How to start a clothing business, the easy guide explained
Starting a business?
But what kind of business suitable for me?
There are many types of businesses for you to start with. Clothing is just one of the many options out there. It is in fact, one of the most popular businesses which have been around for centuries. Great passion, backed with all the right ingredients and strategy can make your newly launched clothing business grow in no time and you will be richly rewarded with handsome revenues, satisfaction and eventually financial freedom.
But opening a clothing business is not just about finding a premise, dumping your stocks, sitting on the cashier’s seat and begin watching the customers flocking into your shop. It takes much more than that. Certainly, there are quite a number of ‘pre-work’ you will have to do before embarking on this serious business.
What kind of clothing business?
What kind of clothing business you intend to open? Clothing items can be really wide and general – just spend some of your time visiting the nearby shopping malls and try to count and categorize the clothing stores over there. You will get some ideas how distinguished the clothing business can be. In case you are starting the business from scratch, consider zooming into some specific category, rather than selling everything imaginable related to the word ‘clothing’.
You can sell women’s clothing, men’s wear, casual wear, modern & urban wear, accessories, fitness clothing, summer clothing and so on. The list is almost endless, but you must be smart enough to determine which one would be suited to your passion and the market.
Paperwork & licenses
Craft a proper business plan that evaluates the prospect of the business, the financing, the marketing and all the what not. It will be critically more important when you need to seek for a venture capitalist or funder. Register your business beforehand, make sure the business name is not the priority of others, and obtain all the necessary business and local licenses before starting your business operation.
Assess your targeted premise
Assess and evaluate your targeted premise, and don’t just choose it because it is close and conveniently located from your place of living. Study the traffic and the prospects that drive or walk through the premise as this can be the sign of how your clothing business will be doing. Scour for more prospective locations before you decide which premise you’d eventually choose.
Discuss and find out the leasing terms of the premise. Identify any potential loopholes or other terms that would make your life difficult in case you decide to move out or buy out the property.
Streamline your marketing
Pay particular attention to your marketing in your business plan to ensure that you can meet the projected revenues and hit the breakeven point within the targeted timeframe. Marketing is one of the most important aspects evaluated by the banks or the venture capitalists when considering funding your business.
Also, will you be selling your clothing items merely through your retail outlet, or is there any other diversified marketing method e.g. distributorship, agent appointment, website, social media and so on? The more the marketing methods, the better it is as you have multiple channels that can drive the revenues from different targeted market segments.