Planning for New Venture.

Discussion in 'Entrepreneurship' started by radhika_sv, Oct 5, 2008.

  1. radhika_sv

    radhika_sv Junior IL'ite

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    Hi Everyone,

    I have hobbies like making floral Perfumes, Soft toys etc. I'm thinking of starting it in Nov 2nd week or so:confused2:. I don't have the selling/marketing capability ie. more of convincing power :cry:
    Now I need suggestions from all of u. Plz :help
    :thankyou2:
    Radhika
     
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  2. Jenz

    Jenz Bronze IL'ite

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    Hi Radhika

    Fill us with more details about your idea on the new venture you are planning. Only then will we get an idea on which direction to give inputs.

    Cheers
    Jenz
     
  3. radhika_sv

    radhika_sv Junior IL'ite

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    Hi Jenz,

    I'm Sorry for incomplete info. Basically I know perfume making which can be done at home. So thought of starting a business with that. I hv some of my friends who I can involve with me for preparing it. I'm facing some problem like packging, projecting the product n getting orders on the same. Some funds also is necessary to big, so basically will start off with small amount of money invested into it.
    Hope so I can get some help from u all.

    Regards,
    Radhika

     
  4. Jenz

    Jenz Bronze IL'ite

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    Hi Radhika,

    No Problem. Perfumes....mmmm...am not sure which way the scale sways for me between 'Passion' and 'Obsession' when it comes to Perfumes! :)
    In fact, at one point I was obsessed with Perfumes that even I wanted to make perfumes. Guess am not creative enough for that...neither are my senses :)

    Ok...now coming to your venture. Choosing Perfume as a line of Business is a 'HIGH CHOICE' Line. By this I mean it is possibly one industry or business where people are absolutely 'picky' or 'choosy' to the core on what they buy! I mean one has to be!!

    I will not get into details on what and how you should approach production...guess that you already know.
    I would like to share something that I picked up from 'Body Shop' in Europe. They sold perfumes like Rose based, Vanilla based etc. in 30ml bottles only for 10 Euros. Now that was a real steal for me. Perfumes were good and cheap enough and had variety.
    Best thing about it was to carry it in your handbag (esp. for weather in Chennai...it is a must).

    So approach your packing or marketing like this - make it compact, affordable - so that it reaches many people.
    Note: Do a google for 'Cassis Rose Perfume' from Body Shop and take a look at the picture. You will get an idea of what I say.

    When I get more ideas, will come back here. Btw, if you have some exclusive or unique notes of perfume for women do let me know :)

    Cheers
    Jenz
     
  5. AnjaliD

    AnjaliD Senior IL'ite

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    Excellent ideas, Jenz.

    I would say that you first need to decide your target customer and accordingly decide everything, like packaging, cost, etc.

    Once you have recognized your target customer then you can clearly get a picture of what the customer is looking for and then you design your packaging, product accordingly.

    I also agree that you probably should go for something that a avarage person can afford, keep in her purse and keep it handy.

    Cheers,
    Anjali
     
  6. dolorcosta

    dolorcosta Senior IL'ite

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    Dear Radhika,

    While innovation is required for marketing any product, there are some factors that are common to any new business venture.

    You must first do a market survey to estimate the demand supply gap of the chosen product, to verify if it is economically viable to produce and sell. You also have professional market research companies that can assist in this regard.

    Thereafter come the four classic P's of marketing- Product , Price ,Promotion and Physical
    Distribution.

    Wish you good luck !
     
  7. Morkish1980

    Morkish1980 New IL'ite

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    What about selling over the internet? You could begin by writing a blog about the kinds of perfume you prepare and if that generates enough interest, open an ebay shop. All of which can be done for free and are quite simple to master.
     
    Last edited: Oct 23, 2008

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