Wondering how to start a gag gifts business? We take you step-by-step from start to success.
The Market for Gag Gifts
It's no joke. The gag gift industry is big business, and many entrepreneurs do quite well running local gag gift stores to meet the needs of pranksters who love a good joke.
Chattering teeth, hot pepper gum, joy buzzers, itching powder, whoopee cushions, fake vomit, bullet hole window decals, and fake ice cubes with plastic bugs in them -- these are the essentials that you absolutely must have if you want to open a gag gifts store.
You can buy everything wholesale from distributor/manufacturers like Fun Inc. and then markup the products. Profit margins tend to be high percentagewise, but the trick will be to do enough volume to cover rent and other expenses and still pull in a tidy profit. Fortunately, humor will never go out of style, and many gag gifts are simply timeless.
Best Gag Gifts Company Business Plans
As a startup gag gifts business owner, writing a quality business plan is one of the first tasks you need to address.
If time is scarce, business plan software can be used to streamline the process. A business plan software solution is an effective tool for time-strapped gag gifts business owners who understand the importance of a great business plan.
With robust business plan software in your corner, you'll get a quality business plan and the confidence of knowing that your gag gifts business has a documented business strategy.
Look Over Competitors
Well in advance of opening a gag gifts business within your community, it's worthwhile to find out how you will fit in the competitive landscape. Try our link below to generate a list of competitors in your area. Simply enter your city, state and zip code to get a list of gag gifts businesses in your town.
Is the local market large enough to support another gag gifts business? If not, you had better be sure that you are doing things much better than the competition.
Talk to People Who Are Already in the Business
If you are interested in starting a gag gifts business, it's a wise move to speak with somebody who is already in the business. If you think owners of nearby gag gifts businesses will give you advice, think again. What's in it for them?
Fortunately, somebody who runs a gag gifts business in a different city may be willing to share their entrepreneurial wisdom with you, once they realize that you are not going to directly compete with them in their community. Many business owners are happy to give advice to new entrepreneurs If you are persistent, you can find a business mentor who is willing to help you out.
How do you find a gag gifts business manager in another community?
Simply, try our helpful link below, type in a random city/state or zipcode, and start calling.
Acquired Gag Gifts Businesses: Competitive Advantages
Pursuing a gag gifts business acquisition can be an effective route to profitability for emerging entrepreneurs.
A business acquisition also provides the benefit of intangible assets like a brand identity. Although it may cost a little more to buy an established brand, the payoff will be greater market penetration, customer loyalty and resale value.
From a competitive perspective, an established gag gifts business may also deliver an industry leadership position – an enviable feature that can take years for a startup to acquire.
Franchising May Be a Better Way to Go
If you don't want to have to do everything on your own, you ought to think about purchasing a franchise.
Before opening a gag gifts business, a smart move is to assess whether franchising might make it easy to get started.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
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