Business opportunities are like buses, there’s always another one coming, Richard Branson, the founder of the Virgin Group, said it right.
But what does an opportunity mean? A business opportunity is nothing but an idea, a viable idea that can cater to the demand. The best thing about today’s times is that we live in an era where the business environment has become ever more flexible and accommodating. This essentially means that the barriers to entry for a new business are minimal. Thus if you’ve got an entrepreneurial mindset, you can set up a successful business with relative ease.
Aspirant entrepreneurs look into the industries with prospects of growth in the coming years. Leathercraft – manufacturing leather and handmade leather business – is one such industry that holds great potential in the years to come. For the record, in 2016 alone, the global leather product industry accounted for a market capitalisation of around 217.49 Billion USD, and you can only expect this number to grow.
Hence, this article is for all leather enthusiasts and entrepreneurs who wish to venture into entrepreneurship and launch their own leather product business. We’ve put together 10 of the most profitable leather business ideas that you can venture into. \
Profitable Leather Business Ideas
1. Leather Accessories Store
Retail stores are a vital part of any product’s business structure. Talking about leather accessories, there’s a wide range of products that one can choose from. Leather accessories like hats, gloves, belts, phone cases, and so forth are always in high demand. Thus, by setting up a leather accessories store and becoming leather manufacturers in London, you’ll open up the option of efficiently targeting a specific audience.
2. Leather Export
This business proposition is only viable if you belong to a country that manufactures various base leather in wholesale quantity. We say this because, in the export business, you need to cover the costs incurred on transportation. Thus, if you belong to such a country, then the leather export business can be an innovative business idea for you to serve and reap great benefits. The challenges you’ll face include obtaining license permission, high export costs, and so forth. But in return, you’ll get to understand the dynamics of international trade, which is a priceless skill to have in your ensemble.
3. Leather Jewellery Making
The demand for leather jewellery is evident all around us. All you need to do is look around.
People are gravitating towards wearing leather jewellery like keyrings, friendship bands, braided leather chokers, beaded leather bracelets, and so forth. Thus, tapping into this niche can be a viable business proposition. With low monetary and passionate creative investment, you can start a successful business from the very comforts of your home.
4. Leather Shoe-Making
Leather shoe-making has a rich history of its own. It’s a product that has been developed over the years. And its magic is never going to wear out. Premium leather shoes hold their own when you talk about classical leather products. However, you must be well aware of the technical prowess and nuances involved in the leather shoe-making business. Because loyal consumers expect nothing but the absolute best when it comes to leather shoes.
5. Leather Accessories Maintenance
It’s a new business idea that harnesses the expansion of the leather shoe market and how people are now more concerned about their hygiene than ever before. Residing in the metro amidst the constant hustle and tussle, people don’t have time for maintaining their leather accessories. This is where you can intervene and extend utility with regular maintenance checks for their leather accessories.
6.Leather Furniture Making
Nowadays, including leather furniture to elevate and accentuate any household’s interiors has become the norm for interior designers. In addition to leather sofas, other home decor items like chairs and leather accessories have also gained popularity in the market. This business idea may require a lot of investment upfront, but the rewards you can reap are unparalleled.
Apart from keeping you warm during the chilling winters, leather jackets and other leather wearables are ever-graceful symbols of style in the global fashion industry. So why not harness this demand and create a leather winterwear collection? Invest time in coming up with trendy and functional designs. Once you’ve done that, there’s no stopping the growth of your business.
8. Leather Sports Equipments
So many of us love sports – enough for you to start a business out of it. Current numbers indicate that the sports industry is valued at about 620 Billion USD. This insanely large number compliments the probability of growth of leather-made equipment used in a variety of sports. Leather balls, boxing gloves, baseball cleats, football shoes, and so forth already have a considerable market share. Thus, by equipping yourself with the proper knowledge of this market niche, there are huge chances for you to grow in this business.
9. Leather Decorative Sheets
Western countries like UK and Germany have popularised decorative leather sheets. This trend has become so popular that people insist that their interior designers add this to their households. People of south Asian countries are gradually showing their interest in this niche which is why you can use this rise in popularity for your benefit and create a business proposition out of it.
10. Promotional Product Making
Marketing and promotional trends are ever-evolving. Promotional companies and several businesses are inclining towards using decorative leather products as a gift offering to their consumers. Why not get in on this business proposition make the most of this new upcoming market trend?
How Do I Start A Leather Business?
Once you’re confident with your business proposition, here are the steps you need to indulge in-
- Gather good market and industry-related information as you must be aware of what you’re getting yourself into.
- To start a business, you’ll require a set amount of funds. There can be multiple sources for the same. You may analyse the best possible basis for your business.
- Online business is the best option in the case of small-budget ideas.
- Be aware of the governmental regulations of the business.
- Last but not least, always try to give maximum utility to your consumers.
It’s never breazy to run any kind of business, let alone a leather business. The leather niche demands substantial financial investment and a constant quest for excellence. You’ll thus have to make the best use of your business acumen to succeed.
We, at CreateLab – a leather goods manufacturer in London- understand the dynamics and nuances involved in setting up a leather business. With our understanding and knowledge, we even provide consultation services for aspiring leather businesses. Additionally, our sampling and manufacturing services as leather goods manufacturers in the UK are always open to complement your business idea. Visit our website to book a consultation session today.