Guide To Start Your Own Handicrafts Export Business

A handicrafts business is a lucrative business idea to start your entrepreneurial journey. However, even if you have some of the best products, starting and running a profitable plan can still be difficult. Also, if you are a beginner, setting up a new business in an already competitive market can be daunting. But the good news is we have a plan for you! This article will cover all the aspects of setting up a handicraft export business in India in six simple steps. Keep scrolling ahead to learn more!

How to Start a Handicraft Export Business in India

Step 1: Research the Handicraft Market

Before starting any business, the first and foremost step is to know the market trends. Therefore, conduct a market analysis of the handicraft industry in India. You should know the latest trends in your industry, what products are selling well and for which reasons. You can find out about these things by researching online through industry journals or by talking to your competitors. It is a crucial step since it will help you understand the customer demand to create a business plan that can cater to this demand.

Step 2: Learn About Export Laws

Export regulations and customs rules vary from country to country. In some countries, you may need an export license from the government or local authority before starting your business. Also, don’t forget to check if your product will be allowed into other countries before you start exporting because it might not be allowed in some countries if it causes health risks for consumers or is made with child labour.

Step 3: Create a Handicraft Business Plan

Before starting any business, you need to create a handicraft business plan which details all aspects of how you want your business to work and how much money it will make each year. For example, your business plan should include details on how much capital you need (money), who will run it (ownership), and what skills are required (operations). It should also include details on how much profit you expect from each product sold, whether this is enough for startup costs and running costs, no matter what happens with sales.

Step 4: Fund Your Business

It is equally important to understand how you will fund your business. It’s great if you have the resources to bootstrap it. However, you can always consider the option of a loan for business. A business loan can solve all your funding needs. Hence, apply for a business loan as soon as possible. Some firms provide collateral-free business loans to startup businesses. Check your eligibility for a business loan and calculate your monthly EMI using a business loan EMI calculator.

Step 5: Decide What Kind of Products You are Going to Sell

Choose the type of product you want to sell so you can focus on selling only those items and not everything in your inventory. You may also want to create different varieties of similar products for different types of customers or geographic regions. It is important that in the initial days of starting your business, you need focus on 1-2 products only that can be your potential USP. Then, once your business picks up, you can introduce more products to your customers.

Step 6: Create Samples of Your Merchandise

Once you have decided what you want to sell, it is important to create samples of all the products you plan to sell so that potential customers can see exactly what they are buying before purchasing it from you. It is especially true if you are selling handmade items as these may not be as easily returned if they are not exactly as advertised or arrive damaged. Make sure each sample is fully functional and contains every part needed for someone else to use it successfully without having to return for replacements later on down the line (or at least within a few days).

Step 7: Price Your Products Competitively

Price your products competitively so that when people see them on display, they might want to buy them. Learn about your competitors and their pricing model to price your products competitively. Furthermore, you must include all the costs, such as inventory, shipment, etc., while pricing your product. Otherwise, you might end up losing money instead of making it.

Advantages of Starting a Handicraft Export Business in India

Handicrafts export is an international business opportunity that can be started from home. It is a good choice for those who want to make their own money and have time on their hands. A handicrafts export business can be run from any part of the world, but it is particularly easy to start one in India because of its low production costs and large domestic market.

The main advantage of starting a handicraft export business is that you can work part-time or full-time on your projects, even while you are still at school or college. You will also enjoy flexible working hours and the freedom to set your schedule.

India has an enormous domestic market for handicraft products, which makes it easy for anyone to sell them. Moreover, thousands of tourists who would love to buy Indian crafts as gifts for their friends or family back home visit India every day. And it might not be wrong to say that there are plenty of handicraft business opportunities in India. It means there is a ready market for your handicrafts products!

Wrapping Up

Handicrafts are a very good business to start because they are mostly handmade and involve the use of one’s creativity. You can make Handicrafts from many materials, including fabric, clay, glass, wood, and metal.

The main feature of handicrafts is that it involves making things by hand. Therefore, having any special skill or knowledge is unnecessary if you have some basic ideas or designs.

To wrap up, handicraft export is a lucrative business because it has been proven that people like to buy handcrafted products from other countries. That is why handicraft exporters can earn a lot of money with their products.
The information provided in this article will help you kickstart your handicraft business journey more easily and efficiently.