Banana Wafers are a popular snack that has found its place in the hearts of people. It is giving competition to its more popular counterpart which is Potato wafers. Starting a Banana Wafers Making Business plan is a great idea from an entrepreneurial perspective because it is known for generating high revenue.
Banana Wafers first originated from the South part of India where its demand in the market emerged rapidly. The delicious taste of Banana wafers took everyone by surprise and became a popular product in the market. Soon the industry started growing and it gave entrepreneurs a good startup idea that provides a high potential of earning.
In today’s times, the business plan of making Banana Wafer is indeed a lucrative one. This business plan requires low capital investment and could be started in a small scale production unit. Apart from the manufacturing of Banana wafers, export is also a very popular and profitable business idea.
Below we have mentioned the whole strategic plan on how you can start your own Banana Wafer Making Business Plan. The right execution of these steps will lead you to run your own profitable business.
Contents
Market Research Of Banana Wafer Making Business Plan
Researching your product and analyzing its demand in the market is really necessary for making your business successful. Products having emerging demand in the industry are most likely to provide a profitable business plan. If we talk about Banana wafer, the demand in the market is definitely increasing.
The most consumption has been spotted in the southern parts of the country but slowly it is making its way in other states also. In a few states, it is still a new product that provides great scope for growth. You can make your Banana Wafer Making Business Plan reach the potential heights if you make efforts to expand your business in various states of the country.
Firstly you need to research the raw materials and their availability. The cost of raw materials also plays an important role in getting a high-profit margin. Then you should research the machinery that is involved in the manufacturing process and what is the cost of each.
After making all the required things available, now you need to determine where you can take your business. The right marketing of your product can solely lift the business on its shoulders. Apart from this, you can approach different dealers. retail stores, supermarkets, online stores, market places for your product.
Market Potential
The market potential of Banana Wafer Making Business Plan has hit the charts in recent years. This business plan provides entrepreneurs with great earning potential. Not just banana wafer but the industry of ready-made food made significant growth in the country.
This only triggered the market potential of Banana wafer and increased its demand in the market. As per the reports, the market for processed foods constitutes 6.5% of the whole market and considering the number of products in the market, it is quite a big percent number.
Banana Wafer make a good product to be sold at local shops, railway stations, bus stops, supermarkets, fast-food cafes, etc. The increasing demand in the production of Banana wafers has given a great opportunity to the manufactures to expand their business and make it reach certain heights.
Not just the retail market, but the production and demand of Banana wafers has also made significant growth in the export market. You can also become the exporter of Banana wafers and make it reach the countries where the consumption of the product is high. Specifically speaking, Asian countries make a good market for banana wafer production.
Raw Materials Required
Banana wafer is a simple snack that is easy to make and can be prepared with the help of just a few products. The ingredients that are involved in the manufacturing process of Banana wafers are as follows
- Bananas– Unriped bananas are used for making banana wafer. But make sure they are fully grown.
- Vegetable Oil– Banana Wafers are deep-fried, so for frying purposes, any edible oil is used.
- Salt
- Pepper
- Other Spices
- Small bags for packaging purpose
- Corrugated cartoons for bulk packaging and storage.
Unit Establishment
Banana Wafer Making Business Plan requires you to set up a commercial unit because there are various machines involved in the manufacturing process. To set up a small scale manufacturing unit, you will need about 750 square feet to 1000 square feet of area. The commercial place should have the required license and approval from the government. The procedure is further mentioned in the article.
The unit of manufacturing should be placed at a location where there is adequate supply of electricity and water. The place should not be too far from city place because it will make transportation harder. Apart from this, taking the land on lease is a better idea than taking it on rent or buying it.
Machinery Involved
The manufacturing process of Banana wafer making involves a series of steps that can be done with the help of various machinery. From peeling of the bananas to packaging the chips, the process is carried out with the help of the following:
1. Banana Peeler– A banana peeling machine is used in the process that helps in getting rid of the outer skin of the bananas. However, it is used on a large scale. For small scale production, you can use peel the bananas by hand.
2. Banana Slicer– A slicing machine is used for slicing the bananas in the exact thickness. The slicer runs with the help of an electric motor and cuts the bananas with even thickness in bulk.
3. Batch Frier– As we all know, banana wafers are deep-fried, so a big frier is used for accommodating the deep frying of Banana wafers. For frying any vegetable oil is used.
4. Oil Sieve– After frying Bananas are directly transferred in the oil sieve where the excess oil gets drained from the batch.
5. Dryer– Dryer is for removing the oil present on the surface of the banana wafers.
6. Spice Coating Tank– The banana wafers get transferred in the tank and salts, pepper and other spices get added in the tank later.
7. Sealing Machine– This process is concerned with packaging where the wafers get packed in the bags and the sealing machine seals the opening of the packet.
8. Others– Apart from the above-mentioned machinery there are other tools and equipment involved in the process such as weighing scale for the packaging the right amount, aluminum utensils, knives, etc.
Capital Investment
The investment required for the small scale production of Banana wafers is around Rs. 10 to Rs. 15 lakhs. The business plan of Banana wafer manufacturing and production provides a profit margin of 10-15%. For a source of investment, you can either contact the private investors and venture capitalists.
Apart from this, various government and private banks also provide loans for business plans and startup ideas. You just need to present your plan in a convincing manner in the front of the bank and if they believed that your business plan is worth investing in, then they will provide you with 70% of the amount of loan.
These are online links to apply for business loans at bank SBI, Bank Of Baroda, Axis Bank, ICICI, and HDFC Banks.
Production Process
The Banana Wafer Making Business Plan involves a series of steps that are carried out with the help of a series of steps.
1. First, the bananas are washed and peeled and the outer skin is removed. This procedure is done either by a machine or hand.
2. After the bananas are peeled, now its time to slice the bananas into even slices. This process is done with the help of an electronic slicer which slices the bananas with the thickness ranging from 1.8 mm to 2.5 mm.
3. Now the sliced pieces of bananas are transferred into the frying tank where it gets mixed regularly to prevent some pieces to be overcooked.
4. As the banana wafers get removed from the batch frier, they are transferred to the oil sieve. The excess oil gets drained into the oil sieve.
5. Now after this, the wafers get transferred into the dryer. With the help of the air blow, the dryer removes the oil present on the outer layer.
6. After this process is done, all the spices like pepper and salt get mixed in the container and rotated so that it gets spread evenly to all the wafers.
7. Now lastly the chips are weighed and packed in the packets.
Legal Authorization
1. Food Safety License
This license can be obtained by the Food Safety and Standard Authority of India shortly known as FSSAI.
2. Fire Department Licence
In order to obtain the fire department license, you will need to contact the local authority of the concerned department. You can search for your state license department here.
3. Ministry of corporate affairs
Ministry of Corporate affairs deals with the registration of your company. For this purpose, you can visit the official government website and apply for registration by clicking on this link.
4. GST Registration
GST Registration is the service tax registration of India. You need to visit the official government website for GST registration by clicking here.
5. Land Permit
A land permit is required for setting up a commercial unit. For your manufacturing business, you will need to contact the municipal corporation of your state. The whole list of the municipal corporations of different states of India is listed here.
Conclusion
The Banana Wafer Making Business Plan is quite a successful startup that generates high revenue and could be started on low capital investment on a small scale basis. The above-mentioned steps are a detailed description of how one can start his own Banana Wafer Making Business Plan.
The proper execution and marketing of the products play the main role in the success of any startup. If you have any queries or suggestions, please comment down below in the comment section.