Where is the money going to start and grow your gift basket business? If you don’t know, your spending pattern may get you in trouble. Here’s why.

Pocket check

Part of my assistance to VIP clients is a review of inventory so together we determine what’s already in stock and what products to buy. This is especially important so you have lots of start-up money, the subject of the definitive money article.

I recently went through this review when visiting a gift basket designer at her studio.

After the lengthy assessment, the designer and I visited three local suppliers to see their merchandise and decide what to buy from each one.

We didn’t walk into the building and immediately start loading up carts with merchandise. Instead, I taught her how to make smart decisions that lead to the three results she wants (you want this, too):

  • Lower costs
  • Quicker orders
  • Higher profits

From there, we filled in the gaps by ordering products online and by phone that were not available through local suppliers.

All of this occurred in March, just before the designer received a call from a corporate prospect she’s been pursuing. The representative needs 250 gift baskets to distribute during an industry conference to be held 30 miles from the designer’s studio.

Our work together is not just a success for her overall business. There’s more. She now knows how and when to purchase the right way for general and unexpected sales. It’s a huge triumph.

Make smart buying choices

I share about this meeting with the VIP client because it’s mandatory to know about inventory. You must know where to buy products and how to select suppliers that keep lots of merchandise available.Getting into Gift Baskets, by Shirley George Frazier. All rights reserved.

You can buy items here and there when it’s on sale from a retailer. However, that type of haphazard buying keeps you thinking too lean, as if orders will never arrive. Also, you don’t want to only buy from retail clearance shelves.

When you buy like that:

  • Do you have a reason to buy, or are you at the retailers’ mercy?
  • Are you simply hoarding clearance products with no sales in sight?
  • Is it really okay to pay hard-earned money for items you hope to sell?

Why your spending pattern may get you in trouble

Without guidance, as VIP clients receive from me, you’ll temporarily be happy about what you buy. Moments later, you’ll look at all the stuff and start regretting the impulse buying.

Look at your inventory. Then look at your sales. Is it all adding up in your bank account or decreasing your cash as you buy more products that aren’t selling?

If you’re not getting sales, prepare to sell that impulse merchandise online and hopefully get paid pennies for your dollars.

The bottom line in this business is to buy with your head, not your heart.

Shirley George Frazier
In the gift basket world, all roads lead to Shirley George Frazier, the industry's reigning expert and international authority. Shirley is chief basketologist at Sweet Survival LLC and author of the industry's best-selling books, How to Start a Home-Based Gift Basket Business, The Gift Basket Design Book, and Marketing Strategies for the Home-Based Business. Shirley works with manufacturers and retailers to successfully add gift baskets to their current revenue streams. Shirley is also a frequent speaker at events and instructor of the popular online course, Start Your Own Gift Basket Business. Contact Shirley to speak at your event or call 973-279-2799 to schedule a consultation.

2 Comments

  1. What’s the best way to find wholesale suppliers who delivers goods to UK? I want to start this as part time or hobby. But cannot think where to start wen it comes to researching on wholesellers. Especially like you mentioned, I don’t want to waste time or money. Please advise! Thanks a lot.

    1. Nidhi,

      These suppliers do exist, and they are plentiful. You don’t want to waste your time or money, and I agree with that. The easiest way to have the information delivered to you is through a call with me so I can lead you to all of the sources in your country. Here’s the link to set up the call – http://clarity.fm/shirleygeorgefrazier.

      Looking forward to speaking with you.

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