How to make lots of money selling gift boxes
A gift box business is easy to start and earn a profit. Selling many gift boxes improves your bottom line. But other factors, including salary, supplies and selling price, can affect your earning potential. Learn how to and keep your business afloat.
Materials
List the supplies you use to make the gift baskets. Factor in the content you put in the boxes. Add a price to each item. This gives you a general idea of the value of the box. Quality materials make the box look lovely and pricey. Invest in appealing content: bows, greeting cards and wrapping paper. Composing catchy gift boxes wins customers and turns a profit. Substandard products are an eye-sore and a loss.
Pricing
Price varies depending on the materials and content used to make and design the gift box. Award yourself a profit of at least 20%. Here’s what we’re talking about – if your gift box has a value of $100, set your price at $120 or $140. That profit is enough to cover your expenses and pay your salary.
Budget
Create a comprehensive budget. Budgeting helps you determine how many gift boxes are needed to clear bills and recoup expenses. Using the budget, calculate how many boxes are to be sold to make a profit and run a successful business.
Salary
Set a personal salary. The profit you make covers your salary. But don’t pay yourself with the entire profit. Let’s show you an example – if your gift box is worth $150 and you’ve set the price at $200, put $20 or $ 30 aside for your expenses. Now the remaining amount is your profit. If your prices can’t pay your wages, adjust your spending. For your business to survive and be profitable, minimize expenses. Prepare food and coffee at home instead of going out for dinner or purchasing daily coffees.
Demand
Make gift boxes on demand. Don’t waste time and money, for instance, making gift boxes for storage. Instead, create and decorate the boxes as orders trickle in. Doing so saves money and labour. Use the extra resources (time and cash) to market your boxes. It depends on your customer base. Many customers, more orders. As the demand grows, train your friends and employ them. Training involves making, designing, marketing and selling gift boxes.
Market
To attract customers, market your gift boxes repeatedly. If you own a website, you’re good to go. Door-to-door marketing costs no dime but wastes time. For wide coverage, use social media. Instagram and Pinterest are the best platforms. Post pics of your boxes on your page. Business cards come in handy but aren’t that effective. The best time to market is during holidays. Brilliant marketers attract customers with discounts and coupons.
Selling gift boxes is a lucrative venture if you plan beforehand and market constantly. You can start a home-based business and transition to a gift shop. Competition is stiff but you can overcome it through competitive prices, exquisite designs, quick delivery and aggressive marketing. Lastly, improve your entrepreneurial side and artistic talent.
