Click here to get this post in PDF
Clothes maketh a man was a fact established several years ago and it still holds true. A lot of attention is given to the way people dress up and often it does make or break the deal as it creates the first impression about a person. These are the simple facts owing to which the garment business has been growing steadily but surely over the years.
If you too want to turn into an entrepreneur by starting or running a garment business, then what are you waiting for? Garments are always in demand, a basic necessity and a perennially evolving industry where styles and trends are constantly evolving.
Deciding to start a garment business requires some prerequisites to be ticked off and to make the business ready for the market.
One of the first steps involves registering the business so that legally the business is compliant.
Registering the Business
Registering a business is one of the primary aspects of starting and running an enterprise. A business entity is formed for the business owner to engage in business activity.
A business entity is an organisation set up by the business owners considering the factors such as the size of the business, nature of the business, the number of members involved, capital requirement, etc. There are various types of business entities to choose from in order to register your business, after weighing in on which type of business entity is best suitable for your business. The different types include Proprietary Concern, One Person Concern or OPC, Partnership Firm, Limited Liability Partnership or LLP, and Private Limited Company.
To help make a better-informed decision it would be good to know a little about the features of each type of business entity, like an OPC, LLP and Private Limited Company have limited liabilities while a partnership firm and proprietary concern have unlimited liabilities. On the other hand, no legal formalities in terms of filling out a form are needed to form a proprietary concern or a partnership firm while for an LLP, Private Limited Company and OPC you need to register under the Registrar of Companies. Similarly, there are different rules for the filing of financial statements and for the dissolution of each of the business types. Thus, it is necessary to consider each type before going with one to register the business.
Franchise or Boutique
Another decision that you must give serious thought to is whether you want to start a franchise model or a retail one where you get the ready goods from the parent concern and you just deal with the selling of the goods. Else you can even consider a manufacturing business where you take care of the manufacturing of the garments and can appoint others to sell for you or can sell yourself too. Else you can even consider an exclusive boutique where you design customised clothes as per the customer’s needs and requirements. The decision of what kind of garment business you wish to start depends on your passion and interest in the field as well as the knowledge you possess.
Create a Niche
When you get into the garment business you are aware that it is a business sector that has been around for ages and is not a unique business as such. How you can stand out, however, is by making a niche for yourself. You can try and be unique in the way you advertise your business. Or you can even experiment and be known for the way you plan your shop window and how innovatively you display your garments. You can even make a niche by catering to a specific crowd such as garments only for children or only ethnic wear or only linen garments, etc. Or if you plan to design and tailor your own garments, you can be unique and creative in terms of designs and fittings. The point is to do something different than the run-of-the-mill for people to take notice and come back to you for the special something that you offer.
Apart from these tips remember to use various means of digital marketing to advertise your business, especially on social media platforms. Additionally, you can promote the business via offers, discounts and sales. Also, it is equally vital to consider having a good accounting system in place and also to hire the right kind of friendly staff to cater to the customers.
These tips will definitely help you decide whether your garment business is ready for the market or not.
You may also like: Sole Trader – A Guide for Start-ups and the Newly Self Employed