Opening a gift shop requires a lot of research, one of the most important steps to success. Gift shops are perfect for finding last-minute gifts, which most of us find ourselves doing. These stores can make you good money, which could lead to future expansion or even the opening of other stores. It's not difficult if you follow the right directions.
Steps
Step 1. Take a look at other gift shops
Examine the stores that have been successful, and what they have done and achieved; then compare them with those who didn't make it, and try to avoid those mistakes. Take notes. Enter relevant information, such as opening hours, location, merchandise and items and services offered.
Step 2. Search for the ideal location
This plays a huge role in your success, but you also need to consider your budget. Maybe you prefer to start your journey with something small, like a walking kiosk. They are perfect, because you can change places, going from a cinema to a shopping center or a festival.
Step 3. Make a financial plan and determine the start-up costs
You need to have a business plan and a financial plan, which will also determine the success of your store. Now it's up to you to decide whether to take out a bank loan or seek out other private investors. Make sure you have an authorization or permit to open your business. If you are selling food and beverages, additional authorizations may be required.
Step 4. Create a description for your business and choose a name
Invest some time in this step. Think of an original, creative and attention-grabbing name. Make sure the name hasn't already been used by someone else by doing an Internet search. Then come up with a description of your business.
Step 5. Think about your customers
What would they like to buy? What services should you provide? Are they mostly men or women? Determine the characteristics of those who may be interested in purchasing in your store. You may be able to buy the goods at a discounted price if you buy from a liquidated gift shop; the savings could thus be invested to open the shop in that better place. Remember, if you start small, these customers will only be potential. Develop your business and you will see that they will come back!
Step 6. Develop a marketing plan And start advertising.
Your gift shop needs to leverage what your customers want, rather than what they need, so advertising is needed. Your marketing plan should be well written and grounded if you want your business to be successful.
Step 7. Learn how to keep accounts
You need to learn how to keep records for your shop and for paying taxes. By doing so, you will also know how much you will have earned each day.
Step 8. Evaluate the opening hours of your shop, and if you need to hire employees
To decide, you can look back at the notes you took earlier when you went through other gift shops. It is best not to hire anyone yet, as you will not have a lot of money available, which can instead be used to buy the goods. Choose the ideal time, and hope your shop will have an extraordinary success!
Advice
- Replenish your stock by buying from gift shops that offer large discounts or are in liquidation. They can give you a good hand to create a successful business.
- Location is also very important. Think creatively. However, you will be doomed to failure even if you have found the perfect place but have no money to use for the goods.
- A well written business plan will lead your business to success. Make sure you invest some time to create one.
