives by connecting them to their loved ones.
But how do you get the ball rolling? Read along for the crucial “things to do” to start your personalized gift business.
Research the Industry
Do the groundwork before finalizing a concrete plan. It is important to be aware of the prospects that the personalized gifts industry holds, the growth trends, and the generic break-even point for a start-up.
Gather information about the established businesses, the products that they are dealing in, and their customer base to determine your target customer and product offerings. You should also know the legal processes that you need to complete to commence operations.
Develop the Plan
Clearly define your business, your vision, and goals, the target customer base, and your product line. Budgeting is an important aspect of business, and so is the pricing factor of the products.
You can stock a wide range of gifting items like personalized mugs, photo collages, engraved or embossed items of personal use like office supplies, school supplies, and so on. Or, you can choose an area of specialization such as custom gifts, flower hampers, art gifts, or food items that can be shipped worldwide…the possibilities are endless.
Take into account every dollar that you expect to spend for the setup and operations and determine the source of your finances. For pricing the products, consider the sourcing of raw materials, equipment cost, and labor charges involved. Develop the sales strategies and standard operating processes. Also, plan for promotions and logistics to ensure smooth operations.
Create Your Business Identity
Choose a unique identity for your business. Design a logo to enhance the brand. Apply for a trademark for your business name and logo so you have legal ownership over these branding collaterals and no one can make unauthorized use of them. Arrange for product brochures, stationeries, and product packaging printed with your business logo.
Determine the Location
Personalized gift businesses do not necessarily need a brick-and-mortar store for operations. In the current world scenario, you can very well operate out of your laptop on various online platforms. Of course, you would need a workshop to house the equipment, a space big enough to personalize the products, as well as storage space to stock raw materials and finished goods. The detailed address of this workshop would be required to legalize your business.
Complete the Legalities
To establish your business, you need to register your business name with relevant authorities, the Australian Securities and Investments Commission (ASIC), in the case of Australia. Apply for the license appropriate for your business structure and product line. In Australia, the Australian Business and Licence Information Service (ABLIS) will be able to help you with the licenses and permits required to start business operations. Apply for a GST number. And finally, get your business insured to cover any unforeseen losses in the future.
Source Supplies and Equipment
Enter into legally binding agreements with contractors who can supply you with the raw materials for your personalized gifts business. You may need to procure equipment for embossing, engraving, and printing of materials. Look for viable credit options that will not entitle you to lay out a huge amount of finances at the onset.
Create a Buzz
The goal of any business is to earn profit by grabbing the attention of buyers and selling your products to them. Chalk out a promotion plan for your business to generate a buzz around the product line you are bringing to the market. Highlight the USPs that differentiate you from your competitors. Spread the word over social media and grab eyeballs with some special giveaways for the first few customers. All in all, design a campaign that will set people talking and create word of mouth about the services you are offering.
If you are keen to take the entrepreneurial route, there is no better time than now. Your business can give you greater independence than service ever will, allow you to take control of your destiny, and open up opportunities for bigger rewards. And a personalized gifts business will not only help your customers create beautiful memories but also give you the satisfaction of spreading cheer and love. So, do not hesitate to take the plunge, today!