Is There A Business Scope In Handmade Decor In India?

The Indian government has taken many initiatives to support the ‘make in India’ ideology and promote small and significant businesses, handmade decor business owners and homemade business opportunities. India’s handmade decor market is growing exponentially, supported by the ever-increasing global demands and large-scale sales.  Are you a craft enthusiast who loves to create decorative objects and fancy artefacts that can be showcased at homes or offices? Do you wish to start a handmade decor business from home, but you are not sure of its scope? Then you must read the following article to get an insight into the business scope in the handmade decor business in India.

Benefits of handmade decor business

1. More work and lesser commute time

Handmade home decor business is fun if you are passionate about making home decor items. The business will give you more work and that too with lesser to no commuting necessity. It will result in more working hours and higher growth opportunities.

2. Flexible working hours

The best thing about the handmade decor business is that you can start the business from your home at your own pace and schedule time according to your convenience. There are no fixed tedious working hours. You can always plan your work and break timings.

3. Low-risk rate

Market risk is low as there is no market dependency, and it requires lower monetary investment. The business depends solely on the taste of the customers and the new trends in the handmade decor market.

4. Higher profit and lesser go-betweens cost

In a handmade decor business, the profit rate is always higher. There are many unnecessary costs and taxes that are imposed while selling products to customers. In the handmade products’ business model, direct customer dealings are preferred in most cases, eliminating intermediaries. It causes a higher profit margin within a limited investment.

How to start a handmade business idea in India?

Isn't the handmade decor business a profitable business idea in India? Are you excited to launch your quirky store of handmade decorating items? If so, check out the detailed pointers listed to know how you can set up a handmade home decor business in India.

1. Pick an Apt Business Model

Selecting an apt business model can create any business idea's growth or success path, be it a small-sized business or a large-sized MNC. It would be best to choose the appropriate and best suitable business model for your handmade decor business based on your budget and other dependent factors. Currently, three business models are prominent in the handmade products business domain:

• The Online Shop or Store: You can sell your handmade products via various social media platforms and online website stores or customised and dedicated websites in this business model.
• The Marketplace Seller: You can sell your handmade products in a physical shop, in a marketplace or a store in a mall or a shopping complex in this business model.
• The Wholesaler: You can sell your handmade products to various retail store owners at wholesale rates in this business model.

Based on your business goals and investment rates, you can select the apt handmade product business model from the list mentioned above.

Before setting up a business, you need to follow some guidelines. The same goes for setting up a handmade decor business. Here are some steps you should follow.

2. Do an Extensive Market Research

Once you have taken a call regarding the apt business model, you should follow the second and vital step - to do extensive market research. Carry out a structured home decor market research to analyse the home decor market trends and demands: from trending home decor and related items to low-selling and outdated designs and styles of home decor items and artefacts.

3. Know your Competitors

Always keep an eye on the latest trends – designs and textures of various home decor items and track how your competitors are selling and marketing their products in different marketing mediums – online and offline.

4. Plan and Create a Structured Business Plan

After doing the thorough market research and analysing the gathered results from various sources, examine the factors required to open a handmade home decor business. Then you should plan and make a well-structured and comprehensive business plan to implement various strategies. Jot down and uphold a well-structured briefing with a checklist to confirm you have all the essential resources, permissions, and stocks before starting the business.

5. Obtain Valid License and Work Permit

Did you know that some handmade businesses, regardless of their size, need certain licenses and work permits? For example, handmade candle business and some business ideas require a safety license or work permit to start as a small-scale business idea or a large-scale business idea. Ensure that you have all the mandatory legal work permits and safety licenses, and approved certificates before starting a handmade home decor business in India.

6. Allocate Budget

Once you have gathered all the valid and legal work permits, licences and a structured plan to move ahead to launch your handmade business, you should allocate budget for the required raw supplies, resources, etc.

7. Research and Collect Required Resources

Once you have a set budget and allocation rates to various categories such as supplies, resources, and expenses, you should plan out your next step - to do extensive research and collect all the resources necessary to start your handmade home decor business.

8. Create and Analyse a Marketing Plan

You might be thinking - what is the need for a marketing plan for a small-scale home-based business idea? Marketing strategies are one of the factors that will impact your profit rates. It is essential to create a quality product, and it's equally important to tell people about your product. So, always draft a well-researched and up-to-date marketing plan to execute your business’s online and offline marketing activities effectively. It is imperative to analyse the marketing plan and make small tunings wherever necessary.

Bottom Line

The detailed write up must have put an end to all your uncertainties around the handmade decor business idea. The demand and growth of the decor business in India are unbeatable. It is anticipated that this sector will experience a steep rise in opportunities and profits in the near future. If you are fond of art and craft or know a group of creative people and want to open a handmade home decor business, start by creating a structured business plan.

Also read:

1) How to open a furniture store? A complete guide
2) Business Idea: How to Sell Furniture & Home Decor Online?
3) How to start Refurbished Furniture Manufacturing Business?
4) Here's a list of Best Cities to Buy Business Equipment, Furniture & mor
5) OkCredit: Simple, Paperless & Secure solution for businesses

FAQs

Q. How to start a handmade business in India?

Ans. In India, the government promotes the ‘make in India’ ideology, resulting in a higher number of business opportunities for handmade products. To start the handmade products business in India, create a structured business plan mentioned in the above-detailed write-up and start working on it.

Q. Is the handmade product business in India profitable?

Ans. Handmade product business in India is indeed a profitable business. Profit margins are higher in the handmade product business as expenses like various taxes, distribution costs, and more are not involved while manufacturing and selling the products directly to the customers.

Q. Is there a requirement of huge capital investment to open a handmade decor business?

Ans. The requirement of capital to start any business depends upon the niche, investment in raw supplies, resources, reach, and scope of your business. To open a handmade home decor business, huge capital investment is not mandatory. Initially, you can start your handmade home decor business with limited capital, and later on, you can invest the money as per the demand and sale of your handmade products.