If you are reading this article then it means that you are not or don’t want to participate in the daily 9 to 5 rat race of service and willing to do something on your own and be your own boss to use your skills for self to for anyone else’s profit. So, if you are looking for a lucrative business opportunity than you can give a look at the idea of paper cup making business. It is a small scale business idea which can be a perfect choice to start an individual career.
Why Paper Cup Making Business is a Perfect Business Idea?
With the increasing awareness of environmental protection and health consciousness, the Indian Government has taken a strict step towards the use of plastic and its subsequent materials and this law is being followed rigorously in all over the country which gave a great boost to the paper cup making business as it is the best alternative to plastic cups.
Paper cups are used in a huge quantity on daily basis to serve drinks and foods like tea, coffee, cold drinks, popcorn, sweet corn and others and being a consumable item it can be used only once, so the demand is always higher on every passing day.
How to Start a Paper Cup Making Business
As mentioned earlier, paper cup making business is a highly profitable business idea and can give a great return on your investment. But to start a profitable business you need to strictly follow few steps like: –
- Research: Do a thorough research of the business; find out how other existing paper cup manufacturing units are running the business. Find out their applied strategies. Do a survey of the local market demand of the product and find out the customers and the demand for the quality and price of the product.
- Capital: Paper cup making business is a small scale business but you will need a capital of 10 to 15 lacs to start the business as the machinery will only cost you around 5 to 6 lacs and there are different other expenses like for purchasing raw material, staffs salary, power, transportation and others. The expenses may vary depending on the location, so in the step of your research, you can get an idea of the required capital.
- Infrastructure: You need an area of 200 to 500 sq feet of place to set up your paper cup making business. So if you have that much of empty space in your house, you can start the business at your home only, or else you will need to rent or buy a different place. The location will not be a big factor for the same but it needs to have access to the road for transportation.
- Business Plan: Make a perfect business plan which should contain all the details about starting the business to how to run it in a profitable way. The paper cup business plan should contain all the steps in details like from legal obligations to your planning for starting the business along with the steps to get the maximum return on the invested capital.With a perfect business plan, you can even get financial assistance from different banks as a loan.
- Legal Formalities: Contact your local concerned authorities for legal license and permits. If you want to start the business at your home, get the information about the required formalities and guidelines. However, there will not be much of difficulties in getting the permits.
- Manufacturing Process: The best part of choosing paper cup making business is that you don’t need to be highly qualified in your curriculums as your degree will not help much in this business. You need to know the paper cup manufacturing process and how to use the machinery in details.
- Hire Staffs: In the preliminary stage you may easily run the business with one staff and later on when the business grows, you can hire few more as skilled and unskilled labor and one marketing staff to market your product. Always do a proper verification of the staffs you are hiring and it’s better to hire someone with the knowledge and skill of paper cup making.
- Machinery: There are two options of machinery available for the paper cup making business, one is fully automated and the second one is semi-automatic. A fully automatic machine will come at a price of around 5 to 6 lacs and can produce on an average of 3,000 cups per hour. Get the machinery from a reliable source as it is one of the most important factors of the business.
- Find Customers: It is better to know about the potential customers before commencing for the business. Take contracts from them on yearly or monthly basis and start manufacturing on the basis of the same
READ ALSO: Steps to Commence a Jute Bag Making Business
So, these are the steps with which you can start your own individual career opportunity. Always remember endurance is the key to success in any business. Work hard with patience and your paper cup making business will definitely become a successful venture.