Indian stationery market revenues are projected to grow at a CAGR of 10.5% till 2024
Charles Dickens once said, “There was something very comfortable in having plenty of stationery.” Even in today’s tech-savvy world, the tangible and tactile feeling of stationery still makes a powerful impact. Indian stationery market revenues are projected to grow at a CAGR of 10.5% till 2024.
Chandigarh being the education hub of neighbouring regions, starting a stationery business there will reap you huge profits.
Below are the few steps to consider before stepping into the stationery business in Chandigarh.
Business Plan is like the blueprint of any business. It includes everything you need to start and manage a business. To sketch out your business plan, conduct detailed research of your area, market, customers, competition etc. Include information related to profitability, equipment needs, budget, marketing goals, and projected income in your business plan.
A successful business is all about location; it can either make or break your business. If you can get the location right, 80% of your problem is solved while establishing a business. The preferred location for your stationery business should be an area with high visibility. It should be close to your targeted market i.e. near schools, colleges or crowded neighbourhood. This way you will not have to spend much on the promotion of your business.
In addition, the selected location should also be in sync with your products or services. For instance, if you are selling premium stationery, opening a store in a destitute location will be a major drawback.
Aabhas Saxena, Sr. Marketing Manager, Scoobies Stores, a premium stationery brand, said, “The location which acts as a major criterion in deciding whether the brand is going to do well or not. Our brand needs a good premium space where we can get niche clients, thus in Chandigarh, we are planning to open an outlet in Elante Mall.”
Finding a supplier is a necessary task in order to run your stationery business successfully. You need to maintain a healthy relationship with your vendors. Visit various suppliers and compare the prices in order to get the best deal on wholesale. Opt for the supplier offering the best deal without tampering with the quality of the products.
Marketing plays an essential part in creating awareness for your brand. Internet and social networking can be the best platform for introducing your business to your target audience.
Involvement with successful organizations and brands from the same sector can help you gain new customers as well as experiences.
“Online marketing provides you with the opportunity to customize your promotion strategy according to your age, gender, area, etc of your target audience. Online marketing allows you to tap the targeted audience nearby your store," stated, Saxena.
Those who want to start their own business or take up franchisees can join in the FRO 2019, happening in Chandigarh on 19-20 January, to know more about the franchise business, financial advice, and business advice from the experts. Meet the investors personally and participate to change the small world of business.