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Gifts may be associated with holidays, but that doesn’t mean a gift basket business has to be a seasonal. In fact, gift baskets for new babies are the industry’s number-one seller. The corporate market can also be counted on for year-round gift-giving. That may be why 66 percent of gift basket business owners report that more than half of their overall sales come from corporate orders.
To get your gift basket business off the ground:
Food and beverage gift baskets offer an additional revenue stream for many different small business types. If your small business produces food or beverages, or sells greeting cards and floral arrangements, expansion into gift baskets can increase profits without many additional expenses.
Consumers purchase gift baskets containing consumables for a variety of purposes. Many companies provide potential clients or previous customers with a gift basket as a sign of appreciation. Individual buyers may purchase them for a friend or colleague to congratulate them for a special event such as a promotion. Greeting card businesses and florists already see business from parties that may be interested in such products, and restaurants and other food services can provide these locations with quality merchandise to fill the baskets.
Entrepreneurs adding these baskets to their lineup should take time to consider which goods they wish to include. Fruits and juices may be popular and profitable, but longer-lasting cheeses or wines may offer less risk of expiration. Retail businesses must source the items to fill the basket, while food producers must track down retailers. Check with local businesses in your area to see if a joint venture into baskets may benefit two or more companies. Business.com remains a great source for the latest information on food and beverage gift baskets and other resources for your small business.
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