Six Steps to Writing a Gift Basket Business Plan

Nicole Long reports:

"Writing a business plan for a gift basket business requires attention to detail, accurate research and a thorough understanding of the purpose of business plans. Settling important issues before you open, such as organization type and purpose, will help guide you through the obstacles and challenges that await a new business. Start your gift basket business off on the right foot by planning early for an array of possibilities, outcomes and challenges...Conduct extensive research. Focus on investigating gift basket industry trends. Identify potential niche and target markets...Investigate local and regional gift basket businesses. Take special note of the variety of their offerings, pricing and added services...Gather pricing information from wholesalers and suppliers of gift basket must-haves...Use the information you collect to help assemble your business plan...Prepare a full description of your business. This section should contain information such as a company overview and mission statement. Summarize important aspects of your business by completing an executive summary. This should provide a well-rounded synopsis of products, services, financial goals and marketing efforts. Complete this after drafting the rest of the business plan if that works better for you...Complete a market analysis section. Provide a detailed analysis of your marketing ideas and goals. Identify your target market and provide details on plans to reach out to the demographic contained within your target market. Include information pertaining to what makes your gift basket business unique. Identify gift basket trends...List management details. Include information on ownership and organization type...Organizing a gift basket business as a sole proprietorship can help defray the costs associated with traditional retail spaces by starting with a home business. Detail the qualifications and duties of all business owners...Prepare a detailed financial analysis. Forecast sales to the best of your ability. This includes how many gift baskets you expect to sell at each price point. Prepare financial statements, including an income statement, cash flow statement and balance sheet. Seek help preparing financial statements from an accountant or visit the U.S. Small Business Administration for examples and additional help...Combine all the information to complete your business plan. Organize your business plan with the business overview, executive summary, marketing information and management overview at the beginning. Follow with a section detailing sales forecasts and provide financial statements. Attach any supporting documentation, such as business license and permit information."