Entrepreneur, if you are thinking of becoming an entrepreneur, we tell you that selling women’s lingerie is a profitable business. Lingerie is a necessary product, so it is in great demand. Moreover, although its use is for a female audience, both women and men like it. Here is what you need to do to start making money from selling underwear.
Research the market
Researching the market is an important step before starting any business. In the case of your lingerie shop, you must find out the preference of your potential customers, as well as their purchasing behaviour, frequency and spending capacity. This will give you an idea of what your costs are and what you need to segment when investing.
Define your target audience
Who are you going to sell your lingerie to? What kind of people are interested in your product? Remember that not all women consume the same type of underwear, as they have different tastes and needs: teenagers, executives, breastfeeding women, post-operative women, etc. There is also a male profile of the buyer: men who buy clothes that they give as gifts to their partners.
Study the competition
Visit the shops that offer your same products and identify how many there are in the place you want to put your business. Look at their inventory, the prices they handle, and the type of customer they get.
Design your business plan
You can use the Canvas model to determine your customers, suppliers, partners, how you will promote yourself, how much money you need to invest, and other elements necessary to start your business.
What items to sell?
To know what to offer, you must define what your added value is. If you sell quality and differentiation you will have an advantage over the competition. What you can offer in your shop should be mainly basic garments such as bras, trunks, pantyhose, pyjamas, bikinis, girdles, among others. In addition, you can complement the variety of your products by offering curious items in this area, such as costumes, corsets, gowns and so on.
It is recommended that you choose a strategic area of the city with a large number of people, easy to access and without much competition. A good analysis of the geolocation will allow you to invest adequately in this business. This point is of vital importance because the number of clients you will attend to will depend on the location.
To make or to import?
Both options have benefits if you want to set up a business, however, they mean different processes that maintain their particularities. If you decide to import, you can do it from cheap markets. Asia in general and China in particular are markets from which you can import with low costs, but you must take into account that you can have an increase of logistic and customs expenses, as well as an extra in dispatch and transport.
If you decide to make, consider the cost of the machinery, as well as the space for the workshop. You should also take into account the cost of inputs and labour.
You know, take into account these tips and turn your venture into a highly profitable business.