Gift Basket Business Earnings and Benefits: Can You Earn a ‘Six Figure’ Salary?
The earning potential of the gift basket business is a bit fuzzy for some before they start and they can be forgiven for wondering if it is possible to earn a full time income. In this article we look at the earning potential of the gift basket business, how much profit and profit is possible, and lastly, we look at the factors that separate the ‘six figure’ operators from the small ones.
Typical Business Earnings from Gift Baskets
For gift basket business owners operating from their homes, it is not unreasonable to expect a turnover of between $15,000 and $25,000 in the first year of business if they work hard and allow a profit of around $6,000 to $10,000. Once a business in this industry becomes better established, owners can expect a typical annual salary of around $20,000 to $25,000 part time or $30,000 to $80,000 full time.
To break into the ‘six figure’ level, companies generally have to expand outside of the home business model and move into the commercial space. Many gift basket businesses allow their owners to take home an income of over $100,000 a year and for some players in this business much more has been possible.
What does it take to earn ‘Six Figures’?
1) While some business owners in this industry do very well from home, only with business premises can you truly get the space and facilities to take your gift basket business to the next level. A store front will also increase your exposure in the marketplace and give your business a much more professional appearance.
2) Successful players in this business control the Internet and make it a key part of their marketing strategy. This means fine-tuning your websites until they offer customers the perfect shopping experience and the easiest ordering process. It is also important to understand how to attract a large number of targeted visitors to a website.
3) Referrals and repeat orders are a way to acquire new customers without spending on advertising. By showing customers a high level of service and making their experience with your business truly unique, you can benefit greatly from word of mouth marketing.
Mistakes in this business can be unforgivable and cause you to lose customers. Install systems to ensure you have foolproof ordering and delivery systems.
4) All winners in this business have very well thought out sales and marketing plans. They understand the market well, develop the right products and use the appropriate methods to market their products. Some high earners have devised sales processes that appeal to corporate clients and thrive in this area.
5) The best have a range of sneaker staples that they know sell well, but also continue to innovate and try new things.
6) The brand is also important to generate long-term business value. A recognizable brand makes sales and marketing much easier than a newly established brand. Brand development takes time, but it’s worth the effort.
7) Finally, knowing how to hire and manage employees is a skill that can also help propel your business above the ‘six figure’ barrier. To increase your productivity to fulfill the volume of orders you need to be highly profitable, you need to have a team and know how to communicate with them to get things done.
However, as with most industries, marketing is the key to success and the hardest part of running a gift basket business is generating sales. If you look at the top players in this business, you will see that they have been successful in dominating online sales, corporate sales, or retail sales.
Earning a decent annual income is not impossible in the gift basket business if you focus on these success factors that usually separate the successful business from the amateurs.