BUSINESS IDEA GENERATION & FEASIBILITY TESTING

END- TERM JURY

KHUSHI KOHLI
 BUSINESS IDEA
CROCHET LABEL

Driven by a passion for crochet honed over the past 3 years, I'm excited
to launch a new venture offering handcrafted crochet pieces. This
allows me to share my love for the craft with a wider audience and
contribute to the thriving market for high-quality, handmade goods.

PROBLEM STATEMENT

• Supporting the artisans.

• Supporting local yarn stores and the craft industry.

OBJECTIVES

• Develop a strong brand identity.

• Offer high-quality, unique crochet products.
• Promote local crochet traditions and techniques.
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 STRENGTH WEAKNESS THREAT OPPORTUNITY

• Unique and • Limited • Economic • Expanding Product

Handmade Scalability Downturn Line
Products • Competition • Fast Fashion • E -commerce and
• Customization and • Pricing Strategy and Online Presence.
Personalization • Lack of market Competition • Social Media
• Low Startup Costs knowledge from Mass Marketing.
• Strong Online • Unclear of the Production • Workshops and
Community target audience • Shifting Trends Classes.
• Flexibility and • No proper fund and Consumer • Collaborations
Work -Life generation. Preferences • New design
Balance • Lacking risk • Copyright and development.
• Profits through taking ability. Intellectual • Skilled artisan
expansion. • Not having unique Property support.
• Sustainable design. Concern
products .
BUSINESS MODEL CANVAS
 VALUE PREPOSITION CANVAS

GAIN CREATORS
GAINS

• Unique and stylish design

• Own a statement piece
• Customizable options
PRODUCTS AND • Gift a cherished item
SERVICES • Warm and inviting texture CUSTOMER JOBS
• Create a cozy and
welcoming environment
• Hand crafted clothing and
accessories • Express personal style
• Custom crochet • Gift thoughtfully
commissions • Create a beautiful home
• Crochet kit for beginners • Learn a new skill
• Crochet community forum PAINS
PAIN RELIEVERS

• Struggle to find unique gifts

• Wide variety of designs • Cold and impersonal home decor
• Customization consultation • Mass produced clothing lacks
• Warm aesthetic personality
 FEASIBILITY TEST
PHASE 1
To gauge market interest and refine my target
audience, I plan to launch an initial collection of
10 crochet products. This limited launch will
allow me to gather valuable customer feedback
and identify potential areas for improvement in
my product line.
FEASIBILITY TEST
PHASE 2
Building on the valuable insights from the first
feasibility test. This phase will focus on developing
designs that reflect the suggested improvements and
enhance the overall concept.
 BUSINESS IDEA GENERATION
FEASIBILITY TEST-1

PRODUCT CATEGORY:
- KEYRINGS TARGET AUDIENCE:
- BAG KEYCHAIN
- HEADBANDS - College students
- CO-ORD SET - Working people
PURPOSE: - Kids
 Small items tend to be more affordable than larger ones, making them accessible to a wider
range of potential customers. This can be especially appealing if just starting out and trying to
build a customer base.

 With small items, I can experiment with a wider variety of designs and techniques without a
huge investment of time or materials. This allows me to find my niche and see what resonates
with my target audience.
 FEASIBILITY TEST-1
PRODUCTS

CROCHET HEADBAND
PRICE- Rs 480

FROG BAG HANGING

ICE-CREAM KEYCHAIN
PRICE- Rs 450
PRICE- Rs 580

PENGUINE KEYCHAIN
PRICE- Rs 450
 FEASIBILITY TEST-1
PRODUCTS

CO-ORD SET CROCHET TOP

PRICE- Rs 1200 CO-ORD SET CROCHET SKIRT
PRICE- Rs 1850
 COST ANALYSIS
Material Costs:

•Yarn: This is the most significant cost factor. Consider the yarn type (wool,
acrylic, cotton etc.), weight (thickness), yardage (length) needed for the project,
and brand. Higher quality yarns will generally be more expensive.

•Additional Materials: Hooks, stuffing for amigurumi, buttons, ribbons, or any

embellishments add to the cost.

Time Investment:

•Complexity of the Pattern: Simpler patterns with basic stitches take less time to
complete, while intricate designs with advanced techniques require more time.

•Your Crocheting Speed: Experienced crocheters naturally work faster than

beginners.

COST= Total working hours + Total material cost

 COST ANALYSIS

Cost per product : Material cost: Rs. 60

Labor cost per product: Rs. 500 (daily labour cost) / 5 (products made per
day) = Rs. 100
Total cost per product: Rs. 60 + Rs. 100 = Rs. 160

Making a profit of Rs. 24,000 per month

Revenue per product: Rs. 500 (selling price)
Monthly production: 100 pieces
Total revenue: Rs. 500/piece * 100 pieces = Rs. 50,000
Total cost: Rs. 160/piece * 100 pieces = Rs. 16,000

Making a profit of Rs. 24,000 per month

 BUSINESS IDEA GENERATION
FEASIBILITY TEST-2

STALL STORE
To analyse the market response and gather valuable
customer feedback, I conducted an initial feasibility
test. This involved setting up a stall within my
hostel, showcasing the products. I also included a
suggestion box, encouraging customers to provide
their thoughts and recommendations for
improvement.
SUGGESTIONS

Customers provided valuable

feedback, including suggestions
for colour variations, new
product styles, and expanding
categories with more items. I was
also delighted to receive
messages of appreciation
In this phase, I'll be focusing on incorporating valuable customer
feedback. This includes analysing their suggestions for improvements
and using those insights to develop new designs. These designs could
involve introducing entirely new product categories or refreshing
existing products with colour updates.
HEAD BAND CROCHET EARRINGS CROCHET BANDHANA
Inspired by pinterest PRICE- Rs 350 PRICE- Rs 650
Inspired by pinterest
 SUITABLE
SOURCES OF
FINANCE

The lack of initial funding makes entrepreneurs look for unusual ways to solve problems, create new offers on the market, and show
• BOOTSTRAPPING creative thinking.

When you receive funding from an angel investor, there's typically less risk than if you take out a small business loan.
• ANGEL INVESTOR
THANKYOU