Gifting is a pleasure for both the recipient and the giver. We all have received gifts from our loved ones at some point in time, be it big or small. Whether it is a wedding or a birthday, a baby shower or anniversary, we never turn up on any occasion without carrying a gift. Gifting is pretty standard in India, but still, the gifting industry is quite underrated.
These small steps include making a financial plan first. The more real you are with the investment and finances, the better it is to estimate your profits and losses. Estimate how much you have to invest while setting a gift shop. This is crucial because after you calculate how much goes in, you can select your prices accordingly.
Location plays a significant role in every business plan. Finding a place where people can quickly pay a visit will help boost your gift shop’s growth. Gifts are generally bought in abundance by youngsters and people between the 21-25 years age group. Setting up a gift shop in a proximal location to education institutions or offices will earn you extra brownie points. People belonging to 21-25 year's age group includes college-going students, office workers, etc. People belonging to such categories are frequent gift buyers, so such a location helps set up a gift shop.
Whenever one starts a business venture, he/she ought to face competition, and if you start a gift shop, you cannot create a monopoly because there will already be many such gift shops. In that case, you can visit the gift shops that are proximal to your chosen location. Observe their shops, the categories they sell, their business strategy, and if possible, you can enquire about their sources. This will help you take calculated steps before you jump into the business.
Try to be creative while planning about the products you want to sell in your gift shop. Look for gifting options which are unique and would not be readily available in other gift stores. You may recall how everyone ends up gifting a box of "Soan Papdi" during Diwali.
- Perfumes of all price ranges
- Jewellery
- Scented candles
- Bath salts
- Customised photo frames
- Watches
- Chocolates
- Gourmet goodies
- Essential oils
- Women's accessories
- Makeup
- Bags
Gift shops typically have a specific focus, in order to be able to advertise effectively and draw in customers interested in a specific niche. Part of the pleasure of owning a gift shop is that you can use your own passions and interests to determine the style of your shop. For example, the theme of your gift shop could be:[1]
Christmas- or holiday-themed.
Designed around vintage toys or antiques.
Oriented towards funny or gag gifts.
Whenever we enter a gift shop, we get satisfaction just by looking at the filled up shelves of the shop. It is psychological that we feel contented only by looking at the filled up shelves of these shops. One should keep in mind by every person who is planning to start a gift shop.
Social media platforms are the best place for advertisement and business promotions. The only requirements for such promotions are good pictures, graphics and great content. People are easily enticed by crisp, clearer pictures and sophisticated contents. So make sure both of them are on point. Social media platforms let you cater to a vast range of customers.
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