For fashion conscious folks, owning a posh brand would be like a dream come true.
What if there was a way to get the trendy labels in the hands of those who cannot afford to splurge on clothing? Yes, second-hand clothing business has seen a sharp rise in popularity recently and is an excellent means to get the budget-conscious to buy pre owned luxury clothes .
If you’re an entrepreneur who loves fashion and is interested in giving middle-class people a change to afford branded clothes, then do consider setting up a second-hand clothing company as it can prove to be rather fruitful.
Consider some of these pointers before starting a business which sells pre owned luxury clothes at a fraction of the original retail price.
Identify your target audience
Second-hand clothing shops will cater to an extensive and vast demographic which will include men, women and children of all ages. It is up to you to decide whether you wish to have a general shop that sells all kinds of clothing or a specialized clothing store. Will you focus on western wear or only ethnic Indian attires? Once you have decided what you want to focus on, it is easier to define your target audience.
Create a business plan
While setting up any business, online or otherwise, it is important to develop a robust business plan. Come up with a plan that will help you increase the odds for success. Conduct thorough market research to make a business plan where you will define your target audience, invent needed, personnel requirements, marketing avenues and expenses. For example, if it’s a general second hand online clothing company, then make sure you have pre-owned trousers, shirts, skirts, dresses, tops, etc. in the list for inventory. Everything related to clothing needs to be covered.
Source for inventory
It is vital to decide how the inventory will be purchased. There are some second-hand clothing companies that acquire pre-owned clothing upfront. They can be bought at flea markets, sales or online. There is also the option of selling them on consignment. Several second-hand clothing shops use a method where you accept a product for sale but you don’t pay for it upfront until the merchandise is actually sold. Usually, in such cases, you split the profits upon an agreed percentage and the item is kept for a specific consignment period like 30-days, 60-days or 90-days. For example, if you approve and accept pre owned luxury clothes from a seller, then the money will be paid only after you make a sale. If they are not sold within the agreed duration then you can either reduce the prices of the clothes or ask the seller if they would like the clothes to be shipped back.
These are some of the very basic steps to establish a second hand clothing business – online or otherwise. Selling pre owned luxury clothes at extremely low prices is a fantastic incentive to get the middle-class interested in your store. With smart marketing, strong business acumen and little bit of luck, the odds of a successful business are in your favor.