To start profitable basket-weaving business one requires thoughtful planning and a high level of creative mind having flair for design. Using a wide range of raw material an entrepreneur can initiate customized basket-weaving business from home location with moderate capital investment.
The market potential of gift industry is increasing day-by-day and people are more intending to have personalized charming gifts and home décor items. Basket-weaving business is a profitable venture one can start from any location, by taking minimum risk. Market and product line is huge and one should do research properly before get into the business. You need to understand the market demand properly. Success in the basket-weaving business depends on managing operating procedure and your networking capability.
Entrepreneurship attitude of working with people and getting to understand what they want is the crucial issue in getting success in the basket-weaving business. You need to concentrate in having a climate-controlled storage for raw materials and finished goods both.
Plan for Basket-Weaving Business
One should craft a detail business plan before initiating the basket-weaving business. Determine the products. Who will be you target niche and how best to approach them. Learn about your competitors and how you will create a competitive edge. Where from you will be sourcing raw material. What will be your marketing and selling strategy? You will be selling from your own retail location or from other’s stores or from online etc. Calculate your startup cost. Business plan will help you to attract investors as well as to check the feasibility part of the business.
Products of Basket-Weaving Business
You will need to be little bit creative in selecting the products. Basket-weaving business includes a variety of products like bath and body gift basket, personal care gift basket, food basket, baby product gift basket and customized corporate gift basket.
Apart from these you can focus on celebration oriented gift baskets like for Valentine’s Day, Fathers day, Mothers day, wedding gift baskets, Christmas gift basket etc. Basket-weaving business has another large market in home décor segment also.
Skills for Basket-Weaving Business
In starting basket-weaving business you will need to have creating design ability. You need to learn how to create an attractive gift basket with which component. To learn this, you can have online tutorial or attend workshop focusing on basket-weaving design and production.
Compliances for Basket-Weaving Business
In starting basket-weaving business you will need to register your business. In India, you will need to have Trade License from local authority. You can obtain SSI Unit registration. This is not mandatory but it will help you in getting Government grant in promoting the products. You need to obtain Sales Tax registration. It is advisable to apply for Trade Mark Registration for your business name and logo. In establishing retail store in India, you will need to obtain permission as per ‘Shops and Establishment Act’.
Business Location for Basket-Weaving Business
While you are initiating this business from home location, you need not to be worried about work-space. Apart from this you will need to consider about business location where from you will be selling your products or will be interacting with your potential clients. You can consider the idea of establishing a retail store. Also you can setup a small kiosk inside of a shopping mall or retail center. Your business location should be in a place where from you can attract both residential and commercial traffic.
Equipment for Basket-Weaving Business
According to your products you will need to gather equipment and raw material. For weaving baskets you will need to have supplies such as needles, yarn, ribbon, scissors, glue gun, glue and other items you need.
To turn the baskets into a gift you will need to have Wraps, Ribbon, Adornment/decorative items, Wrapping papers, Filler items, Thin wire and wire cutter, Stickers, Paints, Fabric pieces/scraps, linen, Paints, Gift cards, glue and glue gun, Hole puncher, Adhesive tapes, etc. Also you will need to have your own tag crafted with your brand name.
You can source the material from local wholesale shop or from online wholesalers. Compare the price, minimum order quantity and testimonials before furnishing the order. For online purchase you can ask for samples prior.
Manpower for Basket-Weaving Business
According to your plan hire manpower. In hiring manpower both for production and sales consider skills, expertise and experience. The most important is the getting right person for creating theme and design for your basket-weaving business.
Promote your Basket-Weaving Business
- You can start selling from your own retail store or kiosk.
- You can establish business accounts with other retailers who are in the field of gift store, boutique store; baby store, office supplies stores etc.
- Create a business website with a blog of your own. Update your product there on a regular basis to generate sales leads. Offer online order system.
- You can also generate online sale from Amazon, Ebay Flipkart and Etsy. Register your product with craft-speciality online market place.
- Hosting home parties that feature the complete basket product line for sale, is one of the effective way of selling.
- Concentrate on institutional sales by having corporate clients. Every small and big businesses have the requirement of customized gift solutions.
- Promote your products and brand by attending craft fairs.
- Use social media as an effective medium to promote your products. Generate referral traffic to your website with Facebook Like, Google Plus, Twitter and LinkedIn buttons, and put customer testimonials on your site.
- Concentrate on inexpensive on-time delivery system.