Are you ready to start your gift basket business? If so, you need written guidance. Here are three things to know before writing a business plan.
A standard recommendation
If you meet with an advisor within any organization that provides guidance to start your gift basket business, you will be told one thing:
You need to write a business plan.
Organizing your ideas in a written format is an important part of starting your business. It’s not as glamorous as designing, but if you want to sell your designs, a plan is the first start.
Why is a written plan a requirement?
A written plan isn’t a requirement. However, a plan that you organize on paper or computer is a guide to assess the steps to take your business from dream to reality.
In life, you possibly write a plan for buying groceries at the supermarket. You might consult YouTube to learn how to install some type of equipment or change the toner in a printer. Why not write a plan for your business success?
When you first decide that you’ll start a gift basket business, ideas and questions begin to swirl through your head. Questions such as:
- Where will I buy products?
- Who will buy from me?
- How much can I make?
These questions and more are answered in your plan after careful thought and research. Written or typed documentation is important to “see” results before you take action. It helps you:
- Not overlook simple and complex options
- Determine design styles before buying inventory
- Sidestep problems that result in duplication
When you get everything out of your head and onto paper, the process of starting or growing a gift basket business becomes clear. That’s what separates good designers from great business owners.
What are the components of such a plan?
The sections you include depend on what’s most important. Some areas you might focus on are:
- Workspace location
- Inventory sources
- Who will buy (target market)
- Competitive sellers
There may be more to add according to your location and other factors.
Chapter 2 of the book, How to Start a Home-Based Gift Basket Business, provides a 26-page example of a business plan. You can include all of the components or document the parts you need most.
How long does planning take?
A business plan can take months to complete, and when done it’s a document to be updated as often as you wish due to revelations about any part of your planning.
Try your best to not rush the process. Write or type your ideas as the information comes to mind. Also, understand that there’s no order to writing your plan. For instance, looking at the above plan sections, you can document marketing before starting the inventory section.
Start with the area that’s easiest, the area that you’re confident about writing first.
You’ll find more details to write your gift basket business plan in the podcast, How to Create Your Business Plan, available in the player below.
What part of your business plan do you consider the easiest to write?