How to open a gift shop in 7 easy steps?

Gifts have always held a special place in our hearts. A gift isn’t just an item bought for another person, it’s an act of love and care. A simple gift can take us back in time to when we were kids, full of joy and excitement. Gifts specifically hold a special place in the heart of us, Indians, as gifts are a parcel of what makes our culture so festive and wonderous. After all, Diwali just isn't the same without all sorts of gifts in all shapes and sizes, wrapped in colourful gift-wraps, with beautifully handwritten labels attached under a neatly tucked bow!

This makes India the perfect place for gift shops as no matter what, gifts will never run out of business. If you have ever dreamt of opening a gift shop, you’ve come to the right place. You too can turn your dreams into reality with just a few helpful tips!!

Opening a gift shop is like opening any other business outlet. It takes a seriously thought-out idea, planned with caution, and executed to perfection to run a successful gift shop. Here’s how you can open your gift shop today!

1. Plan it out

You need to have a clear vision of exactly what you want. This is the most important part of opening a gift shop. This step can either make or break your dream so be very meticulous about your gift shop. Opening a gift shop isn’t cheap. You’ll have to manage your funding. Apply for a business loan if you have to and find the right investors. Your idea should be able to transform into a profitable business module.

2. Find the right spot

You need to choose the perfect spot for your gift shop. Opening a gift shop in an area chock full of gift stores will be bad for business as you will often find yourself struggling against the competition to stand out. Opening a gift store in a deserted area won't do you any good either as you'll barely get enough customers to get by. You need to find the right spot for your dream store, one that attracts the right amount of attention without a lot of competition in the vicinity. A perfectly positioned gift store manages to stand out while livening up the entire street. Go where the people are and you’ll find more and more people walking into your store. Lanes often used by commuting pedestrians are usually perfect locations for gift shops as your shop will be easy to find and hard to miss.

3. Pick the right time

Picking the right business hours is just as important as finding the perfect spot for your gift store, as you won’t often find people fishing for gifts at 8 in the morning. You need to analyse other successful gift shops in the area to find the right hours. Keep a close eye on when people visit gift shops in large numbers and when these stores close shop for the night. Picking the right time won’t be an easy task but if done right, it can make you the most popular gift shop in the area.

4. Choose the right products

Gifts come in all shapes and sizes. There is a huge variety of gifts, ranging from toys for kids to presents for the elderly. Choosing the most sought-after products can take you directly to the top. You need to keep an eye on what products are high in demand among which demographics. Gone are the days where kids could be satisfied with action figurines, now it's all about video games and remote-controlled toys. You need to change with the trends to make the most out of every situation. A successful gift shop acts as a one-stop destination for people of all ages. Board games, video gaming consoles, collectable toys, fidget spinners, cosmetic gifts, and house decorations are all really popular, evergreen gifts and will be a really good starting point for your gift store.

5. Be prepared for special occasions

India is all about diversity. Different people from different cultures all collide in this one beautiful nation. Thus, India has a lot of festivals and special annual occasions. You can make a lot of money by adapting to these occasions in both themes and collection. Christmas trees and Santa masks sell a lot during Christmas while colours and pichkaris will make you a lot of profit during Holi. Gift shops profit the most on special occasions and so you need to be prepared to handle all the festivals and holidays. Prepare in advance for upcoming occasions and keep a spare stock of gifts and decorations so you don’t run out during these days.

6. Be visible online

Today’s world is all about digitality. You need to have a presence on the internet. This will make your store recognisable and easy to order from. Get a website designer to design a beautiful and colourful website to match your vibrant choice of gifts and other products. You can also add a home delivery feature to boost your sales. This will make it easier for people to buy your products while sitting at home. Being professional and customer-friendly online will give your gift shop the brownie points to make it a household name in your locality.

7. Extra services

Starbucks gained a lot of popularity when they started offering free beverages on birthdays. You can learn from this as going that extra mile for your customers will have them coming back in no time. Offer special discounts or products on birthdays. Keep a note of your most loyal customers and reward them with surprise offers and giveaways. Add a little bit of flair to your gift shop by announcing limited period offers on select products. After all, your gift shop shouldn't just come off as a shop but also a gift to the people.

Also read:

1) What type of permissions are required before starting any business?
2) GST: How to Apply for GSTN?
3) Your A to Z guide to filing for GST Returns
4) How to pay GST online? Step-by-Step Guide
5) Toy Manufacturers in India

FAQs

Q. Is it profitable to open a gift shop in India?

Ans: India has a huge variety of festivals and a huge population. This makes it the perfect country for gift shops. Successful gift shops can earn a lot of money in India but since the profit margin is thin, there is little to no room for error while running a gift shop. The only other country to have this kind of opportunity for gift stores in China.

Q. How do I plan for festivals as a gift shop owner?

Ans: Festivals are stressful times for a gift shop as there's a huge demand for products in a short period of time. As a gift shop owner, you can make sure to order a good supply of products beforehand, so you don’t find yourself lacking at the last second. You should also increase the number of employees as it can get very crowded during festivals. You may also find heavy traffic on the online front during these occasions so be prepared and make sure you have enough people to handle the delivery requests.

Q. What should I name my gift shop?

Ans: Choose a name for your gift shop that makes it come off as exotic and jovial. You need to have a really good first impression to run a successful gift shop.