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Feasibility study for a car wash project in Saudi Arabia 2021

Feasibility study of a gift wrapping shop project

Now that the idea of ​​a gift wrapping shop has come to your mind, you have to organize your work within sequential steps, starting with defining the target customer category, ways to reach and target them, the volume of inputs and outputs, and other technical, economic, legal and temporal factors to assess the feasibility of the practical application of the gift wrapping project. There are several things. To be taken into account when studying the feasibility of a gift wrapping shop project:[2][3]

The project Location

With regard to the location of the gift wrapping shop, we have several options, one of which can be chosen in proportion to the available capabilities and the economic feasibility factors of the project, including:

• The project can be started from home and target repeat customers, as in companies that request a large group of gifts periodically, which will need you for a marketing campaign, to spread your business and introduce people to your services.
• Establishing a commercial store in a strategic location that achieves sufficient spread and crowding to attract new customers permanently.

Choose a project name

One of the first steps of the project is to find a clear and nice name, so that the name explains the type of service provided by the shop in a way that makes it easy to memorize and remember, with a touch of humor and perhaps romance that makes it easy to pick up.

Gift wrapping shop project registration

In any country, you had to submit to its laws and legislation, to protect your business, make it official, and register it in the Chamber of Commerce with obtaining a commercial registry, because it is one of the simple, easy and low-cost projects, so the requirements for this step are not supposed to be complicated.

Gift wrap pricing

Which varies according to the size of the gift, the effort, the design and the materials used. It is the basis for determining the general cost. As for the profit margin, it depends on what you offer and your personal appreciation. Here, it is necessary to identify the competitors in the market within the work area of ​​the gift wrapping shop.

Partnership with retailers

To increase the pace of business and steady profit, it is possible to communicate with retailers to provide a wholesale gift wrapping service, in addition to communicating with marketers and individual consumers. In addition to communicating with suppliers to maintain the stability of the workflow, it is necessary to search for the best supply options to obtain a stable supply of quantity and quality of packaging requirements.

Gift wrapping shop project cost

Costs vary whether the shop is owned or rented, the amount of equipment and the quality of supplies of raw materials. In one of the studies to determine the cost of producing the gift wrapping shop project, the total cost of the gift wrapping shop project was divided into the following:

The cost of purchasing raw materials and materials

Starting with quilling papers, adhesive tape, and all the requirements of the packaging process, the total value of them per month is estimated at 54 US dollars, or 648 dollars annually. In addition to additional materials and accessories for wrapping gifts such as cards, letters, bears, etc., the number used is 300 units per month, with an average value of 1 dollar per piece, i.e. 3600 dollars annually.
Candles of all kinds and scents will also need 100 candles per month, with an average price of $5.5 or its equivalent per candle, i.e. $6,600 annually. This brings the total value in one year of the project to 10848 US dollars or its equivalent.

Cost of wages and salaries

To complete the wrapping and gift wrapping work, you will need one worker with a monthly salary of $450 per month, or its equivalent.
A hall manager to manage the shop’s business from communicating with suppliers and distributors to purchase supplies, materials and tools, receive orders, set appointments, and more. It is possible that the shop manager is the owner of the project himself, and in all cases his monthly salary is approximately $700 per month. Thus, the total annual salary cost is $13,800 annually.

Rental cost

In the event that the shop is rented, and the rent value varies according to the country and location of the shop, the shop must be in a location that achieves rapid spread and promotion of work, and the average rental value per year can be estimated at $5,400 annually.

Administrative costs

These are the costs of completing some additional work for packaging, such as:

• Registration and licenses renewal fees equivalent to 270 USD annually
• Marketing and advertising campaign costs equivalent to $270 per year.
• Stationery and office supplies, equivalent to $400 annually.
• Public relations expenses equivalent to 165 US dollars annually.
• Telephone bills, equivalent to $160 annually.
• Electricity bills, equivalent to $1,620 annually.

Profits of a gift wrapping shop project

Profits vary according to the seasons, and the professionalism and skill of the work, and in order to obtain the highest profit, it is necessary to search for suppliers for the best materials and tools for packaging with the lowest depreciation rate, the highest quality of work and performance and to the satisfaction of customers and achieve a wide spread and attract more requests, and in general the annual salary can range Between (18000-35000) dollars annually, with an average of 23000 dollars annually, or the profits can be calculated by working hours so that the hourly profit ranges between (9-17) dollars, with an average of 11 dollars per hour.

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Gift wrapping shop project supplies

For individual gifts, you may not need specialized tools. As for the gift wrapping shop project, you need to provide the shop with all the necessary tools and materials to complete the work in the shortest time and the best packaging. Among the tools that you will need in the gift wrapping shop in addition to the ribbons and wrapping paper are the following:[4]

• Dual tool for ribbon cutting and tying: They are two clips that can be installed on any table, and the tape is placed between them so that the size can be controlled by approximation and spacing between them.
• Gift paper cutter: It is an open cylinder with a sharp blade, which can pass over the rolling paper cylinder and cut it quickly and cleanly.
• paper cutter: Small in size, but powerful in action; It works on clean cutting of papers, and crimping of tape.
• Double-sided tape sticking tool: With the double-sided adhesive feature, a large number of gifts can be wrapped by simply passing them over the edge of the tape.
• Marking tool: For handmade decoration of gift wrapping paper and cards with desired signs and engravings.
• Tape reel storage tool: To avoid the entanglement that may occur between the different colors of gift wrapping ribbons, and what may result in wasted time.
• High quality ribbon knot maker tool for baskets, gift boxes and wreaths.
• Hand strap dispenser that can be worn on the wrist.

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Marketing for a gift wrapping shop project

After preparing all the equipment and supplies for the gift wrapping shop, it is time to start marketing and promoting the project to gain more reservations and reap profits. A marketing strategy can be followed based on the following points:[5]

• Distribute business cards, whether to existing customers, to commend you to their friends, colleagues, or in public places such as restaurants, hotels, etc.
• Offer discounts to existing customers, to encourage them to order in the future and refer others to your store for gift wrapping.
  Make special offers to leading retailers and owners of important brands by wrapping gifts for them to be a part of their special décor, so your store name is associated with them.
• Offer private lessons, advice, and training on gift-wrapping skills and project foundations for a fee.
• Publish advertisements and press releases about your business and shop in local newspapers and websites.
• Using social media to carry out your advertising campaign, publish your work and gain a wide audience base for free, such as Facebook, Instagram and Pinterest

Features of the gift wrapping shop project

The gift wrapping shop project is characterized by several features that make it one of the successful small projects and creative investment ideas. Among these features are the following:[6]

• Flexibility: It is an easy and simple project, with some initial experience you can run a gift wrapping shop project from home as a start with a small cost.
• Work abundance: Gift wrapping is a business with a permanent and renewable market, due to its ability to meet a permanent need of customers.
• scalability: With always renewed ideas for designs, services and products, the opportunity is always available to upgrade the project and expand the customer base and prices.
• Project build speed: With a period of no more than seven months, you can complete your project and cover its expenses.
• Working pressure control: You have absolute freedom to accept or reject the business.
• Unlimited Income: The higher your packaging skills, the higher your production capacity and the higher the profit.
• Possibility to publish your work in the local community: By participating in craft fairs, farmers’ markets, and local businesses.
• Minimum Experience: You do not need to open a gift wrapping shop for a university degree or special qualifications.
• Ease of learning gift wrapping: With your creative outlook, determination to learn and determination to reach, you can learn gift wrapping with simple and accessible means for everyone such as YouTube, Facebook, Starter Story, and others.
• Expand your knowledge base by publishing through Amazon, the largest online retailer.
• Reducing the need for maintenance work for products or materials and tools, which relieves costs and burdens of work pressure and gives you time and the ability to focus on business development.

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Gift wrapping shop project hurdles

Of course, no project can be without some obstacles that could limit its success, so we will present below the most important problems that may face the gift wrapping shop project:[6]

• The crowded competition market, and the constant need to analyze the market and determine the demand.
• Low profit margins compared to other projects, reaching 65%, and thus it is difficult to add new expenses, and to maintain a stable profit rate.
• The high value of taxes that may be levied on the gift-wrapping shop as a self-employment, which may put the project at risk of losing in relation to the profits it derives.
• Difficulty identifying and reaching the target audience.
• Commitment to time is important, gifts have a specific and important time, which may lose their value if exceeded, so the responsibility to complete the gift wrapping work with perfection, accuracy and a specific time is your responsibility.
• The necessity of creativity and innovation constantly to maintain the increasing pace of work and attract more customers.
• Seasonality of work, while the percentage of profits reach their peak during the holidays, there are periods of stagnation when profits reach their lowest.

Tips for a successful gift wrapping shop project

The following is a set of tips that may increase the success of this project, by increasing its profits and expanding its customer base:[7]

• Some gifts may contain valuable items such as jewelry, watches, etc., so in order to avoid any problems and fraud attempts, give each gift a receipt with a list of contents signed by both parties.
• For the proper and successful launch of the gift wrapping shop project, start with an organized work plan that includes defining all the steps from choosing the project name, location, category of customers, the allocated budget, tools and equipment, and the appropriate marketing strategy for the labor market and competition.
• The basis of the project is the talent and craftsmanship in mastering the work of gift wrapping, so for the success of the project it is necessary to obtain sufficient training to gain experience in gift wrapping, which can be obtained through online videos, or through private lessons with experienced people.
• With the multiplicity of occasions between birthdays, Christmas parties, marriage, engagement or a baby shower, it is necessary to provide all the raw materials for work. You do not want to decorate the gift of a new born with embossed wrapping paper with the international makeup brands that are most suitable for young girls, so wrapping papers must be secured with different prints and patterns For all occasions, with all options of decorating accessories available for customers to choose from.
• Training employees to work with you in the festive seasons and parties or to meet the demands of companies, in order to achieve the permanent acquisition of more scholars.
• Keeping abreast of the latest trends, trends and global events, while maintaining your special and distinctive touch.

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And finally, at the conclusion of our article about Feasibility study of a shop project Gift PackagingYou may have liked the idea of ​​the project after getting to know its details and economic feasibility factors in terms of location, supplies, costs, profits and marketing plans, and its most important features and most prominent obstacles, so start your own business plan.