Are you a connoisseur in neckties? Then you might want to translate your passion into a more meaningful endeavor by investing into a custom ties business. With this business, you will be able to deal with different types of designs from different customer specifications which can bring your love to neckties to the next level. You will be able to share to the people how neckties could impact them, and how important wearing a necktie can be.
Ties have been an essential item in a man’s wardrobe, and these items quickly perish because of food stains and other causes especially the wear and tear of the fabric as it is always rubbed with the suit, or at the desk or even at the seatbelt of your car. Although the demand for ties in a dressed-down society is low, men are still opting to wear neckties or bowties in a more formal occasion.
So, if you are already considering venturing into the bow tie and necktie business, the following are some of the things that you will need to consider before you commence with your venture:
Determine product marketability
Before you dive in, it is but prudent that you study your prospective market first and if the product that you will be offering is going to be marketable. Even though ties may have been in existence since the 1600s, they are no longer an essential requirement in a company’s dress code. So, you will have to be strategic in understanding what you are going to offer. There are many ways of getting creative in introducing your product, like choosing to create custom ties for specific events, or for a school, or just made-to-order.
Create a business plan
It is better if you write your business plan for your bow tie and necktie business and then place what your company’s purpose is going to be, what you are going to sell and why you are selling such, and the target customers that you want to reach in. It is also essential for you to write on how the business is going to be managed, financed and marketed. The objective of your business plan is not solely just to give your business clarity, but also for you to be able to attract your prospective investors to finance your business plan.
Determine the business structure
Now that you already have a feasibility study and a business plan in place, you will now have to decide as to what type of business structure you are going to adopt – either as a sole proprietor; a limited liability corporation, or a corporation. Then you will have to decide on the name of your business and then file the necessary papers with the secretary of state’s office, together with the required fees to comply with the legal requirements of your bow tie and necktie business.
Avail of reasonable financing
Now that you have your pre-requirements in place, you will now have to obtain the necessary funding for your business to run. So, it is recommended that you obtain financing for your bow tie and necktie business. However, before you make any sort of financial commitments, please see to it that you have the necessary capital to back up your commitments. In line with this, you will have to show the bank or the investor your business plan that you have drawn up, and then give them a concrete explanation on how you will be able to meet your financial obligations together with the marketing of the bow ties and neckties. You will have to complete all of the necessary paperwork required for the loan, and then you will also need to provide documents like years’ worth of tax returns, the pay stubs for your current job and the proof of savings and assets.
Start to look for a strategic business location
After going through all of the necessary preparations, it is now time for you to choose your business location, this is if you are planning to have a retail store for your bow tie and necktie business. You can take a drive through different retail areas and inspect the storefronts, ask and compare rental rates, and it is also better if you talk to the surrounding businesses so that you will be able to have an idea of both the foot and the car traffic from such various locations before you sign in a lease.
File the necessary tax requirements
With everything falling into place, you will now have to register for a federal tax identification number and then pay for the state and local taxes. You can contact your state’s Tax Department to inquire for the necessary forms that need to be completed, and then verify the time frame which such requirements must be done so that you will not be able to incur any fees or penalties. If you don’t have an accountant, you can ask if the tax department has any publication which they can send to you regarding small business taxes so that you will be well-informed.
Acquire business permits
You should also complete a request for any local business permits that are being required for you to open your bow tie and necktie business. If you have questions, the local Chamber of Commerce can provide you with answers on permits as well as any zoning laws. This information might be important especially if you are just setting up your business out of your home.
Time for your official opening
Now that all is set, you can now announce the grand opening date of your bow tie and necktie business. You can write news releases, or set up a social media page dedicated to your business to give people an idea about your business along with your day to day business updates. If you have the funding, you can also tap in with your local radio stations and television channels to put up coverage of your business opening.