Over a billion pieces of clothing are sold annually throughout the globe, making the ready-made garment business a $3 trillion market. By 2022, the Indian clothing industry is expected to reach a value of over $59.3 billion, and the country will rise to the position of the sixth-largest fabric manufacturer worldwide. There are more people to buy things from, and their spending power is increasing, thus the market is expanding. It’s a massive marketplace ideal for businesses of all sizes.
A clothes retailer or wholesaler sourcing fabric in large quantities from a manufacturer or wholesaler and then selling finished garments to the general public. A wide variety of clothing is available for purchase. Choose a certain market to focus on, such as children’s clothing, teen fashion, men’s clothing, or women’s clothing. Some clothing stores have a dedicated clientele because they serve a niche market.
A guide to setting up your own apparel business
Creating a successful apparel retail business requires careful preparation. Your success as a retailer depends on your ability to locate an ideal storefront, craft a solid company strategy, and locate high-quality goods at competitive prices. Following this strategy may help you launch a profitable apparel retail company in India.
Document your aspirations. Defining your goals for the clothing store in which you work is a good first step. If you want to open five shops in the next decade, that’s a reasonable aim. You might also be looking to effectively grow an existing retail outlet.
Develop business plan
A well-thought-out strategy for running the clothing store is in order. A well-thought-out business plan is essential if you want to get funding and get your feet off the ground. Advertising and marketing plans, company funding, business hours, management and staff selection, and business operations are all part of a well-thought-out business plan. Get the appropriate permits and licenses for your clothing business from the relevant authorities.
Location
Put your shop where plenty of people will notice your clothes, like a busy street. Leasing a storefront in a heavily trafficked retail center, for instance, maybe a wise move. In addition to the main storefront, you’ll need a place to receive and tag goods, a cozy spot for staff to relax, and a few private offices. Your storefront has to be visible from the street in order to attract customers. People are more likely to visit your shop to look at it if it is prominently displayed.
Select a core style
The first step in starting a ready-to-wear clothing business is deciding what kinds of items you want to sell. You may choose to include clothing for men, women, and/or children, or any mix thereof. Doing market research to see whether people are interested in a certain sort of clothing is a fantastic idea. For women’s ethnic clothing, for instance, there may not be a good local option.
Marketing strategy
The goal is to attract people to your clothing shop and convince them to make a purchase. An effective advertising campaign will show buyers why your clothing is superior to the competition. The business strategy will serve as the basis for all marketing actions taken. Advertise in a local magazine or newspaper that is read by males over 40, for instance, if you’re selling clothing to that age group. Using social media to spread the word is also crucial to your campaign’s success.
Finance
If you don’t have any spare cash on hand, ask close friends and family for a loan. You may also apply for startup financing from a bank or seek out an investor. Crowdfunding is a fantastic option if you need money to launch or expand your clothes company.
A technical system
To remain competitive, stores must embrace new technologies and methods of better catering to their customers’ wants and requirements. As a result of the Covid-19 issue, the retail industry has shifted dramatically overnight. Online shopping has become the norm. Online shopping is becoming more popular, however, if a product is in short supply while being in stock in a physical location, the company may see a drop in revenue. An efficient Order Management System is the answer to this problem (OMS). In order to boost sales, stores must adopt a data-driven approach and use systems that expose all products across all channels. In addition to handling online purchases, your sales associates may provide a more personalized shopping experience by accommodating customers with requests like scheduled appointments.
Sourcing
Find online goods distributors that have the clothes you wish to sell by doing some research. Get in touch with them through email or phone and tell them you’re interested in purchasing wholesale amounts of their goods to resell in your shop. You may also find wholesale goods for your shop by going to trade exhibitions.
Bottom line
From the above points you can know the steps, you have to take to set up your own clothing business. Setting up your own business is not easy to crack. When you plan something in the right way, you can eliminate the issues. The best step to guarantee the success of the clothing business is to have the best sourcing fabric partner to get textiles for clothing. Thus, if you are looking for such a partner or platform then fabric lore is exclusive for you. Here, you can get the best chain of fabric manufacturers that offer endless possibilities of fabric. Along with it, you can also choose an option for customization of fabric for your clothing business.
