How to Start a Clothing Company in Bangladesh with Small Investment
Starting a Clothing Company in Bangladesh with Small Investment
Although no industry is easy to break into, it’s especially true about clothing company in Bangladesh. That’s why when other industries enjoy a 50% or higher business success rate, retail and apparel don’t.
In fact, the number is 53% of the clothing lines who will fold by the fourth year’s end. It’s competition, which is one of the reasons for the higher rate of business failure.
And today’s in-demand style will be tomorrow’s forgotten look as the new designs are abundant. Although competition is the reason many lines fail, another significant reason clothing businesses have lowered success rates is the business end itself.
And because many individuals are artistic, they who launch clothing lines do so. But, these individuals generally are not entrepreneurs who understand how businesses operate though.
Factors to Success in Clothing Company in Bangladesh
If you don’t capture the imagination of a specific segment of the population then you’re going to have a tough time building a successful clothing company in Bangladesh.
It would need an entrepreneur who has innovative concepts to bring into the market to run a clothing company successfully.
Also, you should not sacrifice the comfort of your client in bringing in new innovations. You have to find a specific niche to do it and it requires finding 3 things, including:
- Your unique perspective,
- Current social and industry trends, and
- A unique solution that delivers
Steps to Start Clothing Company in Bangladesh
You’ll get a good shot at being the next superstar clothing company in Bangladesh if you can do those things well.
So, you should read the entire content so that you can get a good understanding of how to start clothing and how to create a successful one. Apart from these, starting a successful clothing line too comes down to 5 things:
- Consider having the right story for the right market
- Design a great, unique solution
- Try to manufacture the right quality at the right cost
- Build a fanatical fan base and
- Drive sales
Now, let’s know the steps are to follow while starting a clothing company in Bangladesh.
First Step: Business Plan
You should start off by nailing the basics if you need a business plan to secure funding or other support. In order to understand your target market and any competitors, you’ll also need to include the analysis you’ve done.
But, keep in mind that this does need to be data-oriented, concrete and preferably something you’ve done with external sources.
Although there’s a place for this, it can’t just be your personal view of what’s wrong with the current market options. Also read: Good Business Ideas with Small Investment
When you’ll make a business plan, it should include many things regarding your business, including:
- An overview of your business,
- Who’s involved in your business?
- Marketing goals,
- Business competitors
- SWOT analysis
- The covering areas
- Financial projection
- Target market
- Sales and marketing strategies and many more
Second Step: Set up your business
The same principles apply when organizing your startup if you’re not writing a full-on business plan. Although you may be planning just to buy a sewing machine and get straight to work, even this is a time and resource commitment.
Put down in writing how your business will take shape if you’re investing effort and have goals for the future.
This consists of many things like the business location, working mechanism, which runs things, and your product catalog. Not only these but it’s the matter of sales and marketing, insurance, funding etc.
Third Step: Make your designs
One of the most exciting stages is product development for any clothing company in Bangladesh. What you have to do in this case, start getting it on paper or screen, as a sketch if you only have a design concept for one product in these early days.
Turn rough ideas into nailed down digital sketches when you’re ready. And it’s better if you know programs like Illustrator as it can do a lot of the hard work for you.
Must Read: Best Clothing Business Ideas in Bangladesh
After completing the sketches, it’s time to think about your ‘tech pack’. This is because it’s the essential information you’ll give to your manufacturer. Ahead of sourcing your manufacturer, you’ll need to get started on pattern making and grading from there.
Fourth Step: Start manufacturing
Although now you’re ready to send your patterns, samples, and documentation to a manufacturer, this is one of the hardest parts of starting a clothing line.
In this case, you’ll need to determine the size of your order because some manufacturers will only take a minimum size order.
After your clothing line takes off, in all likelihood you’ll start with a small batch run manufacturer and then find a large-scale manufacturer. Because initially, you want to keep your inventory as low as possible, this is important for your business.
Also, you should think about your potential customer along with your own aims and reasons for starting a clothing company in Bangladesh.
Factor in cash for packaging and your customer communications, and above all, try to be consistent as far as your budget allows.
Fifth Step: Build a Community
Your best sales source is going to be word of mouth, no matter what sales model you choose.
You need to build a rabid community of fans is going to be a key part of success like most startups. If you want to get authentic, unique story of yours out there then fire up your Facebook, Instagram, and Pinterest social presence.
You’ll probably be doing a number of the steps in parallel as it’s laid out in some factors. Among them, visiting apparel marketplaces is one.
If you’re showing your designs to buyers and also making some direct sales then these are a great place to do market research. In this case, try to sell directly to visitors while meeting large and small retail stores and e-commerce retailers.
Sixth Step: Scale-up
You’ve made your first sales and you’re ironing out the creases as your clothing company is launched. With plans for new products or bigger orders, scaling well may be on your mind as an ambitious business owner. And before committing to any big next steps, take some time to reflect on how your business is going.