Financing Your Gourmet Food or Gift Basket Business (Part 2)

Business Partners: Are They Right For Your Gourmet Gift Basket Business?

If you are lacking capital to start your own gift basket business, one option is to find a partner who can contribute some of the money required.  As we have stated in the most emphatic terms in our section of Business Forms - Partners, it is absolutely critical that you have a Partnership Agreement drawn up to outline the expectations and responsibilities of each partner in your gourmet food or gift basket business.  We liken bringing in a partner to getting married: there are very few people in the world who you would marry, and there almost as few who you should become partners in business with!  Gift Basket or Gourmet Food Shop Business partners can contribute either / or time and money to the business.  Whatever arrangement you make with any Partner in your gift basket or gourmet food busines, ensure that you are fully compatible and that the expectations of each are clearly defined.


Investors: Are They Right For Your Gourmet Gift Basket Business?

If you are not inclined to bring in a partner to your gourmet gift basket business (or already have and yet, still require additional capital), you may want to consider finding investors. However, the amount of time and effort that you normally need to invest in completing a thorough Business Plan for investors is significant.  We recommend that you network with other business people to attempt to find potential investors.  Often, your accountant will know of high net worth individuals with funds to invest in non-traditional investment opportunities.  However, be advised that usually, these investors are seeking a significantly higher-than-normal return on their investment to offset the higher risk of investing in a start-up like a gift shop/ gourmet food or 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.