Starting a Rakhi making business is a great way to pocket some extra cash during the festive season. Do you know rakhi making at home is one of the popular cottage industries in different parts of India? Many people make rakhis for their living. Moreover, it’s a nice supplementary source of income for stay-at-home moms, homemakers and students. As the Rakshabandhan as soon approaching, if you want to make some quick money, you can easily start Rakhi making business. The manufacturing process is easy and simple and the required capital investment is also very less. So, if this idea seems attractive to you, continue reading to find out more about the Rakhi making business.
Rakhi making business: A few more words about rakhi
You know India is globally known for her ethnicity, rich culture and colorful festivals celebrating around the year. Rakshabandhan or rakhi festival is such an occasion that strengthens the bond of love and affection between brothers and sisters. Rakhi is a sacred thread which the sister ties in their brother’s hand and the brother promises to protect her for the lifetime.
Market Opportunity of Rakhi Making Business
During Rakshabandhan, billions of Rakhi’s are sold in across the world as the festival is not restricted to Indian only. So, if you can capture a small share of this market, it will fetch a great profit.
Pros and Cons of the Business
- Home-based: You can easily start and operate this business from your home which will save a lot of investment for taking a different place in rent. Home-based business helps to take proper care of both the business and the house.
- Investment: The investment required in starting this business is nominal and can be easily managed.
- Skill: The manufacturing process of Rakhi is also very simple. Anyone with a bit of knowledge in handicraft can make attractive Rakhis. Over that, with the help of the internet, you can also take online lessons on the manufacturing process.
- Demand: There is huge demand of Rakhi during Rakshabandhan.
- Margin of Profit: The margin of profit in selling Rakhi is very low, thus you need to sell a huge quantity of them to make some good cash.
- Seasonal: The demand for Rakhi is not continuous; it is there during once in a year. You can also start making friendship bands, beaded jewelry and other handmade craft items along with rakhi.
Every kind of business small, medium or big comes with different pros and cons. You need to analyze both of them perfectly and take necessary steps to the success of the business. Like, with the Rakhi making business, you can also have other home-based business like: –
- Paper jewelry making
- Basket weaving
- Umbrella manufacturing
- Non-Oven bag manufacturing
- Envelope making and others.
All this business can be started with less investment and can be easily operated from home. Operating different business together may be a difficult task, but it ensures a continuous flow of the cash.
The Process of Rakhi Making
As mentioned earlier, the process of manufacturing Rakhi is simple and with the little skill of Handicraft, you can excel in the business of rakhi making at home. There is a wide variety of rakhi available in current fashion like: –
- Rakhi depicting cartoon characters
- Musical Rakhi
- Zari Rakhi
- Rakhi designed with jewelry
- Rakhi with Bracelet
- Sandalwood Rakhi
- Floral Rakhi and others.
For the manufacturing of Rakhi, you will need some basic materials like:-
- Multicolored silk thread
- Cotton thread
With these materials, you can manufacture rakhis of basic designs. These are sold in a huge quantity as they are not costly. Thus, they also have a lesser profit margin. In your business, you can include designers Rakhi’s as they also have a great demand in the market due to the less supply of the same. You can get some innovative ideas of rakhi making here.
How to Operate a Successful Rakhi Making Business
Along with skills and hard work, a business also needs a good strategy to succeed. So, before starting the business, prepare strategies for the different aspects of the business so that you can have a profitable venture with your business of Rakhi making at home.
- Manufacturing Strategy: Start your preparation for the manufacturing of Rakhi from at least 6 to 4 months prior to the festival as you need to have a good amount of stock to sell during the period.
- Research: Do a thorough market research about the Rakhi business. Find out the type of demand in your targeted market. Research on the most demanded designs and quality of the Rakhi. Find out the price in which they are sold to the distributors, retailer and to the customers.
- Innovative Ideas: Include innovative ideas in the design of the Rakhi. Find out the latest fashion trends. Use your creativity to make something unique which will attract more customers to your products.
- Find Your Customers: The Rakhi distributors will be your primary customers as they will purchase the product from you in huge quantity. Make a proper deal with them like a contract. You can also set your own kiosk counter for selling Rakhi.
Marketing and Promotional Strategy
The Rakhi sold in the market usually don’t have any specific brands. So, for a change, you can promote your Brand of Rakhi making business to create brand awareness among the people. This will help them to identify your product from the bunch. This will, however, need additional investment but will be great for the business in the coming future.