India, being a vast nation, comprises diverse geographies and cultures. Owing to this, there are a wide array of clothing trends that prevail in the country's market. Clothes and textile are contingent on different cultures and people’s lifestyles. As a result, clothing trends keep on changing from time to time, depending on customers' taste and preferences.
Since the market demand for textiles is high, there is invariably a huge demand for textile business as well. You can start this business with a small amount of savings. Before stepping in the industry, a thorough research is required thereby, increasing your knowledge about the Indian textile sector. According to Statista’s data, the textile industry was valued at $150 billion in 2017 across India. However, this was estimated to rise to $223 billion in 2023. New government policies aimed at this market were meant to create more jobs, requiring nearly 17 million in its workforce additionally by 2022.
To help you establish the textile business India easily, here are some of the important steps that you should take note of.
A business plan has to be the first priority of every entrepreneur. It does not matter whether you have hands-on experience in the industry or not, you have to plan out everything aptly. A business plan will comprise a step-by-step plan for managing the business and developing it in the later stage.
Apart from this, a plan will highlight your business goals and help keep you focused on the prime objectives.
Once infrastructure is ready and business is established, you will have to connect with a cohort of vendors. Before going to vendors, you have to find out your business needs, then jot down resources that you would have to buy from suppliers.
Probing the market and having first-hand information about the prices is crucial. You can later approach suppliers and ask for prices of various fabrics. Since you have knowledge of the market and know the worth of every material, you can easily shortlist suppliers that you seek to deal with.
Once you connect with the right suppliers, the next step is identifying your specialisation. Within textile, there are several varieties such as bed sheets, apparels, blankets and so on. You have to ascertain your specialisation and accordingly, begin creating products.
After deciding important elements about the business, then you have to identify your customers. Determine age groups that you seek to target, understand their taste and preferences and accordingly, design textiles.
Also, you have to identify how you would be delivering your products. Either you can sell products to distributors or sell directly to customers. If you choose the second option, establishing an online shop is crucial as it will be cost-friendly and perform marketing better.
These factors are essential to follow while starting a textile business. Besides this, there are other additional elements that have to be addressed depending on your business specialisation. If you know any other important factor that should be implemented in every textile business, then share with us in the comment section below.