Customized gifts are generally items of celebration that companies distribute during events, festivals, and notable moments. Personalized gift items like key chains, pens, photo frames, etc., are currently in demand among corporates. It helps them show their creativity and care towards the employees and customers.
Concepts of Tailor-Made Gifting Items
If you are new to the gifting business, you need to understand the concept of gifting and the thoughts involved in customized. While you make these gifts, consider all your choices like painting, engraving, and etching. Try new ideas to show creativity. Design the products in a manner such that they meet your business objectives, ultimately leading to your success.
4-Steps to Starting a Customised Gifting Business
Gifting is a promising business concept in 2021. If you are not sure how to start the business, here are the 5 basic steps to help you initiate the business.
Step 1: Business Planning
The first step is the standard starting step for any business, i.e., preparing a business plan. Consider the scopes of business, objectives, target audience, and market demand to develop an accurate layout. The best way to understand the trends in the industry is to study your local competitors. What items are your competitors offering to the corporates? You should focus on developing unique products with personalized packaging.
Once you decide on your products, develop a business strategy for sales and marketing. Price your products as per the market trend. As a business owner, you also need to decide the business structure, whether it be an LLC or a proprietorship company.
Understanding the financial part also belongs to business planning. Determine the profit potentials from your business and develop necessary statements. Follow the local legal norms during business planning. We recommend hiring professionals to assist you with all legal parameters.
Step 2: Naming the Business
The second phase involves naming your business designing a logo. Select a name that is relevant to the niche of your personalized gifting business. Similar thoughts are applicable while designing the logo. However, after naming your business, check with the concerned state department for the logo and business name availability. You need to select a unique name and logo and get it registered with the Trademark and Patent Office.
Step 3: Office Setup
Like every business, a customized gift business also needs a professional office setup. One must choose an office location that meets prevailing business needs regarding space, storage, and distance from existing customers. You can find a traditional workspace for your retail business office or purchase web hosting support for your website. If your business requires machinery operations, you might need to consider leasing a commercial office compound.
Step 4: Equipment and Supply Arrangement
Once you have an office setup, it is time to arrange for the equipment and supplies necessary for operating your business. Since your business involves gifting, first decide whether you wish to manufacture your product. We recommend procuring items from wholesalers instead of manufacturing. If you have a setup for production, get your business supplies like paints, fabrics, plastic parts, etc., from local wholesalers. Get all the equipment you need for customizing products, for example, machinery for engraving the brand name or logo, etc.
Step 5: Promotion
The final step of beginning your gifting business involves promotion and marketing. Create a customer database or purchase one from professionals to begin your journey. There are various means of promoting your business. The best option in the modern world is to conduct a promotional event displaying your products over social media platforms. Arrange for corporate meetings and showcase your gift samples to get leads.
How much does it cost to start a personalised gifting business?
The capital investment involved in starting a customized gift business completely depends on the scale of business you wish to achieve. The products you customize depend on your target clients and their business niche. However, one must possess a minimum capital of INR 1-3 lakhs to begin the business. The cost can go up to INR 15 lakhs if you plan to scale up the business soon.
Final thoughts on gifting business
Personalized gifts are in high demand among corporates as these gifts pose as promotional items for the companies. It is a high-yielding business idea. However, you need to decide on your product niche at the beginning to avoid any future hassles.