Tips for Taking the Leap and Running Your Own Garment Business
Clothes give people the ability to express themselves. Every day, we get up and make a choice about how to present ourselves to the world, and, as a result, the items in our wardrobe come to define us. There are few things more rewarding than helping someone discover the piece they’ve been missing; the item of clothing that transforms their look into a better representation of what’s inside.
If you want to help people unlock this experience, you might be considering getting started in the garment industry. Taking the leap into entrepreneurship can be an intimidating process, but it’s one that comes with a plethora of rewards. Contract DTG has created this guide to help you figure out how to make your business dreams a reality:
Protect Your Assets
One of the most important steps all entrepreneurs should do before starting their business is to figure out how to protect their personal assets. When you start a business, it’s automatically considered a sole proprietorship by the IRS. You might be tempted to stick with this for simplicity's sake, but it comes with serious drawbacks. As a sole proprietor, your business and personal assets are considered a single unit. This means if you have to pay back business debts or wind up needing to pay out for a lawsuit, you could wind up losing savings, property, and more.
Registering your company as an LLC, however, gives you peace of mind in this regard. This designation separates your business and personal assets. When it comes to debts, you’re only liable for the value of your business. This empowers you to take bolder action to push your company forward, and allows you to rest easy knowing your assets are safe.
Find Your Team
Another vital step for entrepreneurs is to find your team. Even if you plan to run a relatively small shop, hiring an employee or assistant can make a big difference. Many business owners are tempted to try and do everything on their own, but this can cause unnecessary stress and can actually lead to dropping the ball on important tasks. A reliable team can give you the time and energy you need to make your business thrive.
If you’re not sure where to find good employees, consider reaching out to an employment agency. These businesses are trained to help match companies and candidates in order to create long-term, mutually beneficial business relationships. They can point qualified candidates in your direction and save you some of the legwork.
Source Your Products
Finding products for your shop is one of the most exciting parts of running a garment business. Reach out to designers and artists to find styles that suit your business’s brand. It’s best to establish consistent relationships with designers in order to have a cohesive product line. If you can get an exclusive contract, that’s all the better.
You can also set your shop apart by getting products printed with art by an acclaimed artist. This can be especially useful for local businesses. Reach out to artists who are well-known in your area and see if they’d be interested in a garment deal. This is a great way to support artists in your area while generating buzz and business for your shop.
Ultimately, the most important part of running a clothing business is to have genuine enthusiasm for what great clothes can do for people. The right outfit can boost someone’s self-esteem and give them the confidence they need to achieve great things. Your shop can be that for someone - we hope these tips help you make it happen.
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