Welcome to the forum Leather4u. Please introduce yourself and tell us a little bit more about your new business adventure. Also feel free to peruse our forum and offer us your business opinions so that we may gain direction and guidance from each others experiences. I am sure that many of our community members will appreciate your expertise and value what ever information you can offer us.
You can do a whole range of marketing depending on who you would like to reach and how much funding you have. My first suggestion to you is write a good business plan which includes this information.
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You should also ask an accountant about your licensing. I do believe that it differs if you are staying local rather than shipping across country.
Then I would suggest deciding whether you want to have a store front or be an internet based company. With a store front there is costly monthly overhead besides your stock, that you don't have with an on-line business (rent, insurance, utilities, payroll, etc..). With an on-line business you do have a website factor. You can choose to build a free website (which I found doesn't work well when it comes to selling merchandise) all the way up to paying thousands of dollars for a professional site. But of course, this all depends on your funds.
Then you have your shipping cost. If you have a store front, then your worries are less than if you decide to go on-line. Obviously, if you choose to ship around the country you should research all shipping companies to decide which one would suit you the best.
Let us know how else we can help you.
Great answer Melinda.
Hope you all are warmer than we are, LUCKIEST
I appreciate your plan.To start any business you must follow the process like planning, monitoring ,controlling,directing and staffing,First of all analyze the demand of market and try to put best product comparing others.All the best.
crifjohnson, so true.
it almost sounds like leather4u needs a business plan.
1 of 1 people found this helpful
Thanks For Reply Melinda
I appreciate your reply. Well as far as business plan is concern I did my SWOT analysis .
- I know the manufacturers who can supply sports wear garments real cheap. I can compete
- I Know how to design a good website
- I do have a good team to support and work with
- I don't know how to market my stuff other than flea market and on line google ,Facebook etc
- how much Inventory I maintain
- no Idea how to approach different clients whom to approach ANY SUGGETIONS WILL BE APPRECIATED.
- Cant import brand garments , do people go for my stuff for cheap
- USA is a huge market people like sports
- lot of big fish is out there wall mart, target etc
- marketing is the key and I lack on this
- don't have experience
so that's why I came online to get some help from online community
It is good to see a SWOT analysis -- but your analysis is incorrect. Your listed your strengths & weaknesses -- but your opportunities are not based off of your strengths and the threats are not based off of your weaknesses. I believe you need to redo your SWOT Matrix to have a clearer idea.
How Much Inventory to Maintain:
This is always a tricky question and the downfall of many retailers.There are risks with inventory in general. Bulk Ordering, Obsolescence, Cash-on-Shelf, and so on.
Luckily, there are a number of approaches to figuring out inventory. Consider a Just-in-Time approach -- where the vendors are responsible for carrying your items and keeping it in stock. Your job is simply to sell it and pass the order on to them to package and send it. Many grocery stores and retailers with high risk of spoilage (not in term of food going bad -- but things becoming obsolete or out of trends).
If you must carry inventory (and I assuming you know this since you are familiar with SWOT Matrix). Consider using the "Optimal Inventory" formula. It is a bit of math and calculation -- not something people associate with opening a business; but if done correctly, it is an absolute life and business saver.
As an Operational-Cost Accountant, this is a game I am very familiar with playing and discussing with retailers. There is a single answer and that is "It depends". There are a host of things that dictates pricing -- and it is not just "what others are selling it for".
Pricing is dictated by first, economy of scale where the more you sell, the cheaper you can get it. Obviously, this has its risks as I touched on it above. Then you have break-even point which is calculated and is dependent upon the "costs" of the product and the "expenses" you have running your company.
Because of these restrictions, you need to come up with "values" for the customers. It is a battle between Quality vs Quantity.
Many concerns that retailers and businesses have is that the "big fish" will eat them alive. This is not true and not by a long shot. Consider the smaller businesses that Walmart, Target, Sports Authority, and such cannot cater to.
You are going for a market that they cannot cater to. School teams, clubs, and so on.
I hope this helps.
Great answer Tran.
A few ideas on how to market your merchandise:
You could sell your stuff in local gyms. Take a few of your items with you and spread the word. It would also help if you could silk screen or print the gyms logo on your sports wear.
Approach local private schools to see if they would be interested in your sports gear. Most schools also have fund raisers. See if you can make your items as part of their fund raising.
Do you have a LinkedIn account? Open one and join several sports clubs and discussion boards to market your company. There are many companies that you can make contact with. Many companies also have fund raisers and sporting teams to make the work atmosphere more enjoyable. Maybe you can sponsor a local companies baseball team (for example).
You can also contact a company that manufactures trophies to see which leagues or teams are in your local area. You never know which league or team would be thrilled to purchase your items.
As far as the internet is concerned, that all depends on your website. Do your research first. Take a look at other peoples sites. Decide what will set you apart from the rest. Let us know when you have our site up and running so that we can take a look and offer you more advice.
Thanks Tran and Melinda
Melinda I love your marketing Ideas....that's what I was looking for thanks again...
Exactly I was planning to do the same. Approach local schools, universities, 7-11 grocery stores.
My Factory which I am importing stuff export all over the world. Especially Europe, it has big names under its belt I can use these brand name to market my stuff.
What other options I look to also how should I approach them??
I am glad that we can offer you helpful ideas.
Be very careful with what is considered a brand name. One well know brand can be hot in one area of the world, but that same brand is unheard of in another part. I would do research on that as well. The last thing you need is to have an excess of inventory because you thought that it would sell in Europe. That problem can be very costly, especially when it comes to fashion.
I am planning to start my own business regarding sports wear Garments. Which Include soccer set, basket ball set, beachwear, warm ups, track suits etc etc.
The Quality is good. I have the sample. I need suggestion how to market my product. Should I go to flea market, sell on line,
How much inventory should I maintain. Should I order whole container or get it through fed ex it . This is my first venture any suggestions would be great.
Also the price what a nice basket ball set should I sell 10, 15 ??
Any body interested to do venture with me more than welcome
open for your suggestions