One basketeer we talked with started her business with just $300 cash; another plunged $25,000 into her new company before ever opening the doors. Both companies are profitable today.
Calculate how much you need to start your ideal business, and then figure out how much you have. If you have all the cash you need, you're very fortunate. If you don't, you need to start playing with the numbers and deciding what you can do without. The checklist below will serve as a guide for creating a startup budget for your gift basket business. Prices for supplies and equipment are estimated ranges and will vary depending on features, sources and whether they're new or used. What you spend may vary because you may already own some items, such as office equipment or a computer. Don't forget to also factor in rent (unless you're homebased), business license, utility deposits, insurance, any legal and accounting services and your grand opening advertising.
- Specialty equipment (including work space fixtures, work tables, crafting tools, shrink wrapper, heat gun, signage and security system): $980 to $14,030
- Storage fixtures and hardware (including storage shelves and cabinets): $100 to $500
- Store equipment/fixtures for retail operations (including special displays, display shelving, cash register, counter, marking guns, floor gondolas, pegboard, hooks, showcases and wall gondolas): Anywhere from $0 if you already have these items to $9,895
- Retail supplies (including cash register tape, shopping bags, gift boxes and sales tags and/or labels): up to $1,510
- Office furniture, equipment and supplies (including computer and peripherals, fax, phone system, furniture, business stationary and miscellaneous supplies): $3,800 to $13,670
- Packaging/shipping equipment (including hand truck, high-speed tape dispenser, carton stapler, electronic scale and paper shredder): $350 to $1,490
- Packaging/shipping supplies (including sealing tape, boxes, mailing labels, cushioned mailers and packing materials): $505 to $1,200
- Gift basket supplies (including baskets/containers, packing materials, decorative materials, shrink-wrap and/or cellophane and product/gifts): $1,675 to $28,500. The range is based on how much you spend on the products and gifts you put into your basket.