Things You'll Need:
- Business plan Rental property for the shop Start-Up Funds Inventory of gifts for sale Accountant/bookkeeper help
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Step 1
Pick a spot. The most important factor to your ultimate success is choosing a location convenient to the clientele you want to attract. Two possibilities are in a shopping place or in an area of small shops that already has shown success. Gift shops typically cater to women with disposable income, so an affluent area and/or a vacation spot are ideal settings.
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Step 2
Find your funding. You will need financing for your venture. In order to attract investors, you need to write a business plan. Contact the Small Business Association, as well as your local chamber of commerce, for assistance with this process. In some cases, they may offer you the chance to work with a retired business owner who will volunteer his time to help you get your business started.
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Step 3
Gather your inventory. This will be one of your biggest investments. Initially, you will also need to spend start-up funds on display cases, tables and shelves, unless you are buying an existing shop. Gift trade shows are held around the country throughout the year, and can help you obtain the inventory you need. Some of the bigger ones are in New York City or other bigger cities in your area. The SBA can help you find an appropriate venue for this. You can also order from catalogs and buy products on line. Remember that the gift business is driven by trends, just as the fashion industry. Stay on top of which items are "hot" and which are passe.
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Step 4
Choose a bookkeeper. You will need an accountant to help you with your business records, with tax filing, and with other information regarding taxes and insurance. The sooner you find someone who is knowledgeable in this area, the better. If you are skilled in bookkeeping, you can do your own daily and monthly ledger. However, you may want to focus on building your business, not managing your books.
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Step 5
Network. Spend time with the members of the local chamber of commerce. They can give you marketing tips, as well as advice about the business climate and premiere locations.
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Step 6
Focus on advertising. This is critical, if you are going to have a successful start-up. If you can come up with a fun promotion for your grand opening, including newspaper ads, giveaway baskets or other perks, you will get people buzzing with excitement. Once you get your customers in the door, keep them coming back with great customer service and product lines.
