How to Start a Small Garment in Bangladesh
Starting a Small Garment in Bangladesh
The big and small garment in Bangladesh is very profitable and Bangladesh is the 2nd largest RMG exporter in the world. Also, it’s going to be the first exporter in the world near future in the world. But, while starting a garments industry, garments business knowledge is very important.
Even, without proper garments knowledge, s smart entrepreneur cannot perfectly start a garments business. That’s why many of them become unsuccessful in this sector as they were in lack of garments knowledge. However, the lack of knowledge of garments industry can be recovered while having proper training.
Through the training, you can get the potentials so that you can improve ideas to boost up garments business. Besides, while having proper utilization of garments business, there is a good chance to earn more foreign currency and any potential get success in this arena.
Steps to Start a Small Garment in Bangladesh
Although there will always be a need for clothing, and therefore for businesses that supply them, the garment industry is highly competitive. And this is also divided into myriad subspecialties. So, it’s critical to determine what types of garments you will sell when starting a small garment in Bangladesh.
Apart from these, you also determine whether you will make or import them, who your competitors are and how you can keep your costs low enough to be profitable. That’s why you have to follow some specific steps to be successful in this industry. Well, let’s know what the steps are to follow. See also: 10 Best Garments Jobs List in Bangladesh
First Step: Business Plan
You should have a business plan for your small garment in Bangladesh. That’s to secure funding or other support along with starting off by nailing the basics. It also comes with a clear outline of how your clothing line is going to start, grow and prepare to scale with an executive summary and an overview.
Also, if you want to understand your target market and any competitors then you’ll also need to include the analysis you’ve done. And keep in mind that it should be not only data-oriented but concrete and preferably something you’ve done with external sources.
And of course, you can’t but leaving room for the product, and talk about any plans you have for branding, sales, and marketing, as well as operations.
Besides, it’s important that whoever’s reading your plan will be most concerned with one thing, and that’s the money. Moreover, you should include in your business plan-
- Current financial position,
- Priorities for growth,
- Marketing strategies,
- Manufacturing process
- Product testing
- Scaling up business
- Organizing business and many more
Second Step: Creating a budget
It pays to keep things simple at least for the first few months. Know how to manufacture 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.
Along with what you want to achieve, it helps to have a fixed figure in mind, and decide how you’re going to spend your funding.
And try to allow room for flexibility as you may not know the price of specific materials yet, or manufacturing costs for your small garment in Bangladesh.
However, it will help you make the decisions that drive your first sales if have that original budget in mind. Depending on whether you plan to design and make the clothes yourself or buy clothes from designers, your budget will big or small.
The best thing, in this case, is to start a small one at first. And you can review your key outgoings as demand grows.
Third Step: Create your designs
Not only for this business but for any others one of the most exciting stages is product development for any clothing business. 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 turn rough ideas into nailed down digital sketches when you’re ready. Also, you can do a lot of hard work using the programs like Illustrator, PhotoShop, etc. After making your sketches, you’ll need to think about your ‘tech pack’.
This is essential because the information you’ll give to your manufacturer. And it’s considerable from design and measurements to materials and any extra accessories or features; it’ll need to include your product’s details and technical specifications.
Fourth Step: Start manufacturing
Get everything together going back to your design work because it’s time to take your product to the manufacturers. In this point, you’ll be sourcing the person who is going to take your designs along with making 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.
Also, if you’re simply looking to buy ready-made products wholesale, and sell them on then you can apply this.
Moreover, ask around amongst any contacts you have and get a feel for your priorities to start your search for the right manufacturer. Regardless of the size, time finding, speaking to and vetting a good list of potentials, the manufacturing is a crucial part of any small garment in Bangladesh.
Fifth Step: Test your product
If you want to use up those samples run designs then take them to market. It can be a great way to test your product without committing to the full production run.
As you’ll forever be adding new products to your line, you’ll find that the test stage never quite ends. Also, take Feedback on board and refine your fantastic products as it’s an important form of business currency and a way to fast-track your growth. The ways of testing your products are including-
- Market trading spaces,
- School Fairs
- Online platforms etc
Sixth Step: Scale-up
When you’ve done it, your clothing company is launched and you’ve made your first sales. But, as an ambitious business owner, scaling may be well on your mind with plans for new products. Also, don’t forget one thing that before committing to any big next steps take some time to reflect on how your business is going.
And before taking on the next challenge it pays to keep things small and simple for your first couple of seasons. Although your business plan may reflect your growth timeline, again, be flexible.
Some Other Essential Steps
- Assess your competition
- Determine how you can serve your customers
- Establish suppliers
- Market your business
Create an inventory