Starting A Personalization Gift Business
The personalization gift business is a BIG business; the market size was reported as $20 billion, with a possible monthly revenue of $118k.
So if you’re looking for a business that offers superb products and join a healthy and growing market – it’s time to consider personalization products.
So how do you start a personalization business?
Your business name should be short and sweet, with little room for error. Choose a name that doesn’t limit your growth unless you want to specialize in a single type of product.
Experiment with names, and be sure to check if it is free across the social media channels you want to use.
It is important that you check out all of the tools that you will need to get started. Wood burning tools, leather tools, fiber laser engraver gift tags, packaging, and more.
Once you have all of the tools, you can start making some stock for practice. Make some things for friends and family, and start handing them out.
Showcase the work you make on Instagram, and begin to build your following.
Set some time every day to share what you are making, making short videos is one of the most used ways that people share products using TikTok and Instagram. Showing how your products can be used, the highly-skilled personalization, and anything else that makes them unique.
While you might want to engrave everything under the sun, that can be overwhelming for people who need to choose. The paradox of choice can give people too much to choose from, and in the end, they may pick nothing.
Many studies show that having to choose between 2-4 items is more beneficial for shoppers.
Having fewer options also means you have room for various price points.
Help your customers choose, but offer them less to choose from.
Stick to the plan
Product businesses are so exciting because there is just so much that you can do. Instead of being tempted to offer a new line as soon as you have sold a few products, try to wait until you have some profits AND feedback.
You might find that people ask you for special commission pieces too, or that more than one person is asking for new lines to be added.
What is most important is that you stick to your plan as much as possible, as that is how you will be able to track progress and growth.
Perhaps one of the most important things you’ll need to figure out is which fonts work and which don’t. Make sure your website is set up to allow people to try different fonts on their products.
Scroll fonts are usually some of the most popular – but you’ll need to make sure that you either pay for the commercial license OR that the font is free to use in all cases.
Every decision you make for your business will have an impact on the buyer, including your packaging: How To Select Product Packaging – Matt Sweetwood.
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