If you are planning to start your import export journey, then a handicraft business would be a win-win situation for you. India is rich in diversity and has various art and handicraft forms which can be explored easily. Our artisans and craftsmen have years of experience in designing and curating beautiful pieces. Be it textile, wood or gemstones, we have made a huge mark in the world by manufacturing and supplying an ample amount of products.
Another plus point of a handicraft business is that each and every product is specially designed and made by putting in a lot of hard work and time by the craftsmen. It is unique in its own ways and cannot be copied easily. This quality attracts people all across the globe, making handicrafts business highly profitable.
Now that the world is moving towards complete digitization, it has become easier to expand your handicraft business and reach a wider audience. You can open your own online store and make your products available just with a click.
Here are some of the factors which you can keep in mind before starting a handicraft export import business-
- Market Research
The handicrafts market is huge and widespread, so the first step is to have a thorough knowledge of the market or area you wish to target. Make a list and categorize your products on the basis of its type, such as textile, handloom, wooden furniture, show pieces, jewellery, paintings, paper works, traditional artworks and many more.
- Strategizing pricing
It is an essential part of a business. You need to set a fair pricing to your product, while keeping the prices offered by your competitors and other retailers in mind. The prices should not be too high to restrain maximum people from buying your products. Or it should not be low to generate loss for your business.
You should not hurry up while doing this process, so take your time in setting the right pricing for your products. The prices that you once set, are going to stay the same for an appreciable amount of time. Also, your pricing strategies are directly proportional to the amount of revenue you are going to generate from your business in the future.
Below are some of the strategic plans that could help in building the roadmap to your product pricing –
- Basket based pricing: This pricing strategy results in bulk buying of products. It is used at the time of personalized production of goods.
- Competitive pricing: This is achieved by keeping your product pricing less than that of your competitor.
- Quick delivery pricing: Set prices for quick deliveries, such as within 24 or 48 hours.
- Real time pricing: In this, the pricing of your products keeps on changing according to its demand in the market.
- Branding and marketing
When you are starting a business, you need to think of a unique name, tagline and logo which will attract the buyers. In recent times, the value of branding and marketing has increased exponentially because people usually like to invest in the brand that has a good market value and rapport.
Social media marketing has also become a major part while setting up a handicraft business.
- Payment methods
In this era, it is important to have a website but it is even more important to have a secured and reliable payment gateway. You can provide cash on delivery as well as set some online payment portals like paypal for your export business.
- Documentation and registration
You should read all the guidelines related to the export business and get the registrations done before your first consignment. It is essential to have all the documents and licenses approved by government bodies.
To know more details about import export, you can visit our website and check video lectures as well.