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Today, there are nearly 400 million small businesses all over the world. There’s no end to what different businesses can sell, from bakeries to handmade gift items.
One of the popular and uprising ventures that many people are investing in is gift wrapping. After all, everyone wants to leave a lasting impression on the person that receives their gift. Therefore, they want them to be excited about the gift from the wrapping itself.
So, if you also wish to start your own gift-wrapping company, here are some important tips you must consider first. So come on, let’s start reading!
Check out the pros and cons
Just like any other venture, gift wrapping has its own pros and cons. So before you start setting up your business, it’s important to first understand whether it will be right for you.
The best part about a gift-wrapping company is meeting lots of people and showing them your creative side.
Using your imagination, you can make wrapping paper and other materials of different textures and designs.
Moreover, since people require wrapping materials almost all the time, you can earn a good amount of money.
However, the cons are that it’s a highly competitive market, so you must tread carefully initially.
Determine the costs
After considering your business’s basic layout, you have to determine the approximate costs.
This will cover all types of costs, right from setting up your shop to buying raw materials like paper, ink, and ribbons.
If you plan to mostly work from pop-up carts, you’ll require an initial supply of gift-wrapping essentials and a point-of-sale system.
You can even invest in a portable wrapping station or table to make your work easier.
Overall, you might have to spend about $5000-10,000 USD upfront. However, if you’re opening a permanent shop inside a shopping center, your costs might increase to $20,000.
Keep up with the trends
Just like with any other business, you have to keep up with the latest market trends and implement them in a unique way.
For example, people use more foliage and fabric-based ribbons to wrap their gifts. In addition, designs like polka dots or minimalist stripes are booming in the market now.
So, if you want your company to gain a big client base, you’ll also have to stock up on these items. Get in contact with trendy and high-quality wrapping material creators.
Many customers might even want you to provide custom gift wrappers for their special occasions, such as printing the receiver’s name on the wrapping paper.
Even though custom wrapping materials are expensive, they can help you to make a name for yourself.
Research your target audience
Gift wrapping is a low-cost service, which means that you have to charge your customers a small amount of money in exchange for your products and services.
Therefore, you have to deliver your products in a large volume to gain a considerable profit.
One of the best target consumers for gift wrapping services is corporate companies. They purchase gift items and wrapping essentials in bulk, so even if you charge them a small discount, you can still earn a decent amount of money.
Otherwise, if you have a gift-wrapping cart service, your target consumers will be of all ages and genders.
Create profiles on social media
Your business name and information are its identities, and there’s no better way to promote that identity than creating business pages on social media channels.
Right from Facebook to Instagram, make your business seen and heard. Post informative videos and tutorials on how to wrap gifts or what kinds of gifting materials there are in the market.
Make sure your content is unique and quirky so that more and more people get attracted to your profiles.
You can even interact with your online audience by posting polls or question-answer sessions. Then, host a giveaway for better reach after you reach a certain number of followers or likes.
Over to you…
Even though opening a business is hectic, nothing is impossible once you put your mind to it. Take small steps at first and keep working hard. Within a few months, your business dreams will come true!
Image Credit: Photo by Juliana Malta on Unsplash