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written by | October 11, 2021

10 Steps To Successfully Start a Fancy Store Business: Beginner’s Guide

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Table of Content


The term "fancy store" refers to a store where women can find wonderful things they put on for dressing themselves. Hair and many other salmon can be found in the store about their hair and skin perfume.

We all know that women are more attentive to their looks and will spend more money on them. The majority of women and girls invest money in cosmetics and hair. In this scenario, If you are looking to begin your fancy store, the idea can be extremely beneficial to you.

To do this, you need to be aware of a few things.

It's your time to know the process and ins/outs of starting a fancy store business and knowing What are the best Indian fancy store items to sell?

Did You Know?

You can earn around ₹2000-3000 daily on the variety and quality of the items you sell. You, as a seller, need to sell eye-catching, useful and attractive items to attract the customer's attention. If you manage to sell something that isn't available in any other nearby fancy shop, your shop may get famous in no time and generate high income.

How to Start a Fancy Store Business?

What Are the Best Products to Keep In Your Fancy Store?

The product line from fancy stores is an entire universe. Jewellery and accessories are available in various dimensions, price ranges and styles. Bohemian or antique, or imitations of silver/gold. There are a variety of styles that you can choose from, and you ought to be able to accommodate all tastes while focusing on those in high demand.

In particular, ladies living in the area might prefer genuine gold as a jewellery item. However, they will come to you for bags and accessories for fashion. In this case, it is necessary to profit from your bag and accessories collection. The best business strategies in retail cater to the needs of all and preferences, so be sure to increase your inventory accordingly.

Also Read: A Guide to Starting a Bangle Business

Personnel Requirement

Your employees are the brand's face and must be selected carefully. It is also important to determine the requirements of your employees. If you require salespersons, you can look at candidates with previous retail experience. If you intend to offer repair and maintenance services, you must recruit skilled workers to provide the service.

You Must Be Creative and Determined for Your Fancy Store

To stand out from the crowd, you must know how to develop a unique idea. To do this, the entrepreneur should first determine their style. Then, they should prepare to provide original jewellery to their customers. As trends develop, it will need to update its designs without losing style. This will enable entrepreneurs to be popular.

Additionally, it must be understood that the company does not start in a couple of days. To keep customers, it is essential to remain steady and focused. You must find the most reliable suppliers, implement an effective communication strategy, advise your customers and offer the standard items.

Infrastructure and Interiors

A well-lit and decorated store will be more likely to attract customers. It is possible to use light fixtures and LED lights to light up your store and the glass shelves for the best view of your product. Small scale business concepts are based on customer perceptions, and nothing will improve the impression more than a beautiful store.

Search online for ideas for store design. Small-scale entrepreneurs have gained from image-sharing websites such as Pinterest or Instagram. When your store is finished and looking its best, you can upload your photos to get internet attention.

Alongside a well-designed interior and a basic infrastructure, it can increase the appeal of your store. Simple improvements like a restroom and trial room, charging points, water coolers, etc. These can create an improved customer experience and increase the appeal of your store. Also, before starting to sell in your store, read how to avoid QR code payment fraud to avoid unnecessary loss.

Business Plan For Starting a Fancy Store Business in India

Once the details of the market research are compiled, the information must be incorporated into your business plans. This is a must when establishing a company since it is a proven fact that it will be a complete assessment of the venture's viability. In addition, a well-argued and reasonable cost will allow entrepreneurs to secure loans from credit institutions and investors. The business plan has the ability to:

  • Consider the various theories and issues that could be posed.
  • To convince banks to lend money.
  • Learn about the strategy adopted by the business and also the financial requirements of the company
  • Informing about the future actions of the company
  • Explain the idea clearly.

Location Required to Begin a Fancy Store Business

The success of a company mostly depends on its physical location. To achieve this, various factors are to be taken into account. Particularly, the accessibility of the location and store is important. You also need to focus on the operational area, market competition, lease conditions, the cost of rent, etc.

The choice of location is based on the merchandise available. The mall or shopping avenue is the best option for the most expensive stores. However, for expensive jewellery, it is recommended to locate it in the shopping area or residential neighbourhood in a metro city.

How Do You Sell?

Selling isn't just about putting your items on display or employing an agent to sell. It is essential to have an efficient supply chain that can meet the demands on time. In addition to the walk-in customers, creating an online store version is possible. This will appeal to tech-savvy customers who prefer shopping online.

This may include opening your website or signing up for third-party e-commerce platforms. In addition to a physical store and a solid internet presence, you can benefit from services like home delivery and delivery to the doorstep of returns. These services increase your reach and make you more easily accessible to your clients.

Also Read: How to Start an Artificial Jewellery Business from Home

How to Begin the Fancy Store Business

As with any other company, opening a fancy store must meet legal compliances and administrative requirements. There are various options, including the choice of legal form, Companies Registration, Trade registration, etc.

Licences Required to Start a Fancy Store Business

If you're planning to begin your own fancy store business, you must know these are the various registrations and licence you must obtain before starting the business.

  • Registration of a firm: The first step is registering your business as an LLC or a partnership.
  • GST registration: You must be registered to get a GST registration and GST number.
  • Trade licence: You will also apply for the trade Licence with your local authorities.
  • Certificate of pollution: Fancy store business sells plastics and other substances that could pollute the environment. Therefore, for security purposes, it's best to get pollution control certifications issued by the board responsible for pollution control.
  • Registration of MSME/SSI: You must do MSME Udyog Aadhaar Online Registration no matter which company you start. This allows you to take advantage of the various government schemes relevant to your business.
  • Trademark: If you want to protect your brand. To do this, you need to seek the registration of your trademarks through the municipal authority in the area in which you've decided to begin your business.
  • SSI Unit registration will also need the option of applying for SSI unit registration. It allows you to avail of the subsidy from the government and other advantages. To do this, you have to establish a current bank account with your company's name.
  • Shop licence: You have to obtain a shop licence before beginning your business of selling fancy items in India.

Conclusion

If you are looking to make a decent profit for your fancy store business, you need to purchase products from the largest markets in our nation. You can purchase the initial products for your store at the largest shops in cities such as Kolkata, Mumbai, Delhi, Bangalore, or you can even import from other countries. China is a top exporter in this department.

If you're planning to begin your own fancy store business, you need to manage many aspects (already mentioned earlier). If you keep these factors in mind, you will be able to earn good money from this venture.

Follow Khatabook for the latest updates, news blogs, and articles related to micro, small and medium businesses (MSMEs), business tips, income tax, GST, salary, and accounting.

FAQs

Q: How to start a fancy store in India?

Ans:

Here are the steps:

  • Spot a nice location for your store.
  • Complete all legal documents
  • Arrange the necessary funding
  • Contact suppliers of fancy items, and try to buy a good range of items so that your shop looks filled and interesting.
  • Think about a perfect fancy store model
  • Arrange and display fancy store items in the most attractive way possible.
  • Start advertising

Q: What are the best fancy store business tips?

Ans:

Follow these tips to make your fancy store successful and profitable:

  • Choose the right location
  • Maintain enough inventory to offer more choices to the customers
  • Be very polite and patient
  • Keep the prices reasonably low.
  • Try to keep unique items in your fancy shops
  • Your displaying tactics should be perfect
  • Never be over-sales 
  • Offer occasional discounts
  • Ask for referrals from the customers

Q: What are the best fancy store items to sell?

Ans:

Here is the fancy store items list:

  • Jewellery (real or imitation)
  • Handbags
  • Makeup material
  • Small decors
  • Bangles, earrings, etc.
  • Perfumes
  • Novelty

Disclaimer :
The information, product and services provided on this website are provided on an “as is” and “as available” basis without any warranty or representation, express or implied. Khatabook Blogs are meant purely for educational discussion of financial products and services. Khatabook does not make a guarantee that the service will meet your requirements, or that it will be uninterrupted, timely and secure, and that errors, if any, will be corrected. The material and information contained herein is for general information purposes only. Consult a professional before relying on the information to make any legal, financial or business decisions. Use this information strictly at your own risk. Khatabook will not be liable for any false, inaccurate or incomplete information present on the website. Although every effort is made to ensure that the information contained in this website is updated, relevant and accurate, Khatabook makes no guarantees about the completeness, reliability, accuracy, suitability or availability with respect to the website or the information, product, services or related graphics contained on the website for any purpose. Khatabook will not be liable for the website being temporarily unavailable, due to any technical issues or otherwise, beyond its control and for any loss or damage suffered as a result of the use of or access to, or inability to use or access to this website whatsoever.
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Disclaimer :
The information, product and services provided on this website are provided on an “as is” and “as available” basis without any warranty or representation, express or implied. Khatabook Blogs are meant purely for educational discussion of financial products and services. Khatabook does not make a guarantee that the service will meet your requirements, or that it will be uninterrupted, timely and secure, and that errors, if any, will be corrected. The material and information contained herein is for general information purposes only. Consult a professional before relying on the information to make any legal, financial or business decisions. Use this information strictly at your own risk. Khatabook will not be liable for any false, inaccurate or incomplete information present on the website. Although every effort is made to ensure that the information contained in this website is updated, relevant and accurate, Khatabook makes no guarantees about the completeness, reliability, accuracy, suitability or availability with respect to the website or the information, product, services or related graphics contained on the website for any purpose. Khatabook will not be liable for the website being temporarily unavailable, due to any technical issues or otherwise, beyond its control and for any loss or damage suffered as a result of the use of or access to, or inability to use or access to this website whatsoever.