Is Operating a Store-front Gift Shop or Gift Basket Business for You? (Part 2)

A Self Assessment for Gourmet Gift Shop and Gift Basket Owners:

The very first thing that you should do before you invest your first dollar in your gift shop or gift basket business is to a realistic assessment of yourself and your own unique personality & temperament.  You'll need to assess your willingness to work hard, your ability to get along with other people and your readiness to put your life savings at risk.  Remember, you're doing this only to assess how much you really want to open a gift basket business or a gift shop and you'll fool no one but yourself if you aren't "brutally" honest!

First, you need to do a realistic assessment of your own skill set:  

• What are you good at?
• What makes you happy?  
• What do you really enjoy doing?
• What activities would you do just for the sheer joy of it?  

Conversely, what are you "not so good" at?  

• Are there activities that you tend to avoid doing?  
• What do you consider to be boring, dull or otherwise uninspiring activities?  

If you can match some of the things that you enjoy doing most with opening a gift basket company or a gift shop offering the products that you personally enjoy, there may be a future for you in the industry!  If, however, your favorite activities and interests aren't transferable to a retail setting, then perhaps owning a gift shop or a gift basket business isn't for you.


Before You Open Your Own Gift Basket Business, Do a Business Plan!


If you are confident that you have "what it takes" (personality-wise and temperament-wise) to start a gift shop or gift basket business, the single-most important thing that you can do is to complete a business plan.  Without a doubt, going through the process of developing a business plan will force you to "think through" each aspect of your business.  It will cause you to consider what products that you will offer, where you will find your gourmet food and gift basket suppliers, how much you should charge for these items, where you gift shop or basket location will be, who your customers will be, who your employees will be and so on. You will need to consider many, many issues before confirming that you still want to open your gift shop or gift basket business.  However, if you work through the admittedly arduous task of completing a business plan, you are, without a doubt, infinitely more likely to be successful in your gift shop or gift basket venture! Click here to review an excellent outline of a business plan for a gift basket business.

Phyllis and Greg Sprout began their company, epicureanfoods.com, in July 1993.  They specialize in supplying hard-to-find gourmet foods and gift basket supplies to gourmet shops, gift shops and gift basket companies across North America. 

They have helped the founders of literally thousands of gift, gourmet food and gift basket companies start and grow their businesses.  Many of these companies remain excellent customers of epicureanfoods.com today.  They can be reached at phyllisandgreg@epicureanfoods.com.