Wholesale clothing has proven to be one of the most successful business lines offered on the internet today. In general, it is easy to maintain, offers the latest in fashions at competitive prices and can make the business owner a significant profit. However, just like any business, there are those who struggle and fail within the first year of their business.
There are a number of reasons why some wholesale clothing businesses succeed and others fail. Here are a few of the areas that can make all of the difference between success and failure:
1. Developing a business plan
Prior to starting any business, you need to develop a plan. This includes understanding who makes up your target market, what type of clothing you will be selling, how you are going to sell it and who is going to supply it for you. Not having a clear picture on any one of these can lead to disaster. For example, trying to sell urban gear to corporate types is a bad idea.
You will also want to develop a financial plan, or budget. This provides clear fiscal guidelines for your company and allows you to measure your progress.
2. Location or site
Are you looking to open your wholesale clothing as a live store or sell it online? What is the financial impact of one over the other? If it is a physical building, are you using a local supplier who can get your merchandise to you without spending a lot on shipping, or do you have to get your clothes shipped from Hong Kong, where you need to pay for international shipping?
If you are doing business online, does your website look appealing and have pictures of the clothing that you are selling? Is your site easy to navigate and provide all relevant information?
3. Operations
Operations applies to everything from ordering and maintaining your supply chain all the way through to training staff, making sure your office equipment is functional and all operating procedures are developed and followed. Even if you have an online clothing business, there are operational components that you need to be concerned with, such as shipping your order or making sure that your wholesale or drop ship partner is following through on their part of the business.
4. Customer Service
The most important difference between success and failure is how you treat your customers. Provide quality clothing with timely delivery, or have helpful staff who are friendly and can answer your customers' questions and people will return and do business with you again. If your website is hard to navigate or you do not respond to customer emails or phone calls in a timely manner, and not only will you lose that customer, but also any potential customers that they may talk to about your business.
5. Experience
Finally, the experience factor can have a major impact on how well your business performs. As you become more experienced, you understand how the volatile the clothing industry is, as well as who the best wholesale suppliers are. Inexperience in either running a business or handling customers leads to difficulties.
Each of these five factors alone can make the difference between success and failure. If you are starting a new business and want to ensure its success, find the right people who can help you establish the business and reach its potential.
In order to make money in business online, one of the core factors determining this would be the strength of your supply chain. Compare the Top 3 Best wholesale dropshipper online. Salehoo, the only Approved Wholesale directory with 100% verified Wholesale Suppliers.
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