Venturing into the business arena seems to be a tough proposition at first. Fret not; you will soon realize that is completely ‘doable’ especially if you have the zeal to make it work. Remember that starting on a small scale is advisable as you get the opportunity of learning at work while not having to cope with huge losses soon.
Opting for a wholesale business might be a good idea as you can simply keep a modest stock of the merchandise at home without incurring additional costs of renting a warehouse or extra space. The kind of products you want to sell is of utmost importance here too and a look at the current scenario might give you ample ideas for your own line of business.
The garment industry is a good place to start though as almost everyone is interested in being presentable with the Indian women particularly loving the idea of collecting beautiful sarees and other ethnic garments from all over this vast land.
Remember that you have to work even harder to convince retailers as well as numerous distributors who will be selling the garments so go all out and leave no stone unturned for making it a resounding success.
Now that you have zeroed on in the type of business you want be involved in, it is time to prepare a checklist well in advance before you approach the authorities.
Do’s & Don’ts
- Think about the type of garments you want to sell though. Should you opt for the slinky silks or the cool cottons? It would make sense to focus on the ethnicity factor at the moment as genuine Indian textiles have managed to win over the world today.
- Next, is selection of the premises! Do go easy on this one and choose the most cost effective one preferably your own home or a garage that can be converted into a modest warehouse.
- Money matters and how! Do set aside a god amount as your working capital before you start contacting the people who would be able to provide you with a selected range of garments.
- Do check out the legal formalities you need to conform to before you can call yourself an entrepreneur. It is best to opt for a sole proprietorship, if you are intent on handling it by yourself. There is no standard registration process though all you need is a trade license along with complying with service tax and GST regulations.
- Sourcing the garments is definitely going to be a bit daunting at least initially. It would be advantageous, if you are inclined to travel a bit and locate weavers and small stores countrywide who would be able to supply you with the type of handloom garments you had in mind. Do not go on a buying spree and end up spending all your capital though. Feel free to bargain hard and retain the sources who offer the most cost effective rates.
- Do not forget to keep a book of accounts for every item that you sell to a retailer/distributor. It might help to get in touch with a qualified chartered accountant who can check the contracts for you and give the go ahead before you start with a bang. He/she should also be able to look after your taxation requirements.
- It is best to advertise widely so that you can sell your wares as quickly as possible. Use all means available including newspapers, web, and TV. However, make sure to spread the word around by holding exhibitions and visiting the local events in order to get a good word-of-mouth publicity.