Investment, Steps, And More
Many artists sew, paint, and make their way through life. Idol making is a great way to unwind and express your creative side. According to Statista, the global crafts industry is expected to reach approximately $50.9 billion in value by 2024. With the digital revolution making it simpler than ever to start an idol-making business, nothing is preventing you from honing your creative talents. You possess the necessary abilities and a distinctive style. You are a skilled craftsperson who wants to get his/her work to as many people as possible.
Then who is stopping you from starting your idol-making business?
Are you wondering about how to start? Here are some top-notch business plans and strategies to help you kick-start your idol-making business.
What Do I Need To Start an Idol-making Business?
Well, you need a few things. However, you can develop your passion into a whole business with a little inventiveness and elbow grease.
1. A Thorough Business Plan
Just like designing a flawless idol, you must formulate a flawless business plan to secure the success of your business. Your idol-making business will start to profit if you have certain strategic planning and establishing targets, and that is where the business strategy comes in. A good business plan has many parts that can assist you in staying on track, define your craft company's goals, and demonstrate your worth to any prospective investors.
If you want to take advantage of opportunities and make the most use of your time, you'll need a business plan that provides direction.
Your plan should include:
- A summary
- A description of the services provided by your business
- Analyses of competitors and markets
- SWOT analysis
- Plan for marketing and sales
- The management team of the business
- Financial forecasts
2. Identifying the Gap
The first step in setting up an idol-making business is determining what kind of idol you will sell. Your choice of "idol" will be partly determined by what you like creating. However, it's essential to do market research.
Examine your business and consider what kind of idol you might provide via your business to increase the likelihood of consumers purchasing from you. For instance, eco-friendly Ganesha idol has high demand in the market, which is made using natural ingredients. However, you must put great effort into your business as there are already many creators in the market with more experience.
Consider the following things before deciding:
- Which kinds of idols inspire you?
- How do these crafts relate to your area of expertise?
- How much market demand is there for your products?
- Where would the ideal location for selling these idols be?
- How much are you going to charge?
- Where are you going to get your supplies?
- What will the cost of supplies be?
- How much will it cost to produce?
- Do you need more research or development for your product?
3. Know Your Potential Customer
There is some good news for those exploring how to start an idol-making business as the crafts industry is very broad. Selling in this sector enables you to target a variety of demographics and customer groups depending on your goods.
Identify which customers are enjoying your goods and services best to determine your target audience.
Consider the following while doing customer research:
- Why will they choose you over other creators?
- Likes and dislikes
- Category of customers
- The geographic location of your customer
4. Business Name
While putting together your business plan, you'll want to choose a business name. Your business name must be memorable, descriptive of the goods your business will offer and should convey the narrative you want it to.
A simple Google and trademark search can assist you with covering your bases. After settling on a name, you should consider registering your business domain and social network handles to help build your brand.
5. The Business Entity
You will also determine how you structure your business via your business plan. Whether you're a single entrepreneur or have a dependable team on your side, you'll need to decide on your business's legal structure.
If you haven't decided on the appropriate business structure for your idol-making business, now is an excellent time to do so. You may want to establish your business as a single proprietorship, general partnership, limited liability company (LLC), or corporation.
If you're unsure about the best structure for your business, you may wish to consult a financial expert to determine the best option for your idol-making business.
6. Get the Paperwork Done
Are you prepared to get your hands dirty with some paperwork? Although it is not your preferred pastime, it is important while attempting to learn how to start an idol-making business. To legally start your idol-making business, you'll need to ensure that you have the appropriate permits, licenses, and insurance.
The very last thing you want is to get slapped with a hefty fee after you get your idol-making business off the ground. The kind of licenses you need will vary according to your region, company structure, and type of business.
7. Decide Where To Sell
After deciding what you want to sell, now the question is where to sell! A local craft fair or farmer market may be an important method of testing the water and getting feedback from customers. Or, before establishing your own stores, you may first sell your goods through local boutiques and shops.
You can always build an e-commerce website or sell your products on a digital market such as:
These platforms provide craft businesses excellent visibility and make it simple for consumers to discover and purchase their goods. However, remember that digital markets impose fees for the use of their services, which may mount up over time.
These markets are very competitive, which means you'll need to invest considerable time and effort to make your business stand out. There are many excellent e-commerce platforms to select from, so conduct research to determine which platform best suits your requirements.
8. Packaging and Shipping
After scouting the market, deciding on a product to specialise in, doing research, naming, and incorporating the business, the next stage is to finalise the product's packaging. If the product is delicate, ensure that the packaging is secure. Additionally, beautiful packaging conveys a positive image of your business and stimulates customer loyalty.
Further, you'll need to partner with a transport firm to manage goods delivery inside the city as well as to other areas of the nation and the globe.
Now that you're considering expanding your idol-making business, you may need assistance with expenses. However, if you need assistance in establishing your idol-making business, you may choose to explore some small business financing alternatives. Fortunately, you have several choices.
10. Business Loans
While new business owners may have difficulty obtaining some types of business loans, such as SBA loans, if your idol-making business has been running effectively for a few years, you may be eligible for this kind of financing.
11. Lines of Credit
This kind of financing is more adaptable than a traditional business loan. That's because a "business line of credit" provides you with a predetermined amount of money from which you may draw when you need to pay business expenditures.
12. Business Credit Card
If you're a new business owner who doesn't have much credit history, consider applying for a "business credit card.” A "business credit card" may prove to be a more accessible alternative.
13. Finance for equipment
If you need equipment to create your crafts, you can explore equipment financing. A lender will provide a loan to you especially for funding equipment purchases. The equipment will serve as security for your loan, which may make qualifying for this kind of financing simpler.
Once you are done with financing, expenditures, or revenue, it is necessary to maintain a separation between personal and business spending. This may be accomplished by setting up a new bank account.
Idol-making business has existed for millennia, taking on a variety of different shapes and types, and individuals can demonstrate their abilities and express themselves through this. However, until recently, it has been regarded only as a hobby—something individuals did in their free time, something they squeezed in after completing all other tasks. However, idol making is today regarded more than a hobby and is accorded the same respect as a full-fledged profession.
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Q. How are you going to sell your handmade idol?
Ans. These are the platforms where you are going to sell your handmade idol:
- Craft fairs
- Wholesale shops or boutiques
- Your own website
- Social media such as Facebook or Instagram
- Renting space
- Own shop
Q. How much time do you have to spend on your business?
Ans. If you're planning to work your idol-making business around a full-time job or other obligations, you need to be realistic about how much time you'll be able to devote.
Q. How will you learn new skills?
Ans. You must spend more time enhancing your skills as it is a very competitive market. You can watch videos, interact with a skilled artist to enhance your skill.
Q. What should I do if I don’t get any profit?
Ans. It may take time for an idol-making business to become profitable. You may find yourself working for months without ever earning a profit, particularly if you are required to continue spending on supplies, equipment, or training to acquire new skills.