Introduction to Fancy Store Business in India
When seeking the complete details on how to start a fancy store business, it is important to check all the necessary stages for starting a fancy store business. Fancy stores are stores where accessories, clothing, and other goods are stocked. It always proves to be a profitable business for any region.
A ste-by-step guide to starting a Fancy Store Business in India
As we are in the 21st century, and all the citizens of the country are stimulated by one or the other celebrity and they want to copy them. If we estimate profitability, it depends mainly on where you are buying store products. If you are getting good help from suppliers, then you need to focus on another part of your business, and the margin is sometimes 50% or even high.
The only thing you should see is the demand side and how to get the attention of the customer to visit your shop. And try to include all trending clothing and other items in varied sizes, so that they leave the shop because of missing size.
The market potential for Fancy Store Business in India
Doing a market study will make you take a firm decision to prove the existence of an opportunity to gain commercial profits in a specific region. To do this, many steps must be carried out.
First of all, you should understand the market trends. This will help to decide on the type of products with the greatest potential. Then, it is essential to know your target customers. To do this, we must know their purchasing potential and understand their expectations about prices and items. Then, it is important to analyze the stage of demand and to estimate the offers which are already in the zone of the establishment.
Finally, it will be important to carry out an analysis of direct or indirect opposition: supermarkets, online sales websites, etc.
Business plan to start a Fancy Store Business in India
Once the aspects of the market study have been gathered, they must be added to the business plan. This is inevitable when setting up a business as it is already a fact that it will entirely assess the feasibility of the project. Also, well-argued and cost, it will make it simple for the entrepreneur to get financing from credit institutions and investors. The business plan will have the potential to:
- Elaborate on the project clearly;
- Know the strategy selected by the company as well as its financial requirements;
- To convince credit institutions;
- To inform the future executions of the company;
- Anticipate the various theories and problems that may arise.
Location or area required to starta Fancy Store Business
The success of a business mainly depends on its location. For this, several aspects must be taken into consideration. In particular, the reachability of the premises, the visibility of the store, the operating surface, the market competition, the price of the rent as well as the conditions of the lease.
This choice will be based on the products offered for sale. When it comes to a fancy store, a shopping street or mall are proper locations. On the other hand, when it comes to luxury jewelry, it is recommended to settle in a shopping street or a residential locality in a metro city.
Steps to start Fancy Store Business in India
- Handicraft Making at Home: A Small Profitable Business Idea
- Pet-Tech Startups: Innovations for Animal Lovers
- Tech Repair Services: Meeting the Demand for Gadget Maintenance
- Maximizing Rewards: Smart Credit Card Habits for Cashback and Points
- Ultimate Guide to Making Money from Goat Milk Business
- How to Start an Agricultural Value Added Product Business
How to Start Fancy Store Business
Similar to any other business, opening a fancy store should have legal compliances and administrative requisites. Among them, the choice of legal form, registration in the Trade and Companies Register, and where applicable, in the Trade Register.
License, registration and permissions required for Starting a Fancy Store Business
If you are willing to start a Fancy Store Business then these are the different registration and licenses required to complete before starting this business.
Registration of firm: You have to register your firm either a proprietorship or partnership firm.
GST registration: Additionally, you need to get registered for the GST number.
Trade license: You also need to register for the Trade License from your local authorities.
Pollution certificate: As Fancy Store Business deals with selling plastic and other that may create pollution to the environment so for safety purposes, it is better to take pollution control certificates from the pollution control board.
MSME/SSI registration: MSME Udyog Aadhaar Online Registration should be acquired and is compulsory for every business to start this will allow you to avail of all the government schemes related to your business.
Trade mark: You need to protect your brand then you must apply for trade mark registration from the municipal authority in your area where you have decided to start the business.
IS 4955-1968: Along with all these the BIS registration and IS 4955-1968 registration have to be done for the household use of fancy store products and it is also required to initiate a distribution network for your business then you have to get ‘distribution agreement paper’.
SSI unit registration: You also have to apply for SSI unit registration which helps you to avail of the government subsidy and other benefits. For this, you need to open a current account in the bank in the name of your business.
Shop license: You need to acquired shop license before starting the stationery business in India.
Investment required to start a Fancy Store Business
- Below is the budget required to start the Fancy Store Business in India.
- Shop preparation and building rent = Rs. 1,00,000
- Amount needed to purchase the things = Rs. 50,000
- Salaries of the employees = Rs. 2,00,000
- Machinery and equipment cost = Rs. 1,00,000
- The cost spent on advertising your shop is Rs. 5,000
- Costs involved for licensing and registration = Rs. 10,000
- The total cost involved is Rs. 4,50,000
Profit in starting Fancy Store Business in India
You can earn good profits in Fancy Store Business, as it will be having all the minute items to the fashion items which are attractive for women. It also gives you more profits in selling all the ladies emporium items. You can earn nearly Rs. 2000 to Rs. 3000 per day based on the quality and variety of the items you sell. So, you need to sell attractive items to grab the customer attention.
Marketing strategy for promoting your business
A crucial step while setting up a business is the marketing plan that will help to gain and retain customers. The actions to be implemented will be determined by the location and concept of the store. For a fancy store, street marketing for instance the distribution of pamphlets quite a traditional but effective way. The target customers being the general public, the store will have more visibility by carrying out close marketing.
On the other hand, as we live in an era of technologies, keeping a showcase site, or offering online sales is highly suggested. Finally, active participation and being updated with social networks is highly recommended to communicate directly with customers.
Creativity and determination for your Fancy Store
To overcome the competition, you have to know how to be ingenious. For this, the entrepreneur must first prepare his style. Then, he must plan to offer original jewelry to his clients. As the trend grows, it will have to renew its varieties without losing its fashion. This will allow the entrepreneur to gain popularity.
Also, it should be known that the business does not constitute in a few days. To retain buyers, you have to be calm and determined. You have to search for the right suppliers, adopt a good communication plan, advise your clients, and above all offer standard products.
Open a fancy store, franchise, or independent, what to choose?
After planning about the location of the store, the entrepreneur has to decide between opening a franchised or independent fancy store. The two concepts are listed with their advantages and disadvantages.
1. The franchise, to take advantage of the brand
Opening a franchise fancy store is advantageous because it will ensure the brand’s popularity. This is especially valid if the store is situated in a place where several jewelry stores are previously present. Also, the store will not have to look for suppliers or to campaign with them. Finally, the franchisee will have an advantage from them to create his jewelry shop.
2. Persevere as an independent
For jewelry designers, it is suggested to start as an independent jewelry store. Indeed, the franchise contract does not permit the franchisee to sell the jewelry of his innovation. The situation is inhibiting the ideas of the designers.
You should not miss this: How To Start Jackfruit Business in India.