You decide to make gift baskets in your area for individuals and corporate buyers. In your search for competitors, you find none. What could that mean?
- No one needs gift baskets – that’s highly unlikely as people in general need gifts for all occasions
- Gift basket stores once existed but designers closed up shop – this may exemplify the need for gift baskets but not for a standalone facility
- Florists and out-of-area firms service the local market – if this is true, you haven’t don’t enough research, as this proves there are competitors
I remember one of the first “rules” learned in business about being the first person in the area to offer a product or service and how such a position meant your business would fail. Today, we know this rule to generally be untrue.
How many people have iPhone repair businesses and maintain companies that consult with niche businesses? That alone points to the fact that gift baskets have their place in every city, even those with just 100 residents.
Your main objective is to research the target market so you purchase gift basket products that they want most.
Outside of one shop specializing in fruit baskets, I was the first business in my area to offer gift baskets What position do you hold in your area?
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