HOW TO START FANCY STORE BUSINESS
With our government asking us to become Atmanirbhar Bharat (self-dependant India) and the increase in the unemployment rate of our country, many young warriors have taken battles in their hands and are ready to join the market as entrepreneurs. India is a country with a big population and the demands for the product is almost high. In this arena, the demand for inexpensive products is higher because of the average low income of the people of our country. Even the entrepreneurs have to start from small scale industry because of the inaccessibility of resources available to them. But there is no reason to lose hope as small and medium scale industry has become a primum focus for our government and they are coming up with various plans to help start-ups and MSMEs to grow their business. Also, there are multiple choices available in this sector and the initial investment is not very high. One such option is setting up a fancy store business. These are the stores where accessories, artificial jewels, gifts, and other decorative items are sold. It is a very profitable business given it is set up in any location or even with the simplest infrastructure. We are living in the time of social media and thanks to Jio, the internet is available in almost every household. The aspiration of people to look or style themselves a little bit like celebrities and feel good about themselves has increased because of the instant information available on these platforms. As a result, the market for the fancy store has increased and it’s not just the middle class, but the working-class are spending on these items. The profit margin on these products is very high and sometimes go up to 50-60% proving it one of the best investments for entering the business industry.
Let’s have a look at how you can set up a Fancy Store Business:
Decide on products
There is an array of products that are available in the market and the range is huge! You have to first decide what are the products you want to sell. Fancy items change according to trends. They may include big or small, expensive or cheap, heavy. They also include jewelry and accessories. The fancy store business will expand and the list can always increase but decide first what is your introductory range and how influential it is for the local public and will it get enough attention.
Rent or Buy a Shop in Good Location
Nowadays a lot of people are shifting to online mode for buying fancy items as there are multiple options available. Keeping that in mind, starting your fancy items shop business in a familiar locality where people know you would work the best. The online purchase doesn’t feel familiar to a lot of people and so your shop can be a good option for them as they know you and would expect a certain level of compassion and help from your end. The shop does not need to be a very large space. You can start with one single room 10*15 sq feet shop. Set up your shop which is in a busy market that has good footfall.
Create a Plan
Decide what will be your reach. If you want just an offline store or want to accompany it with an online site? Make a plan for what is going to be the size of your business at first. The growth will only follow if you thrive in the market and fancy items shop needs investment and time as you can’t expect that all your products will be sold in a day. There will be days when you sell no fancy items or on others, you may sell plenty of them. One should always be ready for bad days.
Highlight and Infrastructure
The infrastructure of a fancy store s pretty basic. You’ll need a counter, shelves with small compartments, glass covers for shelves. Along with basic lighting, use extra lights such as LEDs and fairy lights in each compartment. The work of aesthetics is very important in your fancy store. It will work as decorative and will also make your shop look bigger given that it is such a small space. The placement of fancy items should be categorical and systematic. You will have to research what are the demands of your customers while they look for such items and so that you can recommend them wisely as to what fancy items they can buy. You can also put chairs or couch for your customers for their comfort. It will make your small place a bit fancier.
License and Permit
To set up any shop in India you need to take certain permits such as a Business License, Resale Certificate, Business Name Registration or DBA Certificate, Certificate of Occupancy, Federal Tax ID, etc. Make sure you have done your homework and have finished all the paperwork beforehand and have kept them handy and be ready to take rounds to government offices before setting up.
Choose the right Distributor
Make sure you have a distributor who can easily make you available which the supply whenever you demand them and have access to the trendy fancy items. If you want to run a good fancy store business, you should know that customers should not go empty-handed just because you did not have enough options available on that day.
Setting up any business at home requires a strong local connection and communication so that the business can propagate but with the rise in the use of e-commerce, things have become a lot easier. Make a website for your Fancy store business and set delivery boundaries according to yourself. Arrange your products in different categories and use various models and tools which are available online to make your website catchier and more attractive.
Social Media presence and Marketing
Social Media is used by almost everyone around the globe. It is almost certain that at least one person in a household must be using any social media platform. Putting up pages on Facebook and Instagram and asking youth in the locality to share it amongst friends, developing a strong SEO, and investing in marketing offline can bring great audience attraction to your fancy items shop. Putting up ads with discounts and amazing offers are always a plus. Along with online, spending on offline methods to propagate business is necessary. Go old school and hand our pamphlet whenever a customer arrives. Since you have an offline store and most customers will save your number for future reference, you can invest in WhatsApp Business and use its marketing tools to propagate your business. It is convenient to use and digitally provides a personal touch as the medium is one to one messaging which has become one of the best provisions of converting prospects to customers. Remember to greet them nicely and make them feel important.
It is very encouraging to see young minds having an interest in setting up their businesses and working with full force and empowering themselves. There is nothing such as big and small, your investment and profit are all that matters. Keep the quality of your products good and versatile and enjoy the process of growing and learning. All the best!