The idea of Rubber band manufacturing is one of the viable small scale business concepts which any of the aspiring entrepreneurs can explore for a successful business setup. The best part of starting a rubber band manufacturing business is that it can easily be started at home with fewer machinery and very small investment. So if you are the person who wants to be your own boss, then this is another small business idea which can help you to succeed at large.
Market Demand of Rubber Band Manufacturing
The rubber band is the most commonly used item in our daily life and most importantly at present, there is no other substitute product for rubber bands. The market potentiality of rubber band manufacturing is huge and every year it is growing in high scale due to the increase in demand.
From the daily household need to business requirements, rubber bands are needed in high quantity for daily tasks. So if you are looking for any business idea with high market demand, then rubber band manufacturing worth your pick.
As mentioned above, rubber bands are needed on daily basis in all households and business units. So let’s find out the big customers of rubber band manufacturing business: –
- Government offices:
There are loads of emails and documents which need to be maintained on daily basis in different government offices. But offices like banks and post office are the biggest customers of rubber bands as they need a huge amount of rubber band on daily basis to keep the cash and emails intact.
- Newspaper Industry:
You might have observed that the newspaper that you get early in the morning is rolled with a rubber band. But did you ever think that throughout the country how many rubber bands are used on daily basis to roll the paper? Just imagine why rubber band manufacturing businesses are growing so rapidly.
- Agricultural Industry:
The agricultural sector like vegetables and flower industry also uses a huge amount of rubber bands on daily basis to secure the products from getting damaged.
In India, from tying not of hair to secure any items in a packet or container, the rubber band is used on daily basis. Urban or rural, every house uses a rubber band at their home.
So I assume that it is clear to you how the cash register rubber band manufacturing business is ticking so rapidly.
Why Should You Start a Rubber Band Manufacturing Unit?
This is a question that everyone should ask for self before commencing any business idea. Any idea might look attractive at the beginning, but later on, it becomes very difficult to run the same. So let’s find out the pros and cons of starting a rubber band manufacturing business.
-Advantages of starting a rubber band manufacturing unit: –
- You can easily start a rubber band manufacturing unit at your home, which saves your investment for hiring or buying a different place for location.
- It requires very less capital to begin.
- You need less machinery to start a rubber band manufacturing unit.
- It’s a daily consumable item, means a rubber band is not going to last forever in use, so the demand remains same or rather increases.
- With the increasing population, the market potentiality of rubber band manufacturing business is very high.
- There is no specific brand for rubber bands, so it will not be difficult to enter the market.
-Disadvantages of starting a rubber band manufacturing unit:
- You need to have a high volume of production to earn a good amount of profit.
- There is various other rubber band manufacturing business units who are running the business for a long time. So the competition will be high.
- Need to learn the skills and techniques of rubber band manufacturing.
So these are the things that you must consider before commencing your business. No business can run successfully in spite of having dozens of advantages if not done with dedication and hard work along with patience and with these you can easily have a successful business with hundreds of disadvantages. So if you have the quality of an entrepreneur inside you, the just go for it.
Procedures to Begin a Rubber Band Manufacturing Unit
The steps to start a rubber band manufacturing business are quite similar to any other small business units like: –
Get your company name and brand register as per the state or country government rules.
- Business Plan:
Create a thoroughly researched business plan for your rubber band manufacturing unit. This will also help you to get financial assistance from banks and other institutes.
If you have enough empty places at your home, you can start your business there only. Check out with the local authority on the permission or else rent a separate place.
As rubber band manufacturing business is not a brand dependent business, so the promotional and marketing strategies will be different from others. Get in contact with the big consumers of rubber bands and take a contract of the supplies. You can also supply your product to your local retail outlets or wholesalers.
Tips for a Successful Rubber Band Manufacturing Business
Never compromise with the quality of the product and set the price after a thorough research of your competitors offering.