Vital steps for setting up a suit tailoring business
While the fashion industry has evolved to become fast-paced, this has been accompanied by a loss of the personal touch that permeated the suit business in the past. However, there are still plenty of customers with a keen interest in working with a tailor to have their bespoke suits made.
It’s projected that the bespoke suit tailoring industry is expected to grow by 5.2% between 2021 and 2026. This represents a massive market for you to tap into while serving an ever-growing customer base. With this in mind, we’ll show you how to set up a tailoring business like huntertreacytailors.ie that thrives by focusing on personalized fitting, unparalleled craftsmanship, and offering a wide selection of fabrics to meet your customers’ needs.
Step #1: Conduct market research
Before jumping into the suit tailoring business, conducting market research and confirming the viability of setting up a suit tailoring business is essential. The most essential part of conducting market research is to define your target market. To this end, you should start by defining your business objective, studying the industry (including trends, competitors, and customer preferences), market segments, conducting interviews and surveys, and analyzing your competitors.
Step #2: Plan your tailoring business
A clear business plan is like a map for your business. It will give you the much-needed direction for your company. A comprehensive business plan should entail the following:
Your business name – You need to define your business name. Coming up with a name is an essential part of your branding. As such, check whether the business name you come up with is available in the domain name registry, social media platforms, and your country’s business and trademark records.
Your business concept – While defining your business concept, you need to define your target market, unique value proposition, and specific product line. Will you be serving 45 to 70 year old, or are you more suited to meet the needs of young professionals aged 25 to 40?
The startup and operational costs – You should define the cost you expect to incur when opening and operating your business. The cost involved may include the cost of acquiring tools such as professional-grade sewing machines, measuring tapes, scissors, etc. You also need to define the cost of leasing space and insurance.
Pricing strategy – You should also define how much you’ll charge your customers. Typically, tailors charge about $12 to $15 an hour. However, they charge more for custom and specialty work.
A marketing strategy – While creating your business plan, you should ensure you define how you intend to market your products and business to sell as many bespoke suits as possible. Define your customer acquisition channels and strategies, online and offline marketing strategies, and possible partnerships.
Organizational structure – Define the roles and responsibilities of your team members and the plans to hire them.
Step #3: Form a legal entity register your business for taxes
Choose a business structure based on your goals and the type of business you want to grow. Some common types of business structures for suit tailoring businesses include sole proprietorships, partnerships, and limited liability companies. Rarely do suit tailors start their business as corporations.
Thereafter, you should register your business for taxes with your country’s tax collection agency or authority.
Step #4: Open a business account and secure funding
With your business registered with the tax collection authority or agency, you can open a business account dedicated to the business. Separating your business accounts from your personal account is essential to protecting your personal assets from risk exposure associated with your business.
The next step you need to take is to secure funding. Start by evaluating your financial needs and exploring your funding options. If you need to engage investors, you should create convincing pitches. You can consult finance experts to help you navigate through this stage.
Step #5: Get all the required permits and licenses
Obtain all the necessary business permits and licenses to operate your business legally. To this end, research local regulations, complete all the required paperwork, and pay the fees due to comply with the companies. Also, purchase business insurance to mitigate risk.
Step #6: Establish a relationship with suppliers
As a tailor, you need to offer the best product possible to acquire and retain customers. With this in mind, you should deliberately source high-quality fabrics. Conduct comprehensive research on the fabric suppliers who are renowned for their quality. This might entail attending textile trade shows. Request fabric samples and swatches to help you make decisions.
Finally, negotiations supply terms. If possible, consider getting into exclusive supply deals with suppliers to offer your customers truly exclusive products.
Step #7: Define your brand
Your brand is what will set you apart from your competition. Create a brand that defines your business. Defining your brand involves creating a logo and defining brand values, voice, identity, purposes, positioning, and promises. If you are in the wedding dress niche then it is a good idea to look at zadikabridal.ie and see how they operate.
Step #8: Design and create your showroom and fitting area
You should create a unique showroom within your business premises as part of your branding. The showroom should have a welcoming ambiance, showcase your fabric selection, fit room, and a display for finished suits.
Step #9: Create and launch your strategic marketing campaign
Finally, you should create and implement a marketing strategy. Develop a compelling brand identity based on your defined target audience and establish your presence online using your website and social media platforms. Track the performance of your advertising and branding efforts and adjust where needed.
