Starting a handicraft business can be challenging, but it can also be rewarding as you gain experience and build up your skill set in this new craft industry.
One of the most common ways is starting a successful handicraft business where you make items and sell them at a retail shop or on your website.
Follow these steps below to start your handicraft business smoothly:
Step 1 - Research the Market and Competition
Step 2 - Choose your Product Line
Step 3 - Take the Legal Step
Step 4 - Select your Target Niche
Step 5 - Set up your Store
Step 6 - Source Quality Materials
Step 7 - Hire Manpower
Market research is a key part of any business.
It will help you with the following:
The market for handicrafts has been growing steadily in recent years.
This is due to various factors, such as the rise of social media and art appreciation among millennials.
As a result, there is a lot of opportunity in this industry, and more people are now looking into building their own businesses in it.
For conducting market research, many factors need to be considered.
Such as the type of product, where to sell it and how to market it.
The most common competitors are other artists and individual artisans who sell their own products.
The market is highly competitive, and it can be hard to stand out from the crowd.
But, the best way to beat them is to make sure that your products are of higher quality.
Beating the competition is not easy, but it can be done with a little effort.
You need to make sure that you are always improving your products and offering something unique for your customers.
Handmade items are becoming more popular these days and so are the opportunities for people who love crafting to make a living out of it.
Accordingly, there is no one right product that will work in all markets and different types of customers.
You need to find what you can sell, how you can sell it and what variety you can offer.
There are many different types of products that you can sell in this industry, and some of the most popular include: -
Handmade crafts don’t always have to be expensive and luxurious. You can also sell items such as key chains, mugs, and magnets.
To start a handicraft business, you will need the following legal registrations:
A business without registration is just an idea you are still working on. Therefore, do not skip this step if you want to be safe on the legal part as well.
Not only this but there are many benefits that come with registering your business in India.
With this in mind, you can register your handicraft business as:
The decision to choose the best business structure is a crucial one. Thus, you will need someone who knows about it in detail.
In fact, you do not have to look for them everywhere. Just fill out the form on your right, and an Expert from StartEazy will reach you on call within 24 hours.
Along with business registration, you must also apply for GST Registration in the following cases:-
An IEC Code is required if you plan to import any raw materials from other countries or you wish to sell your handicrafts globally.
It is mandatory for authenticating your shipment and allowing it to go through customs clearance smoothly.
The application process is very easy, and you will get the certificate within 48 - 72 hours after applying.
Intellectual property protection basically means protecting your brand name with trademark registration.
Trademark registration allows companies to prevent others from using their logo on products without permission and take legal action against them if they do so.
The Indian market is saturated with handicrafts and art items, which can be found everywhere. It makes the competition tough for new entrants in the market.
A niche can be defined as a specific area of interest or focus which helps you stand out from your competitors and make more sales.
Here are some tips to help you identify your target niche for your business:
Many people in India are fascinated by the art of handicrafts.
They love to buy handcrafted items, especially those that are handmade with care and attention.
The target customers for a handicraft business in India include:
Mainly, the target niche for the handicraft business in India is increasingly shifting towards urban and semi-urban areas.
They have a growing demand for unique and handmade products.
However, there is still a lot of untapped potential in the industry.
There are many different ways to set up a handicraft store.
Some people think that the best way is to start with a storefront, while others prefer to have their products online.
The best place to set up a handicraft store is in a busy area.
It will help you attract more customers and make it easier for them to find your store when they are looking for something new and unique.
While making this decision, here are some points to consider:
There are many sources of quality materials for the handicraft business.
Some of them are listed below:
The handicraft business in India is a growing industry. As a result, many people are looking for jobs in this industry.
Here is a list of some tips that will help you find the right people for your handicraft business in India:
Accordingly, there are a number of people required for a handicraft business in India.
Some of them are:
The requirement will depend on your scale of business. For example, if you start with an online store, you won't require much help initially. You can either manage on your own or ask for help from family and friends.
On the other hand, for a retail store, you will need around 2-3 people initially as you go big you will need more gradually.