Teddy Bear Business Idea
Would you like to learn how to start a teddy bear gift business? Teddy bears have been popular since they were invented in the early 1900′s. Named after United States President Theodore (Teddy) Roosevelt, the teddy bear was originally intended as a toy, but its role has expanded. Teddy bears are treasured by people of all ages.
Amazingly popular, there are now collectible teddy bears, teddy bear museums, and teddy bear festivals. With thorough business planning and a strong sense of creativity, you can start a teddy bear gift business and hopefully be on your way to a successful small business.
How to Start a Teddy Bear Gift Business
Outline the way you want to run your business. Much will depend on how much money you have for your start-up operations. Will you start part-time, take orders, and mail or deliver the teddy bears? Will you lease retail space for your gift business, stock it with merchandise, and hire employees?
What will your product lines include? Will you sell only teddy bears, design gift baskets, customize the bears, or add other novelties? Choose the options that best fit your budget, talents, and preferences. Keep in mind that these questions are also critical in helping you determine your niche.
Contact teddy bear manufacturers and discuss terms. Get the details from several distributors and manufacturers so you can compare and make intelligent choices.
Choose a descriptive business name and register with the local licensing agencies. If you intend to lease retail space for your teddy bear gift business, start researching locations. If possible, observe the foot traffic and shoppers’ habits at each prospective location.
Determine whether a teddy bear gift shop will complement the surrounding stores or be in direct competition with one or more. Calculate your expenses for each location, including rent and utility payments. Weigh all of the factors and make an informed decision.
A retail store will require the following equipment at a minimum:
- Display cases
- Cash registers
- Phone and internet lines
- Shrink wrap
- Gift cards
- Ribbons, bows, and wrapping paper
Make your store displays appealing. Most people already love teddy bears. Your job, as you start a teddy bear gift business and become established, is to make them want to buy one.
Keys To A Successful Business
Finding customers requires a constant campaign to let people know about your business and diligence to keep them coming back. If you don’t have a storefront or are trying to get people to come to your shop, printed advertising with high quality photos is essential.
If you work out of your home, spend money on high quality print advertising. Create a portfolio of your teddy bear product lines to show people. Think of unique ways to keep people buying.
Below are some ways to increase sales:
- Offer a “Teddy Bear of the Month” package
- Give regular customers a free gift after buying a certain number of teddy bears
- Have customer appreciation sales where only previous buyers are invited
Growing Your Business
The gift industry is wide open. If you have become a successful teddy bear gift business entrepreneur, branching out can only bring higher profits. Below are some ways to offer customers even more choices:
- Add customization services, such as build your own teddy bear
- Add chocolate, flowers, and other novelties
- If you work from home, consider opening a storefront
- If you already own a successful shop, consider opening a second
- Diversify your product lines by adding dolls, puppets, other animals or related toys