Starting any business can be challenging, taxing, and even quite scary. But the reason many entrepreneurs do it is to follow their dreams and prove to themselves that they can do anything they set their minds to.
If you’re interested in starting a clothing alterations business, you must follow these top ten tips. They’ll be your guide in determining what you need to begin working your dream job, so read on to continue!
One of the best things you can do as an entrepreneur is set yourself up for success with the proper tools. You can do this by creating a business plan for your tailoring company.
What service will you offer to the public? Who are you helping? Who do you need on your team to make this happen? These are the kinds of questions you should ask yourself as you create your plan.
You want to ensure your business plan can provide an executive summary of your mission, goals, and purpose in a few sentences.
Even if you may not have data, statements, and financial reports just yet, you can still create a financial plan for your business. Try and figure out what you need finances for, including:
These are just a few things you’ll need to account for. During this step, you can also figure out where you can save money and where you can splurge.
When you’re self-employed, the tax process—and everything else—is entirely different than if you were to work for a separate employer.
Self-employed individuals must keep track of their own taxes and pay them on time, every time to ensure they’re on top of legal requirements.
As a self-employed entrepreneur, you’re responsible for paying the self-employment tax rate at 15.3% on your own, which is why many struggle financially at the beginning of their career.
You might want to consider working with a financial professional to assist you with any concerns or questions to ensure you adhere to governmental policies.
All businesses must acquire specific licenses to function. Otherwise, they might face fines, jail, or a company-wide shutdown.
Depending on your location, you may need to acquire specific state permits to operate your tailoring business. Be sure to check with your local government about which licenses you might need to get started in the industry.
This is where the fun part comes in. Building your brand includes choosing how you will present your company, including factors like:
These different factors will frame your business, so you might need to spend a little extra time on this aspect to ensure your business presents itself the way you want it to.
Try asking for help from your family and friends by asking for their interpretation of the company (once you’ve established a brand). Getting various opinions early in the process can help you feel more confident in building your brand.
Clothing alterations businesses typically have a high influx of revolving customers throughout the year, which means you’ll need a stellar team in your corner!
You can try looking into your current network to see if any potential people might be a great addition to your company. For example, have you previously worked with other professionals on a project who might help you achieve your goals? Reach out to them and discuss the next steps!
While you can certainly rely on your current knowledge and experience as you start your business, you must never stop learning.
The industry is constantly evolving, so you want to keep up with current trends, techniques, and equipment advancements. Honing your skills is a great way to challenge yourself and expand your customer base as you develop certain abilities.
The rate at which you complete tailoring service will depend on location, specific services, and the client’s timeline, but you can establish a base rate for your business. Study the market and your competitors’ rates to determine fair prices.
You might consider the standard formula for determining your hourly rate, like:
As soon as you’ve settled on a business plan and brand, it’s time to get the word out about your new business! Share your new company via social media and word of mouth through family and friends. You could even check with your local government to determine how you can create an ad in the local community magazine.
Try and match your announcement with the proper timing. For example, wedding seasons are in the fall and summer, so try getting the word out during that time to gain more demand for your services if your goal is to expand into that industry.
A great way to spread the word about your business is by creating a website that enables customers to access information, request forms, peruse through before and after photos, and more. You can create a website yourself by using self-services such as:
You could also hire a contractor to build your site if you’re busy with other essential aspects of building your business! Be sure to create social media business accounts to make your company more widely available.
Of course, you’ll need the right supplies in order to succeed in your career! Some supplies you’ll need include:
Be sure to acquire your supplies in bulk to ensure you never run out when you need them the most. For example, if you’re adjusting swimsuits or dresses for the summer season, you’ll need to buy bulk elastic to ensure you can take on more customers.
As long as you have a secure place to work and store equipment, you’re already in a good place. While a brick-and-mortar shop may be ideal, you can definitely work in a smaller space when you first start out. You could consider working in your basement, spare bedroom, or even renting a small workspace to work!
Be sure to follow the above ten tips for starting a clothing alterations business to ensure you start on the right foot and set yourself up for success.