HOW TO START A TOY STORE BUSINESS
One best memories from our childhood surely has our favourite toy that we are still possessive about. Toys are major part of entertainment, learning and team building spirit of every child. The toys hold special stature in different cultures as some use them to teach a skill set within traditional boundaries, in some they are used to expand the development of a child’s cognition in an idealistic manner, etc. This shows that toys are not just entities to play with or just for entertainment purposes but also have a great significance in shaping a child’s cognition of the world. There are various types of toys available in market based on people’s choice. Some people offer customising service too. From barbies to rubik’s cube, from frisbee to jigsaw puzzles, there is a toy for everyone coming in varieties apt for both outdoors and indoors.
The toys today are available in different materials such as plastics, wood or metal, or the combination of all, and because of this the variety and versatility have also increased. Of all, still, the most famous type of toys are plastic toys. The sturdy quality and vibrant colour makes them popular amongst not just kids but also adults. The process of making toys is long as it involves creativity along with an understanding of child psychology to make sure it is safe for kids to be playing with the toy and it does not harm their psychological growth. With the planning process, the manufacturing process also requires hard work. That’s not all. After doing all the hard work, still, almost 50% of the work is left, that is selling the product and here is when the business opens up and the opportunity to earn profit arrives. The toy industry in India sizes upto 250 crores and some reports suggest that it is likely to grow at 25% due to rising demand in India and abroad which makes it the best time to invest in this business.
Let’s have a look at How you can start a toy store business:
Create a Plan
Decide beforehand what kind of Toy store business you want to open. Is it just a retail shop or you’ll have in-house manufacturing of toys? If you are manufacturing, you need to understand it is not an easy task and requires a good understanding of the skill and creativity behind it. You will have to hire professionals and the scale of your business will be bigger. With that decide what will be your reach. If you want an offline store or an online store? If it is an offline store how big of a space you are expecting to have and will you also hand out deliveries. And if it is an online store, what storage area you are going to keep your goods in, and what will be your area of service.
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 the toy store business needs investment and time. One should always be ready for bad days and thus also take care of the amount that is produced daily.
Do your research
For opening a toy store business you must do enough research about how the market functions and what is the demand and supply chain in this business. The toys business requires maintenance from dusts even when they are at your warehouse so know techniques of how to manage them wisely so that none of your toys has to be discarded. If you are manufacturing toys be aware of the kinds of raw material such as plastics or wood or even metal that you are going to use to make your product. Take care of all the safety measures and rules and regulations which are set up by the government.
Take Permits and License
To start any business in India, you need to have legal permission sorted beforehand to avoid any hassles with government officials. You’ll need to get yourself registered as a business person, get your GST registration, and all sorts of licenses and permits are done. Make sure you are ready with all the paperwork and to take multiple rounds of government offices because opening any business in India calls for this.
Have the right distributor
Make sure you have a distributor who can easily make you available with the supply whenever you demand them and have access to the modern and classic designs of toys that are changing with trends in the market.
If you are manufacturing your product, have a distributor who can supply you with the raw material of good quality and variety.
To have a successful toys business, you should know that customers should not go empty-handed so go for diversity in your products.
Be vary of Competition and choose the right Location
The location of your toy store business matters a lot. Try to keep your shop away from a place where there are already several stores available. Open a store in a densely populated area so even if there are competitors around, you will always have people buying from you. Buy or rent a space that is big enough where you can store your items carefully and systematically.
Opening a store in a small town where there are already many manufacturers or toys distributors makes no sense. So, look for a place where you can stand out and be highlighted. You can also opt to have your toys business set up near kids stationery or clothing store where it is more likely to be noticed by kids
Setting up any business 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 toys 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.
Focus on Marketing
Make use of social media as it is almost certain that at least one person in your locality must be using any social media platform. Putting up pages on Facebook and Instagram and asking youth in 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 new automobile accessory business. 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.
Starting a toys business takes a good amount of planning. If you want your new business to succeed, understand the risks that come with entrepreneurship. It often takes a few years to get a business off the ground even with the best-laid business plan and advanced marketing. To open any business, one should be ready to work hard and show a lot of perseverance and determination. Any business will have good and bad days but it depends on the owner how they want to go about it. All the best!