Stitching, embroidery and knitting belong to one of the ancient cultures of India. Though initially considered a job for women, art has slowly grown into an established business industry. There is now a global demand for people with the skills of knitting and embroidery.
If you possess such skill and want to create a profession out of your passion for knitting, starting a freelance business or boutique is a profitable option in India. This business opportunity is a prominent way of preserving the Indian tradition and make a fortune.
The fashion industry has grown significantly over the years, and so has the demand for talented people with skills for embroidery and knitting. Even the Government of India promotes the concept of creative women in business to keep the traditions of our country alive. If you ever had a dream of starting your knitting and embroidery business, it is the perfect time to kick start the dream with the financial support offered by the Government.
Scope for knitting business in India
Garment designing business is one of the most rewarding business concepts in India. Women and craftsmen from different parts of India had been a part of this industry for generations. It is the industry that doesn’t lose its importance. Rather, with the growth of the fashion business, the knitting business has seen a surge in demand.
The embroidery and knitting business requires highly skilled people. It is not a job profile dedicated entirely to women. The modern world welcomes men and women alike to be a part of this world if they have creative minds. Needless to say, the competition is severely high in the market.
The stitching, knitting, and embroidery business now have a global demand. However, to succeed in the market or secure a job, one needs to have an updated sense of fashion trends and develop a personal niche of creative work. The industry offers you the chance to start a business small and finally end as a millionaire. If you understand your financial and business goals, nothing can stop you from developing a successful home-based embroidery business in India.
How to be Successful in your Home-based Knitting Business?
The tricks to have a successful knitting business from your home are-
Table of Contents
1. Close Unit Development:
Creating a close unit means starting small with a restricted customer base. Once you have your first customers, they are within this unit. Business promotion is easier and efficient here as it happens through word-of-mouth. This promotional plan generates more leads than you can imagine.
Usually, a close unit promotion happens with the help of newsletters to your friends and family members. This initiate helps in meeting the initial business ventures.
2. Investment in Machinery:
A high-quality embroidery or garment knitting requires a high-quality machine. If you need to meet your order requirements and maintain the quality of stitches, you must start your business by investing in a quality machine for embroidery. It is a one-time investment for your business.
Machinery and technology can improve your work speed and ensure quality when you get bulk production orders. Traditional knitting or stitching work is not only time-consuming but also more expensive.
3. Resource Management:
Your business’ success is highly dependent on how you manage your resources. Careful business planning and resource management usually improve your profit margins.
We suggest reinvesting 30% of the profit you earn on business development to cope with the changing technologies. It will help you to meet the market requirements as well.
4. Pay Attention to your Profit Margin:
Keep track of your investments and the revenue you generate in your business to assure you a steady profit margin. If you don’t cater to only creme clients, we recommend offering discounts and free samples, keeping your profits in mind, and gain new customers. New customers enhance your opportunity for further profit generation.
How much Profit Margin can you Expect from an Embroidery and Knitting Business?
Home-based monogramming or embroidery businesses have variable profit margins. You can earn in your business in several ways-
- Purchasing garments yourself, embroidering on them, and selling those pieces to retail stores can help you maintain around an 80% profit margin.
- A knitting business owner can claim about Rs. 2 – Rs 4 on every thousand stitches if they are making corporate or retails sellers’ uniforms.
In either of the cases, you can improve your productivity and hence the margin by using a knitting machine. An embroidery machine lays about 5000 stitches in just 5 minutes. Whereas you can lay about 500 stitches in 5 minutes if you do it manually. Other methods of improving your profit margins from home are-
- Work with contractual customers
- Preserve embroidery samples from previous work to seek the attention of new customers with your expertise and skills.
- Prepare a potential customers list and share your embroidery work samples from time to time and get new orders.
- Showcasing your work over your website and creating brand awareness is also another way of generating profit.
How can you Start your Embroidery and Knitting Business from Home?
The steps of starting a knitting business from your home in India are simple-
- Gain knowledge about the market of tailor-made embroidery
- Determine your target customers
- Purchase sewing machines to improve productivity
- Purchase software for digitalization of embroidery work
- Maintain your stock for resources with trustworthy suppliers.
- Indulge in business, website, and artwork promotion.
Conclusion
The embroidery and knitting industry is vast and high in the competition. The market may seem saturated, but if you have actual skills and craftmanship for knitting, the industry promises a successful home-based business. Understand your challenges and the suitable path for setting up the business. It will lead to high-profit generation in no time.