What is the first thing that strikes your mind after listening to the word, ‘children’? While the answers might vary, the most common answer one could record is ‘toys’.
The concept of toy libraries is slowly penetrating the Indian market despite flagging great results in western countries. In the past recent years, toy library business/franchise is gaining quick popularity in cities like Delhi, Mumbai, Ahmedabad, and Bengaluru. Though the market is quite not penetrated by entrepreneurs in the current time, the pool of opportunity remains unutilised that can be targeted by enthusiastic entrepreneurs with new-age thinking capabilities.
A toy is a child’s best companion. But buying new toys every month can not only be hard on one’s pocket, but it’s also these keep adding up with hardly enough space to keep them at home. In fact, disposing off those toys become a far bigger issue as the children grow up and have don’t play with them any longer. This is where the concept of online toy library business started to boom in India. Entrepreneurs through their online toy libraries are offering toys on rent that is a profitable business option as the demand for toys will never decline due to the cycle of the high birth rate in the country.
Furthermore, being a low-cost investment opportunity, the segment might be attracting a lot of entrepreneurs that might find this business model best suited for them.
The Growing Popularity of Educational Toys
Along with the constant evolving Indian business industries, you might be amazed to know that even toys have transformed quite a lot with time in terms of usage. While earlier, toys were believed to be the only source of providing entertainment and fun to children, now, things are not exactly the same.
As the number of working parents continues to grow in India, toys have started to get considered as a tool that can perform an essential role in their child’s development. This is where the concept of educational toys come into the limelight.
For all those who don’t know, educational toys — also known as instructive toys —are simple objects of play, which are designed to stimulate learning in children. Such toys could prove very handy while teaching children about a particular subject or helping them develop certain skills.
The Never-ending Demand for Toys & a Recession Free Business Idea
An online toy library franchise can be considered as a recession-free business that might bring steady, positive results to entrepreneurs. Purchasing toys every time as per a child’s aptitude and the right age, can be a little difficult for parents.
Online toy library franchises are great alternatives that can help parents provide toys and games for their children, even in a tight economic situation. These libraries can be a great destination for all educated working parents that are looking out for engaging and skill developing toys as per their ward’s age, ability, requirement, and skill.
Such toy libraries are very similar to book libraries where toys could be rented for a week or so, depending upon the requirement. Toy libraries also have a great supply of CDs, DVDs, books and toys that are entirely meant for a child’s development and entertainment purpose.
Opportunity to Penetrate Different Regions through Franchising
The concept of an online toy library is no more a new thing in the Indian business ecosystem. Despite that, the industry is not yet penetrated by entrepreneurs at the rate at which it was supposed to. This might be due to the fact that most of the online toy library business majorly exists in tier-1 and tier-2 cities.
But through franchising, entrepreneurs could bring in a revolution with the online toy library segment by targeting other cities and towns apart from tier-1 and tier-2 cities. Entrepreneurs might find it fruitful and beneficial as cities belonging to a tier-3 category can also be great consumers of online toy library businesses. But, due to the lack of options, people living in those cities might eventually lag behind in becoming active customers of such firms.
Thus, entrepreneurs can grow their online toy library business through franchising, targeting a whole new segment that can bring fruitful results. The lack of existing competitors in the area could serve as an advantage for entrepreneurs that will invade tier-3 regions through franchise-based online toy library firms.
Khilonewala is one such brand that is dealing with toys, books, games on rent through its franchise-based business model. The franchise is available for potential franchisees at an investment around INR 3.25-6.25 lakhs. Being a zero royalty franchise model, the brand is successfully attracting potential franchisees for a low-cost investment opportunity with promised high ROI. Moreover, the business could be operated from home also as the minimum space required for Khilonewala’s franchise is just 150 sq ft.
Investing in an online toy library franchise business could be a profitable step as an entrepreneur that could welcome great results for your firm. So, how and when are you planning to enter this segment?