Are you interested in opening your clothing store? Well, determining your target market and finding a loan option at affordable business loan interest rates is the first step in the right direction. Wondering what’s next?
Look at these simple steps to establish your garment business in India.
Step 1: Get the required funding
Opening a garment shop business can be a costly affair. So, it is always good to start small and expand as you gain market knowledge. To begin with, you’ll need adequate funds for opening a store, stocking inventory, and so on.
First, figure out how much investment and working capital you will need to keep the business going initially. Since it requires ample funds, you can consider applying for a loan from a lender that offers low interest rates. You can also use an online business loan EMI calculator to get an estimate of your payments.
Step 2: Find suppliers
Next, look for suppliers that will provide you with raw materials based on your niche and target market. You can either design and produce your clothing line or contact wholesalers for readymade garments.
Step 3: Pick the right location
For a retail shop, location is everything. You need to be where your prospective customers are shopping.
While marketplaces and shopping malls are convenient choices, you will have to compete with several similar businesses. It is best to pick a shop in a popular location where there is high foot traffic but less competition.
Moreover, a business loan can help you pay for the deposit and rent of the store during the initial months.
Step 4: Complete the legal registrations
Now that you have the basics covered, it is time to register your business. For this, contact the local administrative bodies to get legal permissions and establishment licenses, including your lease/rent agreement. Additionally, you will need to register your business under GST within 30 days to avoid any complications in the future. You can consult a legal counsellor for the same.
Step 5: Invest in infrastructure
Now, finding the perfect shop location is only the beginning. Once you’ve set up the shop, your store should be appealing enough to draw the customers in. So, make sure it is attractive and neat. Also, keep the shelves organised with proper lighting and mirrors for the convenience of the customers.
You can also consider a loan at attractive business loan interest rates to finance such expenses and give your store a stylish and striking look.
Step 6: Hire a staff
Lastly, if you have the budget and the need, consider hiring one or two helping hands for better shop management and customer service. Go for someone who is talented, friendly, and experienced to ensure your shop operations run smoothly.
While the clothing industry has plenty of growth and profit-making opportunities, your primary focus should be on providing excellent quality and services to the customer. Make your buyers feel valued, and you will have a successful brand image in no time!
So, craft a business plan, check your business loan eligibility, and secure the required funding to get the ball rolling.