Do you want to start a profitable safety pin making business from home? Find here a detailed safety pin production startup guide with the process, raw materials, and cost.
Basically, a safety pin is a different type of pin that includes a simple spring mechanism and a clasp. Actually, people use it for fastening pieces of fabric or clothing together. Also, women use the safety pin as an accessory in jewelry, like earrings, chains, and wristbands.
The product has wide domestic applications. And any individual can start a safety pins-making business with low capital investment. The product has both offline and online market opportunities.
Additionally, you can start this business both on a part-time or full-time basis. And this low-cost business has the potential of earning money within a short period of time.
According to the quality and design, safety comes in different sizes and patterns. However, decorative safety pins ensure more profit than ordinary safety pins. Actually, a wide range of women’s population uses decorative safety pins as a brooch in sarees and dupattas.
7 Steps to Start Safety Pin Making Manufacturing Business
Definitely, you can start this business from any place other than home. However, in this article, we discuss how you can start a business home-based. And for that, you will need to have a specific workspace. The workspace must have sufficient space for keeping a small machine, raw materials, and finished items.
Additionally, you will need a tablespace for generating invoices, money receipts, etc. For online activity, you need a PC with an internet connection.
1. Understand the Local Market
The first step before actually starting a safety manufacturing business is to know more about the local demand and the level of competition. Conduct market research and find out the gaps that exist and explore it accordingly.
2. Create a Business Plan
if you are planning to establish a successful safety pin manufacturing business, developing a business plan document is extremely important. It not only helps in working as a roadmap for future company activities but also as a mandatory document to secure funding. Some of the basic topics your safety pin business plan document must address are as follows:
- Executive Summary
- Company Description
- Products and Services
- Market analysis
- Organization and Management Team
- Financial Plan and Projections
3. Licenses Required
Some of the basic licenses that are required to launch a safety pin manufacturing unit are as follows:
- Permission from the local pollution authority
- GST Registration
- Registering the Business
- Factory License
4. Buy Safety Pin-Making Manufacturing Machine
Basically, the safety pin-making machines are very user-friendly. You can use and operate this type of machine after a minor training session. And as you use a single raw material, it becomes easy to produce different types of pins. However, you may use different wire qualities and sizes for producing different types of pins.
5. Raw Materials & Manufacturing Process
Generally, with a single raw material, you can produce safety pins. However, the gauge of the wire may vary. Basically, you will need to use good quality rust-proof steel wire for producing quality pins.
First of all, cut the mild steel wire into the required length. A special machine converts the wire into a safety pin. The head of the safety pin is manufactured in another machine and pressed with the body on another machine.
Generally, the main machines include automatic pin manufacturing machines, automatic head assembling machines, bench grinders, and drills.
6. Cost of Starting Safety Pin Manufacturing Business
The cost and investment will largely depend on the production output, type of machine, and scale of operation. The cost of starting a safety pin-making manufacturing business with an automatic business will be around Rs 5 Lacs to Rs. 10 Lacs.
If you are short on funds, consider applying for a business loan from banks and financial lenders. There are also loan apps that you can install to receive instant cash loans.
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7. Where to Sell Safety Pins
It is mandatory to set up an effective retail distribution network that includes wholesalers, distributors, and retailers. You can also sell the products in bulk quantity to local retailers. Additionally, you must concentrate on online selling. Online selling ensures higher revenue return and profit. There are several online marketplaces where you can sell safety pins to online buyers.
Editorial Staff at NextWhatBusiness is a team of Business Consultants having years of experience in small and medium scale businesses.