How To Set Up a Fashion Business
Selling Any Type of Cloth
It is important to note that when starting the business, there a lot of areas to specialize in, although if you can cope you can as well dip your hands into all areas of the fashion business.
It might occur to you to decide to specialize and sell cloths and wares for women only or you can decide to concentrate on men only. There is also the market for teenagers, little children or babies.
It might occur to you to cater to the needs of young people or old people. You can further create a niche for yourself by deciding to sell only a particular type of wear or you can decide to deal in formal wear catering to the working class or business executive market. You can also decide to specialize in evening and dinner wears and so on.
Alternatively, you can decide the labels or designers you sell. You can be made popular by the fact that customers know that they can find a particular designer in your boutique. It is your choice to make.
What is the cost to Start-up a small boutique?
This is a very important question you might want to ask; you can start a small boutique with NGN200,000 to NGN 2Million of which out of this money, you will rent your store, buy hangers for clothes, buy a mirror that the customer will see, buy a small generator, buy lightings as well as cloth products you will use to start.
Things to Consider Before Starting a Small Fashion Business
Understanding the Business First
One great thing about and probably a negative aspect of this business is that the fashion world is ever-changing bringing out a lot of new styles and designs making this business a bit delicate because if you do not know your fashion well it can make you lag behind and lose customers.
It is therefore important to learn and know the latest fashion trends and stock up on them as this will increase your sales especially when your customers know they can get the best with you always.
Decide the Niche of cloth you would want to sell
As explained earlier, there are various options available to you to decide what part of the business you will like to partake in. This will be an important decision to make as it can affect how you start in terms of the amount of money you will need to spend when starting as well as where your business will be located.
You can decide to specialize in designer wears or local fabrics or it could be children’s wear or any other area, once this is done you now have a template to work with.
Try to Choose a Very Prefect Location
This depends on what aspect of the business you want to get involved in. First of all you have to decide how you are starting the business, if you do not have enough money to start big, you can start small and begin from your home.
You can buy clothes at wholesale prices and sell them to people. You can start from your neighborhood and build up your customer base. If you have the money and choose to rent a shop, your location may depend on the clothes you sell. For example, if you are selling international designer labels and outfits you may have to be located in an area where the people can afford your clothes.
Pay for a Store and make it set
It is imperative that, while looking for a store, please make sure you look for a busy area. A typical example of a good place for boutique business are bus stops, busy roads, inside the market, around school vicinity, etc. Once you secure a business place, get your interior set, and make it ready for business.
Get your Stock Ready
Now that you have a good business place, go ahead and buy your stock. A good place to buy cloths at wholesale price is Alaba international market, Aba, Wuse market etc. Some people prefer going to the Benin Republic to get fashion products at an even cheaper rate. Apart from looking far away, you can get yourself involved in mini importation or find an importer near you and buy your clothes.
Do Paper Works and Open Bank Account
Don’t forget to register your business with the Corporate Affairs Commission to make it legal. After business registration, go ahead and open a business account for your business. Also, collect a POS machine from your bank because some of your customers may want to pay you via POS. Just get everything ready.
Conclusion on How To Set Up a Fashion Business
You can have a very easy growing Fashion Business from the above listed items, you can now vividly become the CEO of your Dream and as well as employer of Labor.
Hope this Tips were helpful on How To Set Up a Fashion Business for more info Contact Us