The textile and apparel industry has rapidly grown in the past decade. The industry is expected to grow steadily with cheaper raw materials and innovative designers. However, running a successful and profitable business does not simply rely on these statistics.
When it comes to kidswear, apparel and marketing must go hand in hand. From newborns and infants to toddlers and pre-teens, consumer needs vary significantly.
This article discusses certain basic tenets of the clothing and apparel industry. The tips and tricks mentioned here should be implemented depending on the budget. However, cash flow should not be restricted or overused to keep pace with all the following measures. Ultimately, the entrepreneur must decide on which essentials to keep and triage the rest.
So here is a list of 6 business ideas that could help set up a profitable kidswear business. The list is by no means exhaustive or conclusive. However, the following ideas would likely guide potential entrepreneurs to make the right decisions to make their businesses thrive.
Having a plan is the first step toward setting up a business. Entrepreneurs must have a clear idea and structure in their minds. Also, preparing for untoward incidents never goes amiss. Planning to start a profitable kidswear business includes logo designs, naming the store, procuring resources and adjusting prices against other competitors.
Once the flow of money and inventory have been finalized, it is time for a vision. A business without vision goes nowhere. Making financial predictions to maintain the growth of the business is crucial. Entrepreneurs should also have backup plans in case of unforeseen events. It is better to have a plan and not need it rather than need it and not have it.
After making an initial business plan, including the logo design and raw material supplier, it is time to set up the shop. Depending upon the investment, there could either be a single store or a chain of retail stores. Location is one of the key factors for any business. Not only does the right location catch more eyes, but it also increases footfall.
To choose the ideal location for a business, there are three major things to note. The accessibility of the outlet store with respect to public conveyances, the economic strata of the locality where the store is to be set and most importantly, the financial factor, such as rent and security deposits.
The best business models may fail because of improper selection of location. Although in the age of e-commerce, the necessity of location has decreased, offline retail store locations still significantly impact the success of a business venture.
Marketing is vital to ensure more people visit a store and make actual purchases. In this day and age, marketing could be online or offline. Although digital and social media marketing attracts more attention, the old-school ways can be equally effective. For example, something as simple as a flier and a discount coupon in the local newspaper or fashion magazine can also be practical.
However, one should avoid strategies such as cold calls or unwanted spam texts or emails. It may cause more harm than good. In addition, these marketing strategies may annoy potential customers. So it is better to implement these strategies mindfully or avoid them altogether.
Hiring a marketing team is also an option. However, one should not let it significantly drain the business finances. Several companies take care of digital marketing campaigns. If their rates fit the budget, marketing may be the best way to promote the business.
Once the business is up and running, it is time to consider making it a brand. However, entrepreneurs must not rush this step all at once. Building a brand is instrumental first to build a loyal customer base. Then, once it is established, gradual marketing of products allows the brand name to build little by little.
With time, building a brand could allow more potential buyers to become loyal customers. As the customer base builds up, so grows the brand. However, quality control should become more stringent if the brand has to survive. Cutting costs by using poor-quality material will drive the brand name into the mud. All entrepreneurs should be wary of manufacturer quality.
Nothing triggers loyalty more than human interaction. Thus among all other business ideas, one is to hire the proper staff. Several customers may develop loyalty to a particular store if they like the staff working there.
The perfect staff members are not born but made. Therefore, entrepreneurs must ensure training for all employees they hire. This should include how to stock the shelves, the right displays and most importantly, interacting with customers.
Good and loyal employees may be hard to come by. So maintaining a rapport with the staff should be a priority for the business owner.
This may seem like an overstatement. However, most small businesses fail to keep their books straight. Such unplanned and undocumented finances could invite legal troubles. Furthermore, not keeping track of the finances hurts the business's growth potential.
Hiring an accountant is the best way to go. However, if the entrepreneur is efficient enough, they can maintain and manage their financial records. Having a clear financial picture would allow smooth cash flow and inventory tracking.
Moreover, with well-documented finances, future business expansion plans that may require applying for loans become easier. Although the efforts may sound cumbersome or boring, it adds up over the years as the business breaks even and starts showing profitability.
On the off-hand, apart from a financial team, legal services should also be empaneled due to need. For example, a frivolous lawsuit could cost the business significant resources. Therefore, it is better to enlist legal services right at the start to prevent unnecessary complications in the future.
Kidswear clothing businesses can be hugely successful if the right strategies are implemented. On the one hand, choosing the right manufacturers to have a free cash flow and inventory is necessary. On the other hand, the business also needs to employ the right people. Planning finances and having a vision are also vital. Finally, entrepreneurs should consider building a brand at some point in their careers. This attracts potential customers and may even churn out some loyal and exclusive customers.
To achieve a successful business, one must also have clean books. Although the task may seem tedious and harrowing initially, it all adds up in the long run. If possible, hiring an accountant is the best way to go. This helps with later expansion plans. Keeping in touch with legal advisors is also another often overlooked business strategy. Protecting the brand and business name from harm is the primary objective.
At Fashinza there are several options available for choosing the suitable material for clothing manufacturers, brands and designers.