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    Resources for setting handicraft business

                Objectives: At the end of this lesson you shall be able to
                •  know how to setup handicraft business
                •  state the materials and tools used in handicraft business
                •  state the economic and cultural impact in handicraft business

                To set up a handicraft business in Badgam, you’ll     5  Financial resources
                need resources like raw materials, tools, a workspace,   •  Startup costs: Estimate your initial investment for
                marketing strategies, and potentially an online presence.
                                                                           materials, tools, workspace, and marketing.
                Here’s  a  more  detailed  breakdown  of  the  resources   •  Funding options: Explore potential funding
                you’ll need:                                               options, such as personal savings, loans, or
                1  Raw materials & tools                                   grants.
                   •  Identify your craft: What type of handicrafts will   •  Pricing strategy: Determine how you will price
                      you be making (e.g., pottery, weaving, jewelry,      your handicrafts to ensure profitability.
                      wood carving)?
                                                                      6  Skills and knowledge
                   •  Source materials: Find reliable suppliers for the   •  Craft skills: Refine your craft skills and techniques.
                      specific materials you need (e.g., clay, wood, yarn,
                      beads, fabric).                                   •  Business skills: Develop your business skills,
                                                                           such as marketing, sales, and customer service.
                   •  Tools and equipment: Gather the necessary tools
                      and equipment for your craft (e.g., pottery wheels,   •  Online skills:  If selling online, learn about
                      looms, sewing machines, carving tools).              e-commerce platforms and online marketing.
                2  Workspace                                          Economic and cultural impact: Culture significantly
                                                                      impacts economic outcomes by influencing values,
                   •  Home-based  or  dedicated  space:  Determine    institutions, and behaviors, while economic development
                      if  you’ll  work  from  home  or  need  a  separate   can reshape cultural practices and traditions.
                      workshop or studio.
                                                                      Here’s  a  more  detailed  breakdown  of  the  interplay
                   •  Organized and functional: Ensure your workspace   between economic and cultural factors:
                      is well-organized and allows for efficient crafting
                      and storage.                                    1  Cultural influence on economic outcomes
                3  Marketing & Sales                                    •  Values and beliefs: Cultural values, such as
                                                                           trust, achievement, and social cohesion, can affect
                   •  Develop a brand identity: Create a name, logo,       economic performance.
                      and visual style for your business.
                                                                        •  Institutions: Culture can shape the effectiveness
                   •  Online presence: Consider building a website or      of economic policies and institutions, influencing
                      using social media to showcase your products and     how societies approach economic development.
                      reach customers.
                                                                        •  Entrepreneurship  and  innovation:  Cultural
                   •  Local  markets  and  craft  fairs:  Explore          norms can foster or hinder entrepreneurial activity
                      opportunities to sell your handicrafts at local      and innovation, impacting economic growth.
                      markets and craft fairs.
                                                                        •  Labor market:  Cultural factors can influence
                   •  Wholesale opportunities: Research potential          preferences for labor market regulations, political
                      wholesale customers (e.g., boutiques, gift shops).   participation, and social mobility, all of which have
                   •  Packaging and labeling: Ensure your products         economic implications.
                      are packaged attractively and labeled clearly.
                                                                        •  Social capital: Cultural traits that develop social
                4  Business planning & legal                               capital in the population can positively influence
                   •  Business plan: Create a business plan to outline     economic performance.
                      your goals, target market, and financial projections.  •  Trust: People’s trust in their country’s institutions
                                                                           and fellow citizens can influence economic activity.
                   •  Legal requirements: Research any necessary
                      business licenses or permits in Badgam.           •  Economic shocks: Economic shocks, such as
                                                                           opening a market, can cause permanent changes
                   •  Taxes and accounting:  Understand  your  tax         in personal values, cultures, and preferences.
                      obligations and set up a system for tracking income
                      and expenses.

                                   H & C: Hand Embroidery Artisan : (NSQF - 2024) R.T. Ex.No 1.9.52-58              55

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