How to Open a Sportswear Wholesale and Manufacturers Business
All thanks to the growing awareness, endorsements by the celebrities and social media has made the demand of sportswear to sky rocket.BY Nibedita Mohanta | Oct 03, 2017 | comments ( 0 ) |
The sportswear business has picked up the pace recently, which earlier was limited to sportsperson, have reached out to the mass and is more as a fashion statement than remotely related to sports.
All thanks to the growing awareness, endorsements by the celebrities and social media has made the demand to sky rocket.
In 2015-16, the Indian sportswear market grew 22 per cent, outpacing the segment’s global increase of seven per cent. By 2020, it is expected to grow at 12 per cent CAGR. Nearly 80 per cent of India’s sportswear market is dominated by global brands like Adidas, Reebok, Nike and Puma, with others such as Under Armour, Fila and Lotto, domestic multi-brand sportswear retailers like Planet Sports and Royal Sporting House, and emerging local players, collectively battling for the remaining 20 per cent.
Between 15-16, sportswear in metro and Tier II and III cities grew close to 80 per cent. The footwear category grew 100 per cent for metro and Tier II cities and there’s also a strong demand from Tier III cities which grew over 110 per cent.
Hence those who want to grab the opportunity can get the initial push with the help of these tips on how to start a sportswear wholesale and manufacturer business:
1. Business Plan:
A lot of entrepreneurs and start ups get too confident on their idea of starting a business that they tend to skip the most important step that is business plan.
A good business plan establishes both a framework and a roadmap for your business.
It will help in breaking down important steps to proceed with your business; it will also define your business mission.
Moreover a well crafted business plan will help you in fetching investors, bank loans and in gathering collaborators. This will let them know how serious you are about your business, which will convince them to invest in your business.
2. Sniff Competition:
Research, leg work are important steps before establishing or deciding to start any business.
Research does not only involve the market study but also identifying the rivals. It demands leg work, dedication and swallows a little more time to know your rival.
Check out all the rival sportswear wholesale stores within fifteen kilometers of driving radius. Make a list and make sure to visit each store at least once and figure out the ones, which has the most crowds driven towards their stores, because they are your future competition and they already have a good enough reputation in the locality as well as a healthy customer base.
3. Take Advices:
Finding a non-competitive business mentor is very difficult, which is why look for someone from the same business within your friends and family circle with whom you can discuss your plans and ask them for business related advices.
One can seek advices from the old and established players, they are always keen in helping the entrepreneurs, in who they see potential, so you better be presentable and convincing enough.
4. Learn From an Experienced Player:
There are a lot of players in the playground of business especially in sportswear, who have swallowed their share of market. It would be not only difficult but next to impossible to start from scratch and get your own set of customers, which is why it is advisable to work under experienced businessmen and learn or if you are confident enough, buy Retailing rights and start your own wholesale and manufacturer business.
These are basic steps before even setting the idea properly in head of opening a sportswear wholesale and manufacturers business.
Nike closes 35% stores in
US sportswear maker Nike is only left with around 200 stores at present.