Accessories are easy and inexpensive ways of being fashionable and trendy. Starting an accessory company can be a great business idea due to many reasons. Firstly, the ratio of investment to earning is high, and secondly, you can expect great growth year after year. Also, overall, this sector is thriving at a very impressive speed.
It can also be a great business idea considering the world's economic condition after the Pandemic. Most people will avoid frequently visiting shopping malls and buying expensive clothes.
So, even if you open a small accessory shop with little investment, you can still attract nearby customers. After all, the need for clothes can't be met with anything else.
Your target audience pool is a big one, and that factor will help in bringing you continuous income.
So, shall we discuss a successful accessory boutique setup?
Did you know?
The accessories market in India was valued approximately at ₹28,000 crores in 2017 and is forecasted to grow to ₹85,000 crores in 2023.
How Do You Start an Accessories Company in India?
Follow These Steps:
1. Practice Makes Perfect
Check out the Internet and try to locate classes or courses in accessory-making. It will make your brand more unique and creative and make your life more enjoyable.
Also Read: How To Register Company In India - Complete Guide On Company Registration Process
2. Make Up an Appropriate Name
If you're thinking of the brand name, it is best to have a notebook ready to make a list that can assist you in remembering the names and make your process for elimination simpler. Make sure to come up with a name that reflects your personality or message for your brand.
3. Choose the Brand’s Theme
Think about how you'd like to portray yourself and your brand. If you're happy, go for bright colours and playful designs. If you're a serious and practical person, design the entire brand according to how you feel comfortable! It is among the most crucial aspects.
4. Let Them Know and Show Them
After creating your stunning jewellery, it's now time to get the word out! Invite a few of your guests to join you for a drink, enjoy a few cocktails and socialise. Most importantly, you should ask for feedback and make your accessories sell! Naturally, you don't need to charge high prices since they're not part of a major brand at the moment, but shortly, they will be!
5. Get Inspired
Before you begin making something or defining your branding, you should visit craft fairs to look at the handmade accessories that people have made. Make a note of the features and properties of the items you like to combine, and then add them to your own when you begin creating!
6. Advertise Your Products
Placing flyers in public places and putting business cards up on bulletin boards can help boost your business. Additionally, establishing the website of your choice is an effective way to attract customers to purchase your accessories and try to be found by major stores and accessory brands. Also, be sure to manage your administrator expenses if you’ll be the administrator of this business and will hire employees for it.
7. Examine the Market
In the same way, as with everything you're planning to market, you have to consider the market and the customers who are likely to use it first. Market research will help you establish your business accessories, and you'll certainly save money that way.
In the beginning, it is important to be aware of the fact that there can be numerous competitors in the accessories industry. There's always room for a new participant in the market for accessories, and it's best to be aware.
Find out what you are competing on and look for something that will set you apart. Stay abreast of the most recent trends and fashions by studying what is being discussed via social networks. Determine the top social influencers of the accessories you sell. They will provide an overview of the most recent fashions and trends.
You can also differentiate your business based on the services you provide. You could offer after-sales support for your clients, including maintenance and restorations of accessories. Whatever you can do to make your company apart from the rest, do it.
8. Find a Staff Member and Open Up Your Shop!
The job market is slackening, and it's getting more difficult to find work. You can assist a friend who isn't working by offering them the opportunity to get a job. Although you own your own company, be very clear with what you expect from the friend you've hired.
9. Find a Reliable Supplier
The next step is to locate an accessory provider. The choice you make of the supplier must determine how efficient your accessory business is.
The first thing to think about when selecting a seller is their reputation. Select a company that is known for providing high-quality products. It will ensure you'll be in a position to sell.
Therefore, if they do not offer high-quality goods and your customers are only getting cheap, shoddy products from you, there's the possibility that your client base will quickly diminish.
For example, things like mobile covers or USB cables are greatly affected. When consumers purchase cables from sellers only to discover they're of poor quality, they'll no longer wish to purchase them.
Also, you should consider finding a local supplier (but not someone extremely close to your retail shop). They will be able to provide the items you require faster and at lower costs. Thus, you will increase the profit margin of your business further.
10. Establish Marketing Channels
Marketing is a different aspect that demands your attention. A business cannot survive without effective marketing, and you require an effective system to make people know your name. If you operate an online shop, you have a greater marketing requirement.
You'll have to get involved on social media to market your business. India is home to 62.4 crores of Internet users, and the number of social media users is 44.8 crores. The amount of people using social media has increased by 21% in the period between 2020 to 2021. Facebook, Instagram, Twitter and various social media platforms have created ease for businesses to advertise their services and increase exposure.
Using Internet technology, you can meet people who require accessories but live in other cities. Bring your goods to them, and you've earned a sale!
Beyond the social media channels for marketing, you can benefit from platforms such as Google AdWords and YouTube. YouTube is India's most-loved online social network, with over 42.5 crores active monthly users. Video is an excellent opportunity to stand out from the crowd and create an image in India.
Advantages of Starting an Accessories Business
1. The Ability to Launch Your Business From Your Home
You don't need an office or storefront space to start your business. You can run your business at the convenience of your home, at the very least in the beginning!
2. Flexibility
You can put as much effort into your enterprise as you'd like. If you're interested in the job and have some knowledge, you can start a small business and oversee every aspect of it independently.
3. Minimal Initial Costs to Start
The initial cost of starting a fashion/apparel/mobile accessories brand is minimal compared to most businesses.
Also Read: Best Business Name Ideas With Brand Name Generators
4. Scalable
With processes and businesses changing constantly, there will be a demand for new products, features and services for your company. In addition, there are different pricing models. Run your accessories businesses online and offline to appeal to all kinds of clients.
5. Rewarding Work
The process of starting a fashion accessories company can be a very rewarding venture. In the end, you're solving a pressing issue for your customers and doing something that you love.
Conclusion
The accessory company is undoubtedly a small market, but it will still need planning and straight execution. If you buy attractive and unique accessories from a wholesale supplier at a low cost, you can begin generating profit quickly. A risk factor is low in this business.
Follow Khatabook for the latest updates, news blogs, and articles related to micro, small and medium businesses (MSMEs), business tips, income tax, GST, salary, and accounting.
