Thinking of starting your own greeting card business? Good! As the printing industry continues to grow, it makes more room for new players. To help you out, here are 5 tips that will you start your new business right.
If you have a knack for getting sentimental about special occasions and writing just the right wishes, it's likely you've considered a greeting card business. It feels like the right fit, and you think you've found your calling in life.
But there is a lot to remember when putting your business together. Here are a few things to keep in mind as you get started and set up.
1. Figure Out What Markets You'll Serve
Before you begin anything, you need to come up with greeting card ideas and figure out what market you're focusing on. You can choose a niche, such as business birthday cards, or focus on cards for a couple's anniversary or wedding.
Having a niche allows clients to identify with you. You'll attract people looking to get a very specific need met. While it sounds better to serve many groups of people, having a niche makes it easier for others to find you.
Once you're established, you'll get seen as an authority in your field.
2. Ensure You're Set Up Legally When Starting a Greeting Card Business
When you're getting your business set up, it's important you have legal aspects taken care of. Some basics you'll want to get handled before you market your business include:
- Selecting a business name
- Getting an EIN for tax purposes
- Having a business checking account for purchasing purposes
- Separating purchases and payments made for your business from items in your personal account
- Getting a website
All of these factors can vary based on what your goals are and how quickly you develop your business. Learn what to do when starting your business so you stay on the right path and make the correct decisions.
3. Create Your Inventory
Before you begin selling, it's essential you have an inventory. Once you've figured out greeting card ideas, it's time to determine how many you're making.
Make sure you have greeting card equipment before selling. Some of the basics you'll need to ensure success include:
- Cardstock and envelopes
- Graphics or a printing program
- Paper cutter
Once you have everything you need to get started, you can create a small inventory and see how the demand is for your products. Based on what sells, you'll determine if you need more of one product or the other, allowing you to use your inventory properly.
4. Figure Out Where You're Selling
Some people who start a greeting card business have dreams of selling their designs to corporate companies. Others want something more relaxed and want to create handmade cards and sell them on a small business platform, such as Etsy.
Determine how big you want to start and go from there. You can always start your business on a small level and watch it grow once you have a high demand.
5. Keep Track of Profits and Losses
Keeping track of profits and losses is important for any business. This serves you well come tax time and allows you to see how your company is doing.
You might find some designs aren't worth it, or you don't need to keep a large inventory. Tracking your profits and losses gives you a better idea of how to run your business in a way that makes fiscal sense.
There's a lot to remember when starting a greeting card business. Take steps slowly, and make sure you have everything you need to begin.
If you need help creating the right type of cards with greeting card equipment, contact us. We have a variety of paper cutters to choose from and can help you find the best one for your needs.