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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