I am planning to open a gift shop business. What is the best thing to do ?

Question

I am planning to open a gift shop business. What is the best thing to do ?

Answer 1

1) Target market

2) Location

3) Capital

4) Originality (Are you being trained in this field, previously)

5) Segmentation ( Are you going to operate differently, compare to others)

Answer these, then you will have an idea what is best ?

Welcome to the business world, there are thousands of hurdles to overcome. I went thru it and still facing more !

Answer 2

research as many other gift shops as you can .....why make mistakes yourself learn from others(its so much cheaper this way )mind you the fact that you have asked this question ...could mean that you are not ready for this venture yet....think long and hard about it .....money tied up and at risk, long hours possible seven days a week,many many expenses, GST implications..taxes to pay,too higher rent (always is)and to top it of every thing else...YOU are the one last to be paid... even after tax......retail is a tough job...one does not just stand there and take money all day

Please think very long and hard about this

PS just thought....It maybe beneficial to work in a gift shop first for a year or two first ..........

Remember the saying fools rush in where angels fear to tread......

Answer 3

When opening any business, you need to educate yourself on how to run a business. You may want to take some courses to that effect. Also, remember that it may take awhile to actually show a profit. You'll need to find a supplier for your merchandise, hire employees, rent or buy a property to use for your store, and make sure you comply with all the laws and restrictions of your area. It may help to consult an attorney while you're still in the planning stage. Also, if you need financing, you'll want to visit several banks and see which plan is best for you.

Answer 4

That really depends on the area that your in....Gifts Baskets are the way to go in alot of areas.

Answer 5

it depent the area ..what are you gonna sell.  i had one my self.