They say that the clothing and fashion industry is one of the most profitable industries in the world. However, making a brand in an industry like this, which has an exponential rate of competition, is quite a difficult job. But does that mean that one should not even try? Well, this is no reason to quit. On the contrary, this only calls for a much greater effort on making your brand successful.
Now, starting a business is quite difficult as it is. No matter what industry you are choosing to operate in, the failure rate of starting up a business in these competitive times is more than 40% in the first year of operations. 90% businesses are most likely to fail within a decade. Now, this data is not just for any one particular industry but in fact, it is for all the industries.
However, as mentioned before, these are not reasons to quit but rather these are reasons to buckle up and work even harder and be even smarter than before. This is the only way in which you make your businesses succeed.
Now, as far as starting your own clothing business is concerned, then there are many ways in which you can start your own clothing brand. If you are someone, who wishes to have his or her own clothing business and if you are short on investment then you are at the right place. In this blog, you will find out some amazing tips, which can help you not only start your clothing business with the least amount of capital involved but in fact, your chances of success and your profit margins will be quite high as well.
Here are some amazing tips, which can help you in doing that.
Bulk Buying & Selling Online
The first thing, which you need to understand about starting a business with less capital is, that you must focus on buying in bulk quantities. This is something, which will help you in saving a lot of cost. You can benefit from the concept of economies of scale, where buying in bulk or producing in bulk can help you reduce your costs considerably. Now, another thing, which you need to understand and practice is, that you must go for buying overrun clothes.
Overrun clothes are branded clothes, which are damaged but, only slightly and these clothes are not usually, kept on the shelves in the branded outlets because they do not meet the standards of the brands. Therefore, buying such clothes is less costly than buying other clothes, which are not damaged at all. Moreover, if you buy these damaged clothes in bulk then the amount of cost you will save is going to be exceptionally high.
Once you have decided to buy such clothes in bulk, you also need a way to sell these clothes as well. The best way to do it is to start your own brand. You need to make a website and put your clothes on sale there. Furthermore, you also need to create pages on different social media platforms as well such as Instagram or Facebook, which can help bring high volumes of web traffic on to your websites as well as give your sales a major boost.
Be Straight with Your Customers
Rather than telling your customers and lying to them about your products about how amazing their quality is, the best approach is to offer them the truth. Tell them openly about your products and share with them that these clothes are slightly damaged. However, with the negative, you must also provide them with the news, which allows them to see the positive aspect of your brand as well. You should also offer them information about the brands, which clothes you are selling as well.
See, people will be more careful in buying these clothes from you however, they will not complain once they have bought them because you have already been quite open about the clothes being damaged. This is something, which will, not only help you in increasing your sales but in fact, it will also help you build a strong relationship with your customers as well, which is based on the truth and trust.
Offer Comfort in Low Prices
See, your clothes are damaged, slightly may be but, they are still damaged. Now, you need to focus on offering your customers something, which is going to help you in attracting them to buy from you. Firstly, you need to keep prices lower than the rest of the clothing brands out there. Even with lower prices, you will be able to have quite a high profit margin because of bulk buying of damaged goods. Furthermore, you also need to offer your customers ease in shopping as well. It is highly recommended, that you start providing your customers their orders at their doorsteps.
Moreover, you can also allow your customers to check the products thoroughly before they can provide your delivery guy with the cash. Give your customers the liberty to cancel the order until the very, last moment. Yes, in the beginning it might cause a lot of problems for you. However, once your customers start to trust your brand as someone, who cares about their customers then you will start getting more orders. You may even be able to instill feelings of loyalty in your customers and have a much higher customer retention rate than most of the clothing brands out there.