7 Things to Know Before You Start a Fabric Business in India
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Every business comes with its own set of challenges and the fabric industry is no different. To break into any kind of industry is difficult. But this is particularly true when we are talking about the fabric business. Most industries tend to witness at least 50 percent success rate by the time they complete four years. Unfortunately, that is not the case with the fabric industry. More than 53 percent of the industry entrepreneurs are unable to reach their desired target by the time they hit the fourth-year mark. In a scenario like this, it is important to be familiar with every aspect of the business before you enter it. Here are seven important things to know before you start a fabric business in India.
Clear Objectives - The first step of starting the business is to have your objectives pinned down. From manufacturing to retailing, the options are endless. You can become a retailer, wholesaler or just cater to a niche market. Your objectives should also include the kind of market or audience you are targeting. This becomes the foundation on which you will establish your business. Every other step you take will depend on the kind of business you opt for.
Capital - This is one of the most important points. After you pin down your objectives, you need capital to start the venture. It is important to plan out your investing or loan options. This is the backbone of your venture, so ensure that step is carried out perfectly and without any glitch.
Logistics - Along with capital, logistics is something that needs to be planned out before you establish your brand. For instance, if you are planning to enter the world of retail, you need to look for a location to set-up a shop, the storage, transportation of the apparels etc. This is one of the first steps to the business and extremely crucial.
Trends in The Current Market - The market is an ever-changing phenomenon, and as a businessperson, you should be well-aware about the changing dynamics of the business. Right from the pricing to consumer behavior, every aspect needs to be closely monitored and analyzed. Having an in-depth knowledge of the market is going to prove beneficial in the long run as well. This helps you adapt to the changing trends in the future.
Analysing Demand - The demand depends on a number of factors. For example, you cannot put up a retail shop to sell woolen sweaters in Kerala at the peak of the summer season. Understanding the demand for your target audience will correctly guide you to supply them your product.
Legal Matters - Along with a clear vision and capital, every business has a legal aspect. Regardless of the medium, you are choosing to establish a fabric business, there will be a legal aspect to it. It could be obtaining a trade license or purchasing or renting business premises. Depending on your geographical location and the size of your business, the policies and requirement might differ but will be necessary nonetheless.
Marketing - Be it B2B or B2C, marketing your brand is extremely essential. Marketing is a broad term and today, with the digital space expanding, we have immense possibilities. Pitching your USP correctly, being active on social media, investing in offline marketing, there is a lot to be done.
The above-mentioned points only scratch the surface, starting your own fabric business involves multiple factors. The key to successfully launching your business is to find the right balance between strategic planning and creativity.