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A house full of children is incomplete with toys spread out here and there. Toys are a constant companion to children and with more educational toys coming into the market today, parents make sure that their children are able to learn different things with the toys. With kids asking for new toys every other day it is difficult to fulfill their demands on a regular basis. Toys do not come cheap these days. Also, there is a limitation to the number of toys a kid can possess. A toy library surely will have many more options in terms of a variety of toys and material-wise. Therefore renting toys from an online toy library sounds a good and practical idea for many parents.
This is exactly the reason why setting up a toy library (offline or online) is a lucrative business these days. Similar to the book library, one can borrow toys from the toy library for a stipulated period of time against money.
Setting up an online store is pretty easy. The designing of the theme and logo are important criteria in this case. There has to be a catchy catchline, updated contact information, secured payment gateway to accept online payments, images and details of the different toys available at the store in a proper catalog form, attractive price packages for renting options, proper description of the company along with the goal and objectives and lastly the terms and conditions of renting products from the store.
An online store needs a promotion at the online medium primarily. Promoting on social media channels, writing creative blogs, using result-oriented keywords and proper search engine optimization techniques help the online toy library gain visibility and acceptance. One might also need to invest in offline marketing tools to inform the market in the immediate vicinity of the availability of toys on rent at the store.
Also, Read: GST Forms – Types of Return and Due Date of Filing.
The library needs to provide hygienic and sanitized toys on rent.
The concept of toy libraries is quite common in the metro cities and urban areas like Delhi, Bangalore, Ahmadabad, and Mumbai. With dual incomes and rising demand for educational toys, this industry is set to soar high.
In 2017, it was estimated that there were about 4000 toy manufacturing units in India with 75% micro-small companies, 22% small and medium industries and about 3% large units. India manufactures a wide range of toys like plastic, mechanical, soft toys, board games, puzzles, educational games, metal, tin, wood, battery-operated toys. It has been valued at $850 million in 2017. The toughest competition for the survival of the Indian toy industry is the Chinese toys with only 20% of the domestic market served by Indian manufacturers.
The Indian toy industry was poised to about Rs. 13000 crore in 2015 and is expected to grow. For the online toy library, there are lots of players in the market now that offer franchise so that the entrepreneur does not need to invest too much money at the onset.
Also, Read: Applicability of CSR Under Companies Act 2013.
Experienced Finance and Legal Professional with 12+ Years of Experience in Legal, Finance, Fintech, Blockchain, and Revenue Management.
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