If you are thinking of launching your own kitchen faucet business and have some starting doubt like, if you should or should not launch your business, then you have stumbled upon the right place. Today, we will tell you why your business idea is the perfect one to launch and how it can benefit you in the longer run. You will be happy to know that the demand for kitchen faucets is at an all-time high and is going to stay like this for many coming years, especially in India.
This article will look into many aspects of this business and things you should consider before launching one.
How Profitable the Faucet Market Actually is in India?
In 2019, the faucet market was valued at $37.8 billion and is expected to reach $59.2 billion by 2027. So, you can see, why this business is actually a very brilliant idea in terms of market, price, and growth.
At present, this market is divided into kinds of faucets – kitchen faucet and washroom faucet, and both the markets are taking advantage of the huge demand and sales. The southern districts of India are the higher revenue generator for these two market types. This is because the major part of IT firms is based in these areas, producing and manufacturing at par with the demand for the whole of India. Also read – Best Faucets for Hard Water in Tamilnadu.
Also, now that the government is sponsoring several housing schemes to provide affordable housing to low-income groups, your business can benefit from this, and you can help the government in making these schemes a success. All these schemes and development are expected to increase the demands of faucets in the northern and western states within the next five years. So, this is the right time for you to launch your dream business. Also, read – How to choose the best health faucet?
Let’s take a look at some of the things which you should consider before launching your business.
1. Decide On Your Niche
Study before you decide. You should decide which niche you’ll be targeting, home use? Or commercial use? Will you be importing the faucets? Or you’ll be manufacturing them in India? What kind of faucets you’ll be producing, entry-level ones? Or designer faucets? When you have found the answers to these questions, you can move on to the next step.
2. Target Location
Research about the location where your faucets business will likely get more customers, both online and offline. Areas that can cover a large population can be a good place to start. Also read – Top Faucet Distributors in Tamil Nadu, India.
3. Financial Strategy
Now, let’s come to the most important topic, your financial plan. Without proper planning about your finances, there are chances that you might end up spending more than you should. And you don’t want that, right? All the expenses should be clearly written down before you start your business. Where your office will be located? Will you be buying or renting a commercial office space and how much will it cost you. You should decide this beforehand. If you are importing faucets from outside India then you will need to find a warehouse or a space to store our stock. Then comes the delivery. How are you going to deliver the products? Will you be delivering all over the country or in one or two neighboring states?
Don’t get overwhelmed by these questions. All we want is to make sure that you are really prepared to launch your business. So, brainstorm these questions with your team and then decide how are you going to proceed. Good Luck!