Over the years, women were the biggest and, by some research, the lone market.  That has changed.  In general, we can divide the current market as the individual or corporate, and both are equally pleasurable to serve.

Men at times buy gift baskets, but more of a strategic move.  Usually, it’s for a superior, or a client.  Gift baskets are neutral gifts, and in a sense it is unlikely to have anything that could potentially offend or be disliked.  And again, it’s usually a woman, wife or assistant, that would do the actual purchase.

Mothers, and wives also have the responsibility in a household for gift buying.  Many immediately think of gift baskets as the default gift.  So your product is at a very favorable advantage here.  Count all legal holidays as your Christmas season.

Corporate buyers on the other hand are your cash cows.  They tend to be finicky, but once you’ve passed their tests and jumped through their bureaucratic hoops, you’re golden and you can expect to have consistent sales for many years.  Your gift basket distributor will be very happy too.

The perfect gift because of it’s wide range of customizations, the versatile gift basket is truly an exciting service one could provide that’s altogether artistic, entrepreneurial and creative.  What’s more pleasurable that putting lots of adorable, delicious, and witty things together?  The possibilities are endless.

Not to mention it’s limitless profit potential.  But you can do as much or as little as you want because it can certainly be a valid business to live on.  Or if you prefer, as an exhilarating side hobby.  The capital that you need is also flexible.  One can conceivably begin with a level that won’t break a bank.

A judicious way to commence your gift basket business is to use your home as your initial headquarters.  And by situation, that will then mean that your family members will serve as your initial partners.  Do not under-estimate the person that’s in front of you – your spouse!

Your partner, or maybe just you, will usually begin with a basic online search for “Gift Basket Suppliers”.  Start with that, and later specify with “Gift Basket Wholesalers”, and “Gift Basket Manufacturers”.  Once you have a handful of companies, it is important that you inquire about getting your gift basket supplies as cheap and discounted as possible.  Gift basket distributors and manufacturers are abundant and readily found simply by using your favorite search engine.  Be sure to read our advice on how to select them.

Gift basket industry trade shows are also a fine source of information.  They are often held annually and close to your nearest city.  This is also a perfect opportunity to come face to face with your gift basket wholesaler and come to a mutually beneficial arrangement.

Be aware of presentation or lecture tracks that are usually held along with the gift basket exhibitors.  Valuable insights to market trends, strategies, and pricing can be absorbed by the attentive gift basket entrepreneur.   Be aware also that some of these trade shows are pricey, not only for the exhibition fee, but your meals and lodging.  How lucky are the folks that come equipped with expense accounts – remember those days?  The one that you must not miss is the Las Vegas trade shows.   No mixing business with pleasure!

Bear in mind that you might find it hard or impractical to get those products at wholesale, or even discounted.  Since the price of your gift baskets might seal or break the deal, be very judicious with your product selection.

Another concern is perish-ability.  Limit these types of gift baskets at a minimum.  It’s a balancing act however, as fresh gift baskets tend to be easier to sell.

You might be severely limited if you live in a one bedroom apartment.  But then again it is not impossible.  The micro gift basket industry from Japan is trending up in the U.S. and Europe.   But the typical scenario is to have your inventory in a spare bedroom or your basement/garage.   If you have inventory in the basement,  then you might need a separate area that is brighter and cleaner for the basket assembly operation.

There is enough flexibility with the gift basket business that you can start small and grow when you desire.  You can also opt to open a retail store if you enjoy mingling with your customers.  Mall mini-carts are also a good option.

What can help is to have a diligent accounting of your expenses.  Do not short change yourself by not having the exact duration of your labor.  In the beginning, it’s a good idea to have meticulous records of your process.  This will be the basis of your pricing structure.

Timing is key however.  Buy low and sell high – just like the stock market.  Buy your products during the off-season.  Buy enough during wholesale and discount situations.  You will gain enough insight through the years experimenting with your niche markets.

A strategy is to test your prices in a very liquid market like eBay.  You can experiment fairly quickly with different pricing levels.  You can also watch how other eBay sellers price and how well they do with eBay’s versatile market reporting services.

Partnership

As mentioned earlier, both sides win.  So both sides should put as much effort to make the business work.  If your supplier do not realize this, then move on to the next one.

Quality

This is the first thing your customers see.  Be very critical with your gift basket distributor about this.  It will also help if you have some expertise with the products you’re selling.

Value

You get what you pay for, as the old adage say.  Balance here is key.

Service and Communication

Your gift basket manufacturer should deliver in a timely fashion.  Failures do happen occasionally, so these should be communicated promptly and openly.

Reliability

Which is an extension of communication, but should also concern the financial stability of your gift basket wholesaler.  It will be a shame if the time that you have invested with them goes to waste outside of your control.