Whether you live in a metropolitan city or a small town in India, a tailoring business idea can be a great proposition. In a vibrant country like ours, people turn to clothing for festivals, celebrations and sometimes even on a whim.
India is the sixth-largest market for apparel in the world, and a Mckinsey report estimates that the market will total $59.3 billion by 2022. A growing middle-class population, access to international fashion trends and a big youthful generation of consumers make clothing popular. Additionally, when compared to other global apparel leaders like the United Kingdom or Germany, India’s market is largely unorganized, meaning consumers tend to shop from smaller outlets rather than big retail stores. If you have dreams of starting a tailoring business from home, then this is good news for you.
Four Reasons to Go After Your Tailoring Business Idea
With the right talent and approach, a tailoring business can take you a long way in India. Here are four reasons why you should pursue this idea:
- Entrepreneurial Independence
Being an entrepreneur comes with a lot of independence. You can decide what orders you want to take, what prices to charge, and how many hours you want to spend on your tailoring business. You will also have the creative freedom to design and recommend ideas to your clients, unlike a job where you will have to follow instructions.
- Low Investment
To start a tailoring business, all you need is the right skill set, a sewing machine, threads, and scissors. Once you get these, you can start right away! The investment required is minimal since you don’t need any inventory or immediate hired help.
- Business from Home
A tailoring business idea can be planned and executed from home. There is no necessity to rent out a separate business space. Moreover, starting a tailoring business from home can be advantageous since your neighborhood people can become your first clients. Win-win!
- Expansion Opportunities
Once your tailoring unit becomes successful, the growth opportunities from there will know no bounds. You can expand your business to a bigger space, hire help, start designing your own clothes if you please, and even consider selling online!
How to Start a Tailoring Business from Home
Now that you know the benefits of starting a tailoring business, here are some broad guidelines on how to start a tailoring business from home:
- Get Skilled
Even before you jump headfirst into the business, it is important to get trained. It is one thing to sew for your sister at home, but doing it professionally will require skills. A vocational course on designing and stitching or online classes can help you. There are many banks and financial institutions that provide loans for such training courses, in case you don’t have funds of your own.
- Buy the Equipment
Once you have the required skills, it is now time to invest in a good sewing machine and other stitching materials. The cost of sewing machines can start at Rs. 4,000 and go up to a few lakhs for a depending on the model. Research the kind you will require for your tailoring business idea and invest accordingly. Once again, a small business loan can help you in this regard.
- Set the Pricing
Pricing is an important element of any business. Since tailoring and stitching is a service and not a product, there are no standard rates. Compare the rates that other tailoring units charge in your city and area, and come up with a price list accordingly.
- Spread the Word
After all the basics are in place, you are now ready to start stitching! Let everyone in your locality know about your tailoring unit. Social media platforms can be another great way to spread the word and let potential customers know you are open for business!
Funding Your Tailoring Business Idea with Gold Loan
Even though a tailoring business from home may not require a massive investment, not everyone will have funds readily available to commit to a business. A small business loan can be a great way to make your dream a reality. However, there is a better option than a small business loan for homemakers and new entrepreneurs who are starting a tailoring business from home. While bank loans are available for small businesses, a gold loan can be a reliable alternative to fund your tailoring business idea. Here is why:
- Gold loans do not require any paperwork. Simply KYC documents are enough.
- Gold loans have immediate disbursal, meaning you do not have to wait to start work on your tailoring business idea.
- Interest rates on gold loans are affordable.
- Repayment schedules are also flexible.
With Rupeek’s gold loans, you can get speedy and hassle-free money to start your tailoring business unit. Rupeek’s gold loans are sanctioned online and provides doorstep evaluation process. This means that even the funding for your business can be done without leaving home. A staff member will collect the gold assets from your home and after evaluation, the loan amount will be disbursed to your bank account within 30 minutes. Rupeek provides high loan-to-value ratio, insurance for your gold assets and the best interest rates.
With Rupeek’s gold loan, you don’t just have to think about how to start a tailoring business from home; you can make it happen right away!