If you are investing Rs 1000 in making a gift basket, then you can sell it for Rs 1300-1400.
For the gift basket business, you will be requiring a box ribbon, gift papers to wrap the basket along with some art and craft items.
Entrepreneurship, the art of starting, managing, and growing a business, has evolved significantly with the rise of social media and other online platforms. Gone are the days when setting up a business was perceived as a daunting task, requiring substantial resources and time.
The gift basket business has witnessed a surge in demand as people seek personalised and creative ways to extend greetings. A significant advantage of this venture is that it doesn’t necessarily require a physical shop or office space, making it accessible for entrepreneurs in urban areas.
Nowadays, individuals are venturing into business while simultaneously working for other companies. The business of gift baskets is driven by the contemporary trend of expressing appreciation through thoughtful gifts during various occasions like weddings, birthdays, and anniversaries.
To kickstart a gift basket business, essential materials include boxes, ribbons, gift papers for wrapping, and various art and craft items for decoration. Additionally, decorative elements, scissors, tape, staplers, and glue are crucial for creating visually appealing gift baskets. The incorporation of customer suggestions is pivotal in customizing and enhancing the attractiveness of the gift baskets. Baskets for this business can be procured at a cost ranging from Rs 5,000 to Rs 8,000.
Gift baskets can feature a variety of items, ranging from fruits to assorted gifts, with the price directly proportional to the contents. A gift basket with an investment of Rs 1,000 can be sold for Rs 1,300-1,400, offering a reasonable profit margin. Once the business is established, entrepreneurs can potentially earn Rs 20,000-25,000 per month.
To initiate this business, identifying the target audience is crucial, whether it’s individuals seeking personalised gifts or nonprofit organizations. A well-organized business plan is essential, encompassing a business description, market analysis, and budgeting considerations.
The gift basket business provides a viable entrepreneurial avenue with low entry barriers and substantial earning potential. With creativity, attention to customer preferences, and strategic planning, entrepreneurs can carve a niche in this evolving market.
Source: News18