According to this IBIS World market analysis, the gift shop industry generates $20 Billion a year in revenue. Gift shops – traditionally quaint and inviting – contain a wide variety of items, from cards to jewelry and everything in between. If you’re thinking about starting your own gift shop, there are a few things to consider:
1. Inventory: This is the most important aspect of your gift shop; what items you’ll sell, the diversity of your selections, and staying on top of your inventory. Make sure to keep your customer in mind. Gift shops might contain some name-brand goods, but they differentiate themselves from department stores by offering crafty or homemade items.
2. Write a Gift Shop Business Plan: Any entrepreneur will tell you that starting a business can get overwhelming as you try to juggle several things at once. The best way to stay above the clutter of day-to-day affairs is writing a thorough business plan to outline your prices, financing, marketing, short and long term goals, and everything in between. If you don’t know how to write a business plan, don’t worry, there are plenty of helpful guides online to walk you through the process, like this one from the Small Business Association.
3. Marketing: In the digital age, advertising should always start with creating social media pages like Facebook and Yelp. These are easy to set up and very cost-effective. Start by making your business visible to Google Maps with this guide so that customers can find you at a moments notice.
First things first, you need a memorable, catchy, inviting business name. Here’s some gift shop names we found:
Tweak, The Original Giftery
Wacko Soap Plant
Hemingway and Pickett
Made by DWC
Co-op 28 Handmade & Vintage
Leanna Lin’s Wonderland
The Library Store
Pygmy Hippo Shoppe
Flax Pen to Paper
Los Angeles County Store
Landis Gifts and Stationery
Tokyo Japanese Outlet
The Left Bank
New Stone Age
Koreana Gifts and Arts
Bring Something To The Party
Y-Que Trading Post
Panpipes Magickal Marketplace
Marigold Houseware & Gifts
Souvenirs of Hollywood
Roopa Indian Gift Shop
Tokyo Japanese Outlet
Kitson Hollywood & Highland
Cost Plus World Market
Lemon Frog Shop
‘Gift Shop’ interest over time:
The truth is, naming a business can be frustrating and downright time consuming…
Your company name is important, there’s no doubt about that, but it’s really something you need to ‘get out of the way’ so you can focus on the nuts and bolts of the business. So the question is…
“How do these companies get such good names?”
One option is hiring a ‘boutique’ branding agency to handle this critical step, and this does NOT come cheap. Some of these branding agencies charge as much as $100,000 for a brand that SELLS tons of product…
Does it work?
Of course it does, but for a small business with a careful eye on its cash flow, dumping tens of thousands of dollars for a swanky agency to sit back in their plush offices and promise you the next Google could spell disaster.
This is what they WANT you to think:
“Our branding agency charges a lot because what we do is incredibly difficult.”
It couldn’t be further from the truth, and the truth is that there are a core set of branding principles that can be reliably and affordably applied to ANY branding effort…
…and Branditory has done it for thousands of businesses, for every industry imaginable, in over 20 different countries, for just $97…
You name it, we’ve named it. The names we come up with are just as good (we think a little better) as anything a high priced agency could provide.
This unbeatable price comes with unlimited revisions and optional logo design for just $70.
Don’t believe it?
Take a look at their satisfied customers