We can start bags business in 9 easy steps.
- Startup Business Plan
Write the business plan according to local market and its requirment.
The business plan should include a financial summary and an estimate of the costs of running the business including the expected revenue stream. Include a section on business strategy and marketing plans. The purse market has many big-name brands. Look for a niche you can fill.
- Licenses, Trademark and Permits
Take the Licenses , register your company and make your trademark to sell in the markets.If you open a physical location, check with your local city government to get the proper business licenses and permits.
- Selling Wholesale or Retail
Decide whether to sell your product wholesale or retail. By selling wholesale, you sell your purses and bags directly to retailers, which means you receive larger chunks of money at a time but a smaller profit per item. You also work directly with the manufacturers. By selling retail, you make a larger profit per item sold, but you hold on to your inventory for longer periods of time and you only sell a few items per customer.
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- Select the local/main market
If you plan to open a physical storefront, choosing the right location gives you the best chance for success. Make sure to properly research multiple potential locations before picking one. The best locations are usually in retail-oriented areas with a lot of foot traffic such as a mall. However, malls are declining in popularity, so don’t overlook smaller storefront possibilities.
- Set Up an Online Store
You can set up a website or use online sales portals to create an online-only store or to complement your physical retail location. If you do not want to create websites, go with Amazon, flipkart and other website to sell your product on online.
- Hire and Train Staff
Whether you run an online-only store or have a physical location, you will want to hire staff at some point. Look for people who represent the clientele of your handbag and purse brand, as they are the first people your customers have contact with either in a retail location or in an online customer service contact. Train them to be knowledgeable about the types of bags and purses you have so they can help customers with questions about their purchases.
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- Digital and Physical Store Presentation
Decorate both your digital and physical storefronts in an attractive and organised manner that properly represents your brand. The more comfortable your customers feel while shopping at your store, the longer they will stay, which means that they are more likely to buy a bag or purse.
Use online marketing strategies to advertise your business. Pay-per-click ads can be effective as you only have to pay for the advertisement when someone clicks on the ad. Also, social media platforms such as Facebook and Instagram provide easy, free ways to advertise your business. Provide interesting and informative content with lots of images of the bags you sell.
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