A must make a detailed business plan that must

A baby blanket is a popular baby product not only purchased by the parents for their loved ones but also by the relatives and friends of the parents as a gift option for babies. Due to the high demand many entrepreneurs have entered into the business of baby blankets. A lot of variety is available in baby blankets these days like cotton baby blankets, embroidered baby blankets; mink baby blankets, fleece baby blanket, woollen baby blankets, etc. The availability of baby blankets in all sizes, colours and designsmake available various options for the purchasers. Are you also planning to reap the benefits of baby blankets business? There are various things to be considered in starting this line of business.

The first and the foremost thing that you must do isto decide on what exactly you want to do in this business. Whether you want to manufacture baby blankets and sell them to wholesalers? Whether you want to act as a wholesaler of baby blankets? Are you interested in opening a retail store of baby blankets? Is it a good option for you to open an online baby blanket store? Whether starting a business of manufacturing customised baby blankets will be a suitable option? You can also choose to do any of the above activities in combination. For example you can open a retail store as well as sell your products online.You must decide after considering various factors like your likings, area of interest, investments required, projected revenues, profit margin, level of competition, etc.

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Once the path is clear you must start acting upon it. You must make a detailed business plan that must include all the necessary details like scope of work, target market, projected revenues, forecasted profits, projected expenditures,advertising budget, methods to advertise, etc. It is necessary to make a business plan as it can be used as a reference point every time you need some help. The business plan must be based on thorough market research and analysis.

After preparing the business plan, you must focus on obtaining the necessary licences and regulatory approvals for the business of baby blankets. You must also decide a suitable name for your business and register the same with the competent authorities. Legal formalities may take more time than expected, hence you must start acting upon it in the beginning itself so that, by the time you are ready with other things, it will be done.

The next step is to arrange for the necessary funds required for the business. You must arrange for funds based on the estimates made in the business plan. You would require funds for the business set up and it’s day to day functioning like –rent of business location, legal formalities, salary of staff, accounting cost, advertising cost, etc. Funds can be arranged from own sources like personal savings, selling items which are not required, etc. or from outside sources like – borrowing from friends and relatives, approaching venture capitalists, applying for bank loans, obtaining a credit or overdraft limit against existing bank accounts, approaching angel investors, etc.

You must also start finding a suitable business location in time. If you are planning to open a retail store for selling baby blankets you must look out for a location at a place where the foot fall of customers is good, is easily accessible, is within your budget, the space is appropriate for the display, etc. If you plan to set up a manufacturing unit you must look for that location where the labour is easily available, transportation cost is at its minimum for getting raw materials and sending finished products, tax benefits are available, etc. If you plan to become a wholesale distributor of baby blankets, you must arrange for a storage space which is free from rodents, is at an optimum distance from the retailer’s shops and manufacturing units for easy transportation, etc. Deciding a location of the business is a very important decision as the future revenues are dependent upon it to a large extent.

Once everything is set, you must start advertising your business. The method of advertising will vary according to the line of business chosen by you as the target customers will be different in each case. If you plan to open a retail store for selling baby blankets you can advertise in local newspapers, local journals, distribute pamphlets in maternity homes, etc. If you plan to sell customised baby blankets, you can tie up with local retailers and offer them a commission on sale. If you plan to become a wholesale distributor, your target customers will be retailers; hence you can recruit a marketing person and ask him to approach the retailers in different regions. Various online modes of promotion are also available for you to choose from like – developing a website, listing your business on online directories, etc.