Do you want to start a lingerie line company? Or you need a sample lingerie line business plan? If YES, then i advice you read on.
Buying and selling stuff is considered to be one of the few businesses anybody could engage in simply because it does not require any formal training or technical skills. As a matter of fact, anyone with little education but good marketing, book keeping and customer service skills can do pretty, well as a business man or woman that is into buying and selling of commodities.
N.B-: This article was culled from: “The Complete Guide to Starting a Clothing Line from scratch.”
If you are looking for a business to start without much stress and you know you have a flair for women stuff, then you should consider starting a lingerie business. Starting a lingerie business is not capital intensive, and it is highly profitable especially if your outlet is well located in a commercial area and you know how to get cheaper supply.
The fact that the women folks can’t really do without underwear et al makes lingerie a compulsory component of women’s fashion. So, if you are already running a fashion house or boutique, then it would be very much easier for you to add lingerie to what you sell.
However, if you know that you have the financial capacity, you should look beyond the just buying and selling of lingerie and start up your own lingerie line. No doubt this aspect of the business is capital intensive and requires creativity and a very good marketing strategy to be able to break into the market; simply because the competition in this line of business is definitely high out there.
You can as well start your own lingerie business as a wholesale distributor, if you know you have what it takes to do it. Whichever choice you make, this article would provide useful information to you.
Here are 7 steps required to successfully launch your own lingerie business and build it to profitability within the shortest time possible.
Starting a Lingerie Line – Sample Business Plan Template
1. Make up Your Mind
It is often said that anybody that wants to build a house should first sit down and count the cost to be sure he has all it takes to complete the project; same applies to starting any business. So you just have to get all the facts and figures about lingerie business before committing your capital to the business. It is very important for you to make up your mind so that you won’t be discouraged along the line when confronted with the challenges synonymous with running small scale or medium scale enterprise.
Capital is definitely the life line of any business, and you must do all it takes to raise the adequate capital needed for you to be able to successfully launch your own lingerie business. There are various means of raising start – up capital; you can get a loan from your bank, you can get soft loan from your family and friends, and you can make use of your savings or the benefit you get from your employer (applicable for those transiting from paid employment to being self employed).
The choice of facility you choose for your lingerie outlet (shop) and its location will go a long way to determine the numbers of clients you will attract. If indeed you want to your lingerie business to enjoy high patronage, then you must ensure that you rent a decent facility in an area notable for the sales of fashion accessories.
If you are fortunate enough to live in an area where they have a good shopping mall, then you should do all it takes to secure a store in the mall. Shopping malls globally attracts loads of people who are looking for a secured and convenient ways to do their shopping. You can also start an online boutique to enhance your sales.
If you have been able to secure a store for your lingerie business, then you should look for ways to get the right sizes, colors, design, and lingerie label (designers) to stock your shop. The truth is that you should be able to know the quantities to buy based on these factors, so that you are guaranteed a fast turnover rather than having a stock stay longer than required in your shop.
Whether you like it or not, price has a major influence on what people purchase despite the fact that they might need it. So, all you need to do is to ensure that you get your pricing right so that you may attract more customers. For instance; if your competitor is selling same product and brand for $4 and you choose to sell yours for $3.99, people may prefer to buy from you because they would consider it cheaper, even though it is a negligible difference.
If you have been able to lease a shop, stock your shop and get your pricing right, then you should then inform the community that they can buy their lingerie from you. Part of what you need to do to create awareness is to print handbills and drop it off in strategic places where people can easily pick it.
You can also list your business in your community’s directory and if your community has a community based newspaper, then you should advertise your business in it. The truth is that most of these community based newspapers are distributed for free and it is cheaper to advertise on them.
7. Stay Abreast With Female Fashion Trends
If your intention is to do well in the fashion industry, then you must ensure that you do all it takes to keep tabs with the changing fashion trends, or else you will be left behind and your shop will only be stocked with outdated lingerie. Part of what you need to do to stay abreast with the female fashion trend is to read fashion magazines, watch fashion shows on TV, and attend fashion exhibitions.
There you have it; the 7 steps needed to successful launch your own lingerie business and build it to profitability within the shortest time possible.