How to Start a Garment Wholesaling Business in Bangladesh
Garment Wholesaling Business in Bangladesh
Because you want to start a garment wholesaling business in Bangladesh, you’re reading this content. This may be the right business for you, whether you’re currently a white-collar professional, a manager worried about being downsized, or bored with your current job.
You’ll be trading goods for profit, which is much like the merchant traders of the 18th century. Also, it may be bits far-fetched while the romantic notion of standing on a dock in the dead of night haggling over a tea shipment.
And those who bought and sold goods hundreds of years ago, the modern-day wholesale distributor evolved from those hardy traders.
Apart from these, you might want to consider a wholesale clothing business if you’re thinking of starting a new online business.
How Does Garment Wholesaling Business Work in Bangladesh?
Since you sell to retailers and other jobbers after buying in bulk from distributors and manufacturers at wholesale, it’s easier than being a retailer.
After deducting business expenses you add a markup and resell with the markup being your profit. You can start from your garage and ultimately get a warehouse when you expand Depending on how small your clothing wholesale business is.
On the other hand, you don’t sell your merchandise directly to the public when you’re a clothing wholesaler.
Instead, you’re selling to either retailer or to other jobbers. Before selling to retailers you buy in bulk from major distributors and manufacturers at lower prices and add your markup as a clothing wholesaler. And you’ll specialize in one area as a niche wholesaler.
Steps to Start Garment Wholesaling Business in Bangladesh
How you set up your garment wholesaling business your decision here will determine that. Although it looks as simple as ABC, it’s not so in reality.
For this garments wholesaling business in Bangladesh, you have to follow a lot of steps and rules.
After that, you’ll get the taste of success and it may take at least four years. Well, let’s know what the steps are to follow while starting this business.
First Step: Business Plan
It pays to keep things simple for the first few months at least. While investing countless hours in the details of their startup strategy, startup entrepreneurs slave over the creation of their business plans when starting garments wholesaling business.
Know how to manufacture (or buy) and have had great feedback on may be much easier than launching with a lengthy product catalog while starting with one design which you love. And you should know details about your industry at first.
Since it’s often required by lenders or investors, industry analyses are standard chapters in bridal gown rental company business plans.
Moreover, while contextualizing your startup within an industry setting industry analyses could be somehow critical. However, you’ll need to be careful to avoid common industry analysis mistakes to succeed here.
Besides, it helps to in draft strategies that will help the entrepreneur effectively administer as well as manage your business.
Furthermore, the other key components that should be included in the business plan are as follows:
- Executive summary
- Sales and marketing strategies,
- Marketing goals,
- Business competitors
- The covering areas
- SWOT analysis
- Financial projection and many more
Second Step: Decide on your niche
It’s a very personal journey while starting a garment wholesaling business in Bangladesh. With something different to offer in a fast-moving industry, you’re probably a creative person.
Also, it looks like either you’ve spotted a gap in the market or have a unique design in mind for a specific customer group. It’s important to define your niche from the out-set whatever your inspiration for starting up.
Also read: Start Your Own Clothing Line in Bangladesh
From cruelty-free clothing to premature baby accessories, it could also be a clothing business that’s born out of a particular need or ethos. This is because you should know your niche and bear it in mind.
Even, your original idea gives you heritage, a guiding principle, and a reason to be remembered if you branch out and introduce lots of other designs as time goes by.
Third Step: Organize your business
The same principles apply when organizing your startup if you’re not writing a full-on business plan. Check out the guide on how to sell on Facebook Marketplace before you get started if Facebook Marketplace is a good place.
Either you could have a long list of items or just be one hero product. Along with particular packaging needs, be aware of your product list and think about how you plan to manufacture stock and store pieces.
Related Business: Open a Fabric Shop Business in Bangladesh
Although we’ll cover this in more detail below, it’s a good idea to think through your marketing plans. Also, you can understand how you’re going to create some buzz around your clothes and designs.
Apart from these, you also should strongly consider having insurance for your business and the sources of your business funds.
Fourth Step: Create your designs
Even start getting it on paper or screen, as a sketch if you only have a design concept for one product in these early days.
And then you should turn rough ideas into nailed down digital sketches when you’re ready. As the essential information you’ll give to your manufacturer, you’ll need to think about your ‘tech pack’.
Ahead of sourcing your manufacturer, you’ll need to get started on pattern making and grading from there.
Fifth Step: Start manufacturing
As it’s time to take your product to the manufacturers, go back to your design work and get everything together. When you’ll be sourcing the person (or team) it’s going to take your designs and make them a reality.
But, you can skip this step if you’re intending to make everything yourself for now, or with your own hand-picked team. When you’re simply looking to buy ready-made products wholesale, and sell them on, this also applies.
And think about your potential customer along with your own aims and reasons for starting a clothing company. Base your brand on your instincts and a bit of research whatever you decide.
Factor in cash for packaging and your customer communications, and above all, try to be consistent as far as your budget allows.
Some Other Useful Steps to Follow to Start a Garment Wholesaling Business in Bangladesh
There are some other steps to follow while starting a garment wholesaling business in Bangladesh.
And you should not ignore them anyway as they will affect your business success in many ways. Some of them are below:
- Fill your legal requirements
- Be part of your local community
- Decide which plan is best for you
- Choose your domain name
- Set up a payment processor