Question: Hello sir, I am having capacity of 10,000 USD Suggest me the good field where I can start with my own business. I am interested in school bag manufacturing business, can you tell me what is required for the above business and the strategy I should apply.
Stationary Business Plan and Opportunities
Answer: Very nice being self employed with new idea is really a challenging as well interesting job and you are striving to do that.
Then search for good supplier of raw material required for school bags, passenger bags etc.
Start advertise your product whether formal ways or by way of informal ways. Design and prepare attractive brochures and distribute them with in and near the area where schools are there. Be in touch with the major retailer in the market you want to in. Identify and analyze from them and customers what product , which design, what price, what brand name, consumer generally prefers because all these necessary information will really provide you the basic era of the current market and how to decide your own strategy as regards quality, design, price, advertisement etc.
Finally after starting the business is aware of major trends in the current market as well future possible market. You can provide discount to retailer to attract them to purchase your products. Initially you can follow low price high demand policy as and when your market share increases, you can increase the price after some period. Hope the above suggestion will give you some ideas.