The global undergarments industry survey revealed that UK’s market hit £5.8bn in 2018, while globaldata.com projects another record-breaking value in the undergarment industry by December 2021.
However, several first-time entrepreneurs have ventured into this line of business, and only a few remained after two years. Fortunately, you can succeed if you know the proper steps to take. That said, here are some helpful tips for starting your undergarment business.
Decide on the gender you wish to serve
All genders wear undergarments as part of their clothing routine. However, you will discover that each group has unique preferences in what they wear underneath their clothes should you dig a little deeper. For example, if your focus is on the male gender, you have the following demographics making up this group:
- Teens
- Fathers
- Young professionals
- Older males (pensioners, grandfathers, etc.)
You will discover that each group has tastes bordering on the latest trends, comfort, and functionality. For instance, this year has seen a growing interest in the jockstrap style among male teens and young professional men in particular. This offers fashionable taste without losing sight of comfort for wearers, giving them value for their money. Therefore, it’s essential to determine your target market’s needs, preferences and purchasing power. That way, you can provide a product that meets their needs and grow a loyal customer base.
Identify your competitors
You will encounter competitors in your chosen business area. Apart from being there to keep you on your toes, they can be the yardstick to measure your business strength. Besides, they can motivate you to distinguish your brand, making it memorable. Therefore, knowing your competitors is crucial to your business survival and relevance. Therefore, it is imperative to conduct thorough market research to identify your competitors’ product strength and weakness and improve upon yours with the data.
Fortunately, you can source your information from Google using relevant keywords or check your online community platforms. Although your competitors are older than your business, it does not mean that you can’t create your unique brand. Therefore, it’s prudent to understand how your market works, what your competitors don’t have and include them in your brand to give it a competitive advantage.
Structure a robust marketing and publicity plan
Before you start your undergarment business, you need to ask specific questions. For instance, how do you intend to advertise your business to your target market? And what location is ideal (if it’s going to be a physical shop)? Usually, undergarment shops tend to do well in business areas with heavy human traffic. The more people see what you have in the shop as they walk by, the higher the chances of walk-in customers. You can print out appealing flyers and share them in targeted offices, eateries, schools, etc.
On the other hand, if you intend to set up an online shop, you should apply a tremendous amount of creativity to penetrate the market. E-shops do a lot of marketing and advertisement on social media and their website pages. Fortunately, social media platforms are free and are used by people from all backgrounds, giving you access to more potential customers. Although there are paid options to push your product further, this platform still gives users a comprehensive platform to interact with a broader community.
Moreover, you should also know which platforms suit your target group. Therefore, if your choice is Facebook, you can be sure to reach a mix of professionals and non-professionals. On the other hand, if your market is a younger group, Instagram and Tik Tok can serve the purpose.
Consider franchising an existing undergarment brand
The notable franchising benefit is the ease of business, especially regarding clients and customers. Most often, entrepreneurs franchise a brand because it’s caught on with the market’s latest trends. Additionally, the issue of trust and loyalty are already established. Moreover, you have a better chance of growing the business because you can benefit from their excellent track record.
Fortunately for you, the internet simplifies the research process, as you can find franchise directories there. By all means, remember to research the company, the brand, and the products to rule out any existing suits which could be detrimental to business either in the short or long term.
Starting an undergarment business is similar to starting any other business venture. It will help if you have patience, commitment, hard work, and a resilient operating strategy to establish your brand. Hopefully, you will follow these tips to ensure your business success.
