In the modern era, apparel market has played a significant role in our society where fashion dominates. It has made a physical and psychological impact on our lives and it has become a desire for people to look smart and trendy. Some people dress well to feel more confident, to get others’ attention, some wear it for the comfort it provides, the reasons can be endless. Hence clothing industry is one of the industries that keeps flourishing no matter what financial crisis might be prevalent in the market.
11 Steps to consider before writing a Clothing Business Plan
1) The first and foremost step is to find what kind of work you desire in the market. On this basis, there are 3 possibilities
a) On-demand/direct to garment printing
b) Wholesale customization
c) Designing and creating
2) It is really important to research the market and look at demographics to understand what kind of clothing you are specializing in; sportswear or formal wear, luxury or cheap whichever is the most appropriate for your target audience.
3) After that, it is important to develop your budget for investing in equipment, licensing fees, insurances, rent for a location, supplies, staff, marketing, etc.
4) Then decide the base of operation of your preference, either you are doing it from home or moving into a shop/store/studio. Keep in mind that to expand your business you would require a working space and with that, you can start expanding your business.
5) Plan on the equipment you require, such as tailoring machines, printing machines, silk or cotton threads or any other fabric, blank clothes, etc.
6) Create a proper brand name, it should have an impact on people and should be memorable, easy to spell and unique.
7) For starters make a prototype design which you plan on releasing into the market. After creating the prototype have the product on sale for a limited time and ask the customers for their feedback about the design and comfort level.
8) If you are planning on creating a big brand, you would require staff members for handling different fields of work for your clothing business or line up.
9) Start mass manufacturing of the selected designs by getting in touch with a manufacturer, supplier or if you have the equipment units available, you can produce them yourself.
10) Keeping in mind the latest trends, test out new products, as clothing business requires a lot of testing and understanding the needs of the target audience.
11) Implement proper marketing strategies which may include paid promotions, connecting with your customers through social media and interacting with them is very important as well.
Marketing strategies for the Clothing/Garment business
- Promotions through social media platforms, advertisements, flyers, pamphlets, radio, and through television can help to attract customers
- Create an e-commerce website for your clothing/garment business, as people mostly opt to buy things online
- Setting up a social media handling team for Facebook, Twitter, Instagram, and other platforms to interact with customers and have an online presence
- Use the pricing strategy for ranging products from baseline to the premium line and encourage customers to check all the available options
- Increase your reach through the help of influencers and fashion bloggers through paid promotions or sponsorships
- Make use of the technology to its fullest by using artificial intelligence, in the form of chatbots which can provide 24×7 customer services to guide them through. Keep track of customer’s purchase lists to provide them with better recommendations
- Visuals are an important key factor for fashion brands that depend on aesthetics to attract and keep customers
- Regularly conducting giveaways and contests can help in the sale of new products. It can help in bringing a lot of traffic to your website and business
- Creating a style guide for your customers regarding how to carry your clothing, wardrobe hacks, etc. helps in building up trust with the customers
- Providing services to order online and get it delivered to the customer’s place with multiple payment options
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Important points to remember
- A reserve of designs should be made beforehand, as trends go out of fashion quickly
- The steps should be taken based on the market scenario, as the market is somewhat saturated with the presence of competition
- The business won’t grow at once; it would require some time to settle and to get customers
- Old inventory becomes insignificant with time
- There is no overall stability of profit over the year. Profits are produced in seasons and new releases, but during the offseason, sales might go down