There has been lot of varieties available in toys. With the time a lot of advancements has been done also in the toys in making toys, manufacturing procedure, material, prices. New inventions. In the market, there has been availability of toys from infant to toddler in-fact for the teenagers also. Toys, not only keep busy the child by playing, but also recent toys help children in learning and knowing new things for this purpose children’s educational toys business are opened too in market. These educational toys are available in various varieties and are fully aged based games like for a toddler these computer or tablet games learned them to adopt the alphabets, numbers and small words around themselves, for a child there has been games for the learning poems, sums, language speaking. Thus, in every aspect starting a toy store is beneficial and demanding too. Toy store opening can be proved a good business with less investments and its market is growing day to day.
2. CASE STUDY
The following are the case studies of the toys store franchise:
- # KHILONEWALA: It is India leading store of toys and its franchise too. This shop has stores in almost all the big cities of India like Kolkata,Mumbai, Indore, Pune, Jamshedpur, Chennai, Vellore and many more. The reasons for the success of this store are their marketing strategy and new concept they introduced in the market. Also, they put very low investment for making franchise as low as 3.5 lakhs and keep all varieties available for the parents to choose.
- # TOY HOUSE: They are also the importers of toys for the kids and babies. Their strongest point for the success is the reasonable rate they put on the toys and the availability of kinds of stuffs. They do have branches over the Ahmedabad, Hyderabad, Bangalore and Chennai. They are mostly the wholesalers.
3.BUSINESS IDEAS’S SWOT
- # Toy store business can be started at household level and big franchise are also created.
- # Toys have very much demand in the market as almost majority of populations are kids in India and so thus the business.
- # The employees required with no special knowledge just marketing and handling customers.
- # The grossing profit is maximum on toy store business.
- # As almost international toys companies captured the Indian market of toys there is loss of local Companies as due to high cost.
- # This business doesn’t count in essential needs and survival criteria.
- # There opened lot of opportunities for the toy in collaborating with play houses, kids nurseries, schools, kids care centres.
- # Franchising with the big brand helps in growing business too.
- # Contacting with the local wholesalers, suppliers, retailers for the supply of goods.
- # These businesses have the greatest threat from the international brands and their franchise.
- # Also due to high cost low poor families can afford these types of expensive toys.
- # Imposing of taxes and extra charges on the import and the export of the toys.
4. MARKETING STRATEGY
The following are the marketing plans for the toy store business:
- # Place: The place must be in the centre of the market or near-by residential area, so that customers can be easily catch up. The ideal place must be well equipped, well ventilated, theme of the toy shop must be matching with kids. The most important is address must be easy to find that in centre of locality.
- # Product: The product that need to be sell must possess the quality and sufficient quantity. Also, the give customer the quality assurance and warranty for the product. The product that store is selling gets its review from quality of that item. Make the availability of both the types of brands that is Indian and international brands, as every type of customer can visit the store then.
- # Promotion: For reaching maximum number of people and getting know about the shop, promotions are must. While promoting gave full details about the services offered and the benefits of visiting the store. Use the modern technique of online shopping sites as vendor profile and online platform for the product descriptions pages and blogs.
- # Partnership: Doing partnership with the wholesalers and the big contractors helps in growing of business. Also, this puts the increased in the list of clients and the suppliers. Make the partnership with the play school nurseries, play houses, residential society’s, children’s ward in hospitals etc for the bulk supply of toys and games.
- # Pricing: The best effective way to earn profit and to make growth of business is putting the reasonable price to the products. Also, this helps in customer to buy extra.
- # Business registration
- # Gumasatha
- # Certificate of occupancy
- # LLC
- # Trade mark
- # Business bank account
- # Business Insurance
- # GST registration
5. FINANCIAL PLAN
- # Place/store
- # Goods and products
- # Maintenance and repairing facilities
- # Electricity supply
- # Display counter
- # Interior (attractive as per kid’s theme)
- # Transportation facilities
- # Labours