Scope For Toy Industry In India- IID

The announcements of hike in the import duties, higher certification standards for foreign toys, and allotment of investment zone & manufacturing plots by Prime Minister Narendra Modi in his radio broadcast have resulted in a resurgent interest in this marginalized segment.

As the population is increasing, the demand for toys is also rising. This increasing demand urges toy manufacturing units, which can produce toys for different age groups. The market for a toy manufacturing business is very high, and with a good plan, you can easily beat your local competition in your area.

To start a toy manufacturing business it is necessary to keep in mind certain points that will help you with the proper establishment of the business.

The Market

The toy market is always in trend, and a variety of toys are manufactured daily for people of all age groups. Different kinds of toys are dedicated to different age groups of kids, soft toys for newborns, and the kind keeps on increasing with the ages.

Research and Competition

Before starting this business note the numbers of toy shops in your area, trending toys, toy shops near hospitals or nearby toy factories, and its supply to your area, and how your competitor is in the market. With a proper research plan and planning, you will get a clear idea about starting your business.

Investment

Investment is one of the most important factors for setting up your business, and if you have a low budget, then you have to plan your business accordingly. Know the trending toy in your area and get the quotations of the machines and equipment for the manufacturing of those toys.

Required Location

Location plays an essential role in making a business successful. For having a successful business, it is necessary that your manufacturing is situated at a site which is near to your market and it has accessibility to the other distributors as well. And if you want to open a shop along with a manufacturing unit, then both the places should be easily accessible.

Marketing

Marketing is an essential part of starting any business. While establishing your business, online and offline marketing should start. Enlighten your product and brand name so much that it makes an impression on people’s minds.

The toy manufacturing business is one of the most profitable businesses in India, and if executed correctly, it can prove to make you a successful entrepreneur in no time. For detailed knowledge, you can connect with the Institute for Industrial Development and get a step by step guide for starting this business. IID is an incubator with a Gov. of Indian, and working towards the nourishment of the young entrepreneur.