Pottery Studio Business Template:The idea of a studio dealing in ceramics has originated from the traditional pottery on the wheel. It is a place where you get to work on your love for ceramic using clay and sculpture using tools which is a practice since ages. Giving free rein to your talent, you can create the pieces yourself or design them to be fabricated on the studio floor with the help of skilled hired hands. Let us look at how a studio project can be launched and transformed into a profitable business entity.
- Groundwork for Feasibility: The primary step to launching a studio is to conduct a feasibility study on your own and not emulate. Your informed decisions and analysis, including the choice of location, can be strategically vital to the project.
- Pick up The Trade: It is presumed that your passion for art is backed by formal training. Even then, it is a good idea to get into further honing your skills as it will ultimately benefit you in your pursuit of excellence, creating demand for your products.
- Create Your Business Plan: Though success is not fully dependent on a nuanced approach in this creative business, having a well-defined business plan will give you an edge over competitors. Also, it will help you look for finance from established lenders like banks and Fintechs like Lendingkart. The plan must essentially cover:
- Projected Profits.
- Marketing Strategy.
- Expansion Strategy
- Look for Startup Funds: If you are not sure of your nest egg to bankroll the project, you will have to look for investors to launch your project or seek willing lenders to provide credit to you. A solid business plan is a potent tool in your hand to convince the lender about the viability of the project.
- Registration Compliance: It is mandatory to register your business and acquire the requisite licenses. You will also be required to register with GST if the projected turnover exceeds the threshold.
- Acquiring Suitable Space and Equipment: You are the best judge of the space and other considerations that will make the studio run. Space should be enough for working in clay, drying with a suitable storage facility. Additionally, space should have adequate ventilation and abundant supply of water. The bare minimum equipment required is:
- Kiln (Oven or furnace)
Areas for finance from a lender:The traditional lenders in India are the Banks and the NBFC. They have a range of credit products for every type of business loans, including some sponsored by the Government like Mudra or subsidy under CGTSME schemes. But the regulations are stringent and time-consuming. On the other hand, Fintechs like Lendingkart are rewriting the contours of lending with innovative small business loans on liberal terms in a matter of hours. The areas to be funded are:
- Purchase or lease of equipment
- Procuring inventory and supplies.
- Acquire space
- Design and execute a marketing campaign.
- Completion of legal formalities.
Eligibility Criteria of Arts Studio Business Loan:
- Applicants must have attained 18 years of age.
- Proprietors, Partners, and Limited Liability Company.
- Enterprise in operation for six months.
- Quarterly turnover over 90,000
Documents Required:In the case of Fintech it is bare minimum, but certainly likely to vary by the nature, quantum of loan and the ownership pattern.
- Valid KYC documents of the promoter and the business, including PAN card.
- Aadhaar card of the Promoter.
- Proof of Business existence
- Proof of Legal compliances
- Copy of Partnership deed.
- Copy of Certificate of Incorporation and Articles of Association.
How to apply for Arts Studio Business Loan:Fintech companies offer a digital platform for the complete cycle of business loan. It not only promises a seamless experience but is also convenient. The simple steps are:
- Online submission of the application
- Upload of documents sought by the lender.
- Evaluation of the application and supporting documents.
- Sanction and disbursal of the loan by a credit to the account.
Fees, Charges, and Other Features:
15% to 27% depending on the tenure and credit score
1% to 2% of the loan amount one time on disbursal.
Maximum 36 months
EMI or fortnightly
Loan for Pottery / Arts Studio FAQs:
1. What is the quantum loan granted by Lendingkart?
You can seek loans from Rs.50K to Rs.2Cr
2. How much time processing of loan take?
In banks, it can go up to 15 days, while in Fintech, the maximum time taken is 72 hours.
3. What are the general forms of business loans granted in India?
4. What is the usual way to evaluate creditworthiness?
It is usual to check up the score at rating agencies like CIBIL. Lendingkart additionally relies on data analytics.
5. Is there any restriction on the use of business loan funds?
The fund must be used only for the business, which will primarily streamline cash flow and generate revenue.