Handmade Macrame in India
How to Start a Macrame Business.
Welcome to our second blog post. This blog is all about - How To Start And Operate A Macrame Handicraft Business.
Establishing a Macrame Business: 5 Key Elements:
- Right Product – Get your product right that fits into the market and fulfil needs of a larger market.
- Right People – Employees, Partners, Vendors and Suppliers with skills & capability that can act as propellers in your business rather than obstacles.
- Right Process – Macrame business cannot be compared to a car production facility with a moving assembly line and yet needs to be simple and step-by-step function to drive maximum output in quality & quantity.
- Right Pricing – Pricing should be in such a manner that it does not compromise in the market. You should decide if you want to have a price war or not. Pricing should only be considered after carefully surveying the competition and every product should include all your costs, additional costs, taxes & profits.
- Why? – Having a clear mind frame as to why you want to do Handicraft - Macrame business. Its about finding the “Why”.
To start a business, you need to focus and plan on 7 Key Areas.
- Management – Strategy & Growth
- Marketing - Lead Generation
- Sales – Revenue Generation
- Operations – Inner Working & Values
- R & D – New products & Services
- Accounts – Compliance & MIS
- Human Resource – Recruitment, Training & Development
These 7 key areas are for all types of businesses – Small, Medium & large or even start-ups. We usually overestimate that we are capable of handling a business by our own and manage all our business departments single handily. But it is not true and before we realise, it is already a little too late.
We do not suggest on hiring a full-fledged team of professionals and start paying huge salaries. Rather, we suggest that and individual business owner should undertake 1 or 2 key roles in a business and delegate rest to external agencies or hire employees who understand your goals and has the same zeal to achieve your targets as you.
Along with considering the above “Key Elements” & “Key areas” drafting a Business Plan is a must.
“A goal without a plan is just a wish.” - Antoine de Saint-Exupéry
A business plan is a thorough or broad road map to start a business, it’s growth and development. It imparts who you are, what you are planning to do, and how you plan to do it. Always remember, a business idea is not a business plan.
Below are the 10 Steps to help you write a business plan:
- Create an overview & summary
- Write your company description
- Abstract market research and potential
- Conduct competitive analysis
- Outline your product or service
- Develop a marketing and sales strategy
- Collate your business financials
- Describe your organization and management
- Plan your funding & finances
- List all official documents & government approvals
Be sure to write down your business plan before implementing, keeping your goals in mind. These kinds of practices will help you closely observe the roadblocks & obstacles that are waiting for you in the future.
Craftsky team will be more than happy to lend a helping help. Please feel free to reach us on www.craftsky.in or email us your problem areas at info@craftsky.in
We wish you all the best with your endeavors and wish you to be successful in all spheres of your life.