Thinking about opening a women's underwear and lingerie wholesale and manufacturers business? We tell you what you need to know to get started.
Women's Lingerie: Industry Overview & Business Forecast
Victoria's Secret isn't so secret anymore -- women's lingerie and undergarments have become a major U.S. industry amassing nearly $10 billion in annual sales. Over the past two decades, major brands have driven demand for lingerie merchandise and created a business environment that is conducive to the emergence of specialty manufacturers and wholesalers.
SMB wholesale distributors and manufacturers can't win in direct competition with major labels; Victoria's Secret commands half ($5 billion) of the U.S. market alone. So as you strategize your lingerie wholesale and/or manufacturing startup, you'll need to carefully analyze big brand offerings and position your startup to exploit gaps in the marketplace.
Using Focus Groups to Position a Lingerie Startup
To achieve market penetration, you'll need to point your lingerie wholesale and manufacturing startup toward the places the market is headed -- not the places it has already been. Focus groups can be useful for identifying the next big trends in lingerie and for crafting your company's marketing messages.
- Screen Candidates. It's important to make sure the people who participate in your focus group are representative of your target demographic. For example, a woman who meets age and income criteria, but doesn't regularly purchase high-end lingerie probably isn't a good choice for your focus group.
- Designate a Moderator. Moderators cull critical insights from focus group participants by asking open-ended questions and keeping the conversation on track. It's important for the moderator to be neutral, so you may need to find someone who isn't attached to your startup to fill this role.
- Remain Objective. Many times, focus groups will tell you things you don't want to hear. Rather than discounting negative comments about your products or style choices, embrace them and use them to improve your lingerie line.
Business Plans 101 for Women's Underwear & Lingerie Wholesale & Manufacturers Business Startups
Startup entrepreneurs slave over the creation of their business plans, investing countless hours in the details of their startup strategy. But your business plan won't be finished until you've included material about your industry.
Industry analyses are standard chapters in women's underwear and lingerie wholesale and manufacturers company business plans and are often required by lenders or investors. Industry analyses are critical for contextualizing your startup within an industry setting.
To succeed, you'll need to be careful to avoid common industry analysis mistakes and to accurately represent your startup in an industry context.
Well in advance of opening a women's underwear and lingerie wholesale and manufacturers business in your town, it's worthwhile to see how strong the competition is. Try our link below to get a list of local competitors in your area. Just enter your city, state and zip code to get a list of women's underwear and lingerie wholesale and manufacturers businesses in your community.
It's important to be aware of what the competition is doing. Take the time to visit the competition to properly assess their strengths and weaknesses.
A Good Source of Advice
If you are seriously contemplating launching a women's underwear and lingerie wholesale and manufacturers business, the next step is to talk to somebody who is already in the business. Local competitors are not going to give you the time of day, mind you. What's in it for them?
However, a fellow entrepreneur who has started a women's underwear and lingerie wholesale and manufacturers business on the other side of the country can be a great learning resource for you, as long as they don't view you as a competitive threat. Indeed, many experienced entrepreneurs enjoy offering advice to startup entrepreneurs. It can take a while to find an entrepreneur who is willing to talk, but it's well worth the effort.
Do you know how to find an owner of a women's underwear and lingerie wholesale and manufacturers business who is willing to advise you because you live in different cities?
We can help. Follow the link below, try a few city/state combos or zipcodes, and then start calling!
Entrepreneurial Alternatives for Women's Underwear & Lingerie Wholesale & Manufacturers Businesses
Common sense will tell you that to enter the world of women's underwear and lingerie wholesale and manufacturers business, you'll either need to start a new business or acquire a promising company on the business-for-sale marketplace. There are a lot of benefits of buying a women's underwear and lingerie wholesale and manufacturers business.
The current economic climate is a buyer's market – if you have enough capital to start a women's underwear and lingerie wholesale and manufacturers business, you should have no problem financing the purchase of a women's underwear and lingerie wholesale and manufacturers business that has a solid earnings history and a workable business model.
Franchising May Be a Better Way to Go
Your odds of being a successful business owner are much better when you choose to franchise and leverage their successful brand and track record.
Before opening a women's underwear and lingerie wholesale and manufacturers business, you may want to assess whether franchising might be worth investigating.
The link below gives you access to our franchise directory so you can see if there's a franchise opportunity for you. You might even find something that points you in a completely different direction.
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