Basket weaving business is a promising venture in recent times as it is closely related with the business of making gift baskets and other decorative items. Basket weaving is one of ancient craft’s that the human being learned and it is being practiced till the date. Nowadays, with the advancement of technology and skills, weaving of baskets has become much easier. Baskets come to a great use in regular life and thus starting a basket weaving business is a great small scale business idea.
Why Start Basket Weaving Business
Since ancient times, baskets are used in our daily lives. With the development and introduction of new methods, the modern baskets have also got through transformations. Now, in the market, you can find attractive and high-quality baskets which can be used for various purposes.
Over that, starting a small scale basket weaving business is a simple process. It doesn’t take much investment. You can also operate the business from your residence. A well-made basket gets a great demand in both national and international market.
Requirement to Start the Basket Weaving Business
- Acquire the Skills: Basket weaving is not a critical process; it is a craft that has been done since ages. But to have a successful business in the same, you need to have the knowledge of weaving quality baskets. Normal baskets have a good amount of demand but will not bring much profit.
- Research: Do a proper research of the market like the demand of the chosen business, profitability, required capital to start the business, market competition and others.
- Choose Business Niche: There are varieties of baskets available in the market, thus you need to carefully take the decision of including the types of basket you wish to manufacture in your business.
- Select Location: Taking a different space for rent will provide a larger space for the business but will require monthly investment for rent or lease, however, starting the business from home will save a lot of money but it may have space constraint. So, you need to take the decision according to your conveniences.
- Arrangement of Capital: If you want to start basket weaving business from home then you will not need much capital. The requirement of capital will be like: –
- For raw materials: – Rs 15,000 (One Month)
- Equipment: – Rs 5,000 (One time)
- Marketing and Promotion: – Rs 5,000 (Per Month)
- Miscellaneous: – Rs 2,000 (Per Month)
The above-mentioned figures may vary with the scale of the business. If you hire staffs for the manufacturing or marketing purpose than, you need to arrange capital for the salary also.
Market of the Basket Weaving Business
There are various types of basket which can be manufactured in your basket weaving business. So, you need to select the best type according to the demand and the market potentiality. After manufacturing the basket, you can sell them in your nearby retail outlets or distributor. You can hire one or two employees in your sales and marketing team who will help you to get more customers.
Different factories and industries require a regular supply of baskets, so you can strike a deal with them to get regular orders from.
Create Your Own Basket Weaving Market
This is the era of the online market, so you can create your own online market. Online business is very effective nowadays as you can sell your products in all over the world. So, if you have a higher level of skills, then you can also get customers from foreign markets.
You can sell your products online in 2 different ways, the first one is to create your own website and provide the service of selling the items. In this, the margin of profit is higher but there are also many responsibilities and higher involvement of capital.
Secondly, you can collaborate with other online business like Amazon, e-Bay and others. The profit ratio will be shared, but it involves less complication as they have the expertise in online business. So, by this way, you can sell your products by sitting at home.
Promotion is Necessary for the Success
The success of any business hugely depends on the effective promotion and marketing of your business. So, along with the high-quality product, you need to take effective promotional steps for the success of your business.
- Free Distribution: As a promotional campaign, you can distribute free baskets to the market from where you can get a higher amount of profit returns. This will let the people known about your work and will attract more customers.
- Sales and Marketing Staffs: Hiring staff for sales and marketing with sales target is also an effective way of increasing sales.
- Online Marketing: You can also do online marketing for your business as it is cheaper and much reasonable than other means. Social media like sites Facebook, Twitter, Instagram and others can be used for free promotion of the business.
So, these are the complete guide to start a basket weaving business and operating the same in a successful way. The basic thing for the success of any business is providing a high-quality product at a reasonable rate along with effective steps to promote the same.