One of the most exciting businesses to be involved in is gift wrapping. Some people don’t wrap gifts by themselves because they want their gifts to have a professional finish that will impress their loved ones. Meanwhile, some lack the time necessary to do things properly. In that case, do you know how much you should charge for gift wrapping if you want to start this business?
There are different pricing strategies that you can follow in this regard. You can offer an hourly rate between $15 to $35, depending upon the type of gifts and the complexities it involves. You can also set a price based on the size or weight of the package. Charge $4 for a small gift, $7 for a medium-sized item, and $10 for a giant present.
It is common to question the feasibility of a gift wrapping business as you do not see many of them around. You may also be thinking of a plan on how to initiate things appropriately. This blog aims to help you set up a gift wrapping business besides giving an overview of pricing strategies. Stay tuned to find out if this startup is feasible.
Can You Make Money Wrapping Gifts?
The gift wrapping industry is an unexplored niche. The absence of cut-throat competition means you have fair chances of success if you can get things in the right direction. The question of making money is subjective, in my opinion. If you are looking for overnight success, you are in the wrong place, then.
Gift wrapping has a vast potential of making good money if you live in a bigger city or town with many shopping malls. The population also plays its role in defining the success of the wrapping business. However, I believe a professional gift wrapper can earn money anywhere if he possesses unique and second-to-none skills.
You can treat it as a side business during the first phase of the business that will pay off soon. Once you attain the right amount of customer base and market presence, you will regularly generate a handsome amount.
People prefer professional wrappers because they want a better presentation of their gifts that is appealing and eye-catching. That is why the focus should be on improving the skills and gaining knowledge during the first phase of the business. The more skills you possess, the greater the revenue you will be able to generate.
Start with a clear vision of establishing a brand image in customers’ minds by providing premium services at reasonable prices. Try to fetch customers by giving discounts and membership offers. Bring some innovation and offer value to customers. These things will help you establish a sustainable income source as the number of customers increases.
All in all, gift wrapping is a promising business option if you equip yourself with the proper knowledge and skillset that distinguishes you from the rest.
How Much to Charge for Gift Wrapping?
The first thing in devising a viable pricing strategy is to analyze the costs associated with the business. For the first few months, try to expand your business by offering discounts and special offers. Try to set a price that at least covers the expenses attached to the operations of the business.
It is also pertinent to mention that analyzing the market trends is also as important as any other thing. You can never charge a price greater than an established business during the first phase of the launch. That is why try to set a price that is less than the industry average to win new customers and enhance the customer base.
If you already have some working experience with any gift wrapping franchise, you can charge anywhere between $25 and $40 for an hour. However, if you are a newbie with some excellent knowledge and expertise of how things work, you may start charging an hourly rate of $15 to $25 for the first few months.
Hourly rates are for people who place bulk orders that require hours of work from gift wrapping professionals. However, many individual clients want gift wrapping for limited products. For instance, they can place an order for wrapping a birthday or anniversary gift. For this type of customer category, you can charge anywhere between $4 and $10, depending upon the size and weight.
All in all, analyze your market before setting the price. Try to offer services at special discounts and reduced costs to enhance the customer base and goodwill of the business. Having built a loyal customer base, you can then charge based on your expertise and mastery.
How Do You Start a Gift Wrapping Service?
The first thing after you have made your decision to start a new gift wrapping business revolves around deciding the mode of interaction. You can either create an office in your home or provide home services.
In the case of home services, there is a lot of traveling, fun, and learning. You will also enjoy a widened reach and better customer base because of enhanced travel and exploring new things and people. However, you are restricted to a limited space once you start something in your home.
For this reason, I believe providing services at the client’s preferred location is more feasible.
Starting and operating a business is governed by different rules in each state. Before looking into other things, you must meet all the necessary obligations by paying a visit to the local county office. It will clarify everything related to revenue taxes, registrations, etc.
Acquiring Necessary Tools
Additionally, you would need to make sure that you possess every single tool required for a wrap startup. You may have many of them in the home already. These tools include scissors, ribbons, tags, wrapping papers, and bows.
Marketing your business is as important as the business itself. Never underestimate the power of these advertisements. You can try Facebook ads besides following the traditional methods of awareness. You can also create a website for enhanced coverage of your services.
Gift wrapping is still an unexplored business idea with a lot of potential and less competition. It only takes some professional skills to get started. The best thing about this idea is that it is cost-effective and involves fewer complexities.