HOW TO START AN ACCESSORIES COMPANY
Today, the fashion industry has taken the world by storm. With the rise of social media and celebrity culture, everyone is focused on styling and decorating themselves like a piece of art. Thereof, fashion has become an art now and the designers and the wearers are artists. The way a person style themselves has become synonymous with their personality. They have clothing for almost every occasion and mood. This has given rise to a new passion and that is designing clothes and has attracted a lot of youth to come forward and claim their styles to be the best. Small names turning into big and popular labels have given hope to people that they are worthy of that recognition too and with their passion and determination will succeed in making their names big.
Create a Plan
Decide what will be your reach. If you want just an offline store or want to accompany it with an online site? Make a plan for what is going to be the size of your business at first. The growth will only follow if you thrive in the market and accessory company needs investment and time as you can’t expect that all your products will be sold in a day. There will be days when you sell no accessory or on others, you may sell plenty of them. One should always be ready for bad days. There is a huge requirement of marketing your product since the competition in this arena is increasing every day, so make sure you plan accordingly.
Increase your expertise
To open an accessories company, you need to have a lot of information about trending accessories and styling. You should be an expert. Take a fashion course or diploma and learn management skills as opening a company in the fashion industry demands for that. Understand how different types of accessories are made and what are the skills and techniques required.
Decide your niche
There are numerous varieties of accessories designs that are available in the market some are ethnic, modern, quirky, you have to first decide what is your area of expertise and the products you want to sell. It will be easier for you to set your feet in the business arena once you have decided your niche and it will keep you knitted to your accessory business.
Decide on products
There is an array of types of accessories in the market such as plastic, metal, wood, glass, etc, you have to first decide what are the types you want to sell. These changes according to the season, festivals, fashion, and celebrity trends. Do you also want to sell beauty items in your shop with it? The accessory company will expand and the list can always increase but decide first what is your introductory range and how attractive are its design for the local public and will it get enough attention.
Setting up any business requires a strong local connection and communication so that the business can propagate but with the rise in the use of e-commerce, things have become a lot easier. Make a website for your accessory business and set delivery boundaries according to yourself. Arrange your products in different categories and use various models and tools which are available online to make your website catchier and more attractive.
Rent or Buy a Shop in Good Location
Keeping in mind that the online market for accessories is also growing but the online purchase might not feel familiar to a lot of people and so you can also open a shop as it will a good option for customers as they know you and would expect a certain level of compassion and help from your end. This will also build their trust for your brand. The shop does not need to be a very large space. You can start with one single room 10*10 sq feet shop. Set up your store which is in a busy market that has good footfall.
Highlight and Infrastructure
The infrastructure of an accessories shop is pretty basic. You’ll need a counter, shelves with small compartments, glass covers for shelves. Along with basic lighting, use extra lights such as LEDs and fairy lights in each compartment. You can decorate your shop in a traditional or fancy manner depending on your budget. Using different types of lighting will work as decorative and will also make your shop look bigger given that it is such a small space. You will have to research what are the demands of your customers while they look for accessories and so that you can recommend them wisely as to what they can buy. You can also put chairs or couch for your customers for their comfort. It will make your small place a bit fancier.
License and Permit
To start any business in India, you need to have legal permission sorted beforehand to avoid any hassles with government officials. You’ll need to get yourself registered as a business person, get storage approvals, get a trade license, get yourself a GST registration, and get all the documentation handy.
If you are making your new brand, make sure you get a patent by your brand name so no one can copy your products.
Choose the right Distributor
Make sure you have a distributor who can easily make you available which the supply whenever you demand them be it the accessories or the manufacturing material. If you want to run a good accessory company, you should know that customers should not go empty-handed just because you did not have enough options available on that day. You should avoid displaying items that are sold out on your site and should replace them with new products and varieties.
This is amongst the first things to do. Starting any company is not an easy task. You are setting up an accessory company which requires substantial monetary fund. You will require a principal investment. Get yourself sponsors who are willing to support a local business and have your back.
Create a brand name and logo
Although this sounds very common before opening any new company in the fashion industry, understand that a brand name is very important. All the accessory labels you hear about today were once just start-up like yours but determination made them big. Decide for yourself a brand name that people find appealing and represent the range of your jewels. You can also look for a name that has your personal story behind it. Make sure once you decide the name and logo of the brand, get a patent.
Help from Influencers
Take help from the local influencers of the city by sending them free products and ask for them to promote them for you online. People listen to the influencers they follow and this can help you build a popular base quickly.
Social Media presence and Marketing
Social Media is used by almost everyone around the globe. It is almost certain that at least one person in a household must be using any social media platform. Putting up pages on Facebook and Instagram, developing a strong SEO, and investing in marketing offline can bring great audience attraction to your accessory company. Putting up ads with discounts and amazing offers are always a plus. Along with online, spending on offline methods to propagate business is necessary. Go old school and hand our pamphlet whenever a customer arrives. Since you have an offline store and most customers will save your number for future reference, you can invest in WhatsApp Business and use its marketing tools to propagate your business. Remember to greet them nicely and make them feel important.
Starting any business takes a good amount of planning. The accessory company is a small market. If you want your new business to succeed, understand the risks that come with entrepreneurship. It often takes a few years to get a business off the ground even with the best-laid business plan and advanced marketing. To open any business, one should be ready to work hard and show a lot of perseverance and determination. Any business will have good and bad days but it depends on the owner how they want to go about it. All the best!