[Start-it-up] How To Start Your Own Journal Business
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Want to ride the latest millennial trend? Think about setting up an online stationery start-up and focus on selling planners. Why you ask? Because it is the latest trend among people aged 15-35. And about 30 per cent of India’s population falls under this demographic.
Journaling is one of the up-and-coming millennial trends. Today, anyone between the age of 16 to 35 probably owns a journal or wants to get into the habit of journaling. So, naturally it is quite an interesting space to be in. Some famous online personalities who promote journaling include Rega Jha, BuzzFeed India’s former editor. She has close to 80,000 Instagram followers who trace her every move.
Alicia Souza is also a big name in this space. Among many other stationery products, Souza creates a yearly planner and sells them to her Instagram followers and also through other platforms such as Amazon. Apart from creating planners, Souza also partners with brands to create funny campaigns to attract young followers.
What is a planner?
Popularised by American social media influencers, a planner is a small diary, which helps you keep track of anything you want. It can track your productivity, habit tracking such as flossing your teeth and attending your fitness sessions, and also writing down what you are grateful for. Time management is one of the main reasons people buy planners.
How much does it cost to set up the business?
For starters, designing your own product would be a better idea. Adobe InDesign and Procreate, an iOS-based app, among others, are the most used designing tools. Monthly subscription for Adobe’s InDesign is INR 1,420 while one-time price for Procreate is about INR 800. Producing a planner costs between INR 100 to INR 400.
In the initial stages, marketing costs can be saved by sharing your products among friends and family, and creating word of mouth. At the same time social media campaigns could be another marketing tool.
Facebook and Instagram advertisements cost varies and should be about 10-15 per cent of the total revenue. Shipping cost would be anywhere between INR 40 and INR 50 for half a kg parcel.
If you are offering cash on delivery the delivery costs swing between INR 70 and INR 80. “A discounted deal can be cracked with delivery companies including FedEx, Delhivery, and DTDC once you become a regular customer,” said Karan Joshi, co-founder and chief creative officer at Odd Giraffe, a stationery start-up. This brings down the shipping cost.
Online marketplaces, such as Amazon and Flipkart, also charge their commission. Apart from that, 18-20 per cent of goods and service tax also needs to be taken into consideration before you price your final product.
A sweet selling price spot is between INR 1,000 to INR 1,200. The prices go as high up as INR 2,000 but that completely depends on your customer base and product quality.
Best part, you can do all of this out of your home. A dedicated office space is not necessarily required unless the operation becomes large.
Apart from the yearly planner, you can keep creating seasonal planner or subject planners.