Calculate your start-up costs and devise a financial plan.Will you rely on a bank loan to start your gift shop or will you seek out private investors?wiki How's Content Management Team carefully monitors the work from our editorial staff to ensure that each article meets our high How marks an article as reader-approved once it receives enough positive feedback.
Select gift products and store services by analyzing your customer base.
Consumers at the airport are more likely to seek out country, state or city specific merchandise than those at a busy mall.
You may want to attract a variety of markets, including baby boomers, Generation X and Millennials, each with different income levels and familial status.
Talk about each group’s demographics and how those characteristics relate to the gifts you sell for birthdays, anniversaries and other important events.
Remember that running a business out of your home is a lot different from running one at a commercial location, and the licenses will vary.
If you are selling food and drink items, additional licenses may be required.For example, the rent at an established store front at the airport may be sky high, but the rent charged for operating a cart that can carry much of the same merchandise but is stored out of sight overnight is considerably less and thus more affordable.In the beginning, a cart may be a great option if you are thinking of selling smaller objects.If you want to open a gift shop, you’ll need to begin by deciding on a shop theme or niche and selecting a suitable location. Keep in mind that gift shops do most of their business on and around holidays, and often need to change inventory prices to keep up with shifting consumer demands throughout the year.Gift shops are lifesavers and anyone who has ever shopped for a last minute present under an enormous time crunch knows that a well stocked gift shop is a Godsend.Consider if your clientele is predominantly female or male, well to do or more money conscious, extravagant or down-to-earth, interested in functional gadgetry or decorative items, and any other specific attributes which will determine what they're interested in buying.Create a marketing plan and begin advertising your business.Or, if you plan to sell gifts for holidays and special events, explain what types of products you plan to sell to meet the needs of your shoppers, such as describing the seasonal decorations, toys and novelty items for anniversaries you plan to sell.Explain the target market you want to attract to your gift shop.Complete a general company description and decide on a business name.This name sets you apart from the rest of the competition and you are wise to spend a bit of time on this process.