When you have decided to start a socks business, and you are 100% confident that you will be successful doing that, but wondering how to achieve that? Then, you have come to the right place. Here we will guide you to the process of starting your socks business.
Socks are widely used. Men, women, kids, and infants use socks for various purposes. Sometimes custom athletics socks are used by athletes and sportspersons. They can be a perfect promotional product to promote your sports league team as well.
There are varieties of socks available. They come in all shapes and sizes. You can decide the designs, patterns, colors for your custom socks. Custom socks with logos are produced by using cotton yarn, acrylic yarn, polyester yarn, nylon yarn. There are various types of socks like nylon socks, trouser socks, slouch socks, knee-high socks, and toe socks. Etc.
In general, socks are created using two different fibers - cotton and nylon. Woolen socks are useful to protect your skin from the cold. Socks have become an integral part of human life. Nobody imagines a day without socks. Therefore, socks manufacturing has turned into a profitable venture in the knitted garment industry. Anybody can start the business on a medium level or develop it on a larger scale. Before understanding how to start the socks business, we will give you answers to why you should start a socks business.
Why start a socks business?
Even though socks might be a little piece of the normal individual's closet, the piece of the pie they take up in the attire and style industry is large. Truth be told, Transparency Market Research has esteemed the worldwide socks market at $5.6 billion every 2014 with an accumulated yearly development pace of 8.5%.
This implies that from 2015 to 2023, socks are relied upon to represent $11.6 billion around the world, likely because of expanded interest for very good quality, extravagance socks. Driven by these changing fashion trends, the socks business is relied upon to fill dramatically in the following couple of years - particularly when contrasted with other fashion products.
Socks additionally tend to be a decent amateur product for new entrepreneurs. Like graphic tees and mobile cases, socks are anything but difficult to market to a niche. Consider the big picture - everybody wears socks. With such countless styles, capacities, and socio-economics - it's anything but difficult to track down a specialty corner of the market to offer to.
Starting your own business may seem a staggering task as every industry has plenty of competitors. Success may seem like a distant dream, but you can change all of that by entering into the business of custom socks. It is a great business idea for first-time entrepreneurs, and if you are not sure how to venture into the socks business, then you are in luck my friend because we are about to discuss the same over here. After convincing you with the reasons to build a business of custom socks from scratch. Now, we will tell you the steps to start a profitable socks business for beginners.
Steps for starting a profitable socks business for beginners
It is a challenge to start your socks business. The competition in the socks market is ferocious. If you want to be a successful socks business owner or want to establish a global socks brand, then these steps may help you run your socks business smoothly.
1. Sell socks online or offline?
The primary thing you need to consider is the platform to sell your custom branded socks, online or offline? Since the item situating, valuing, and promoting methodology are likewise unique as per the distinctive distribution channels. Furthermore, your business financial plans vary by various selling models.
On the off chance that you search online, you can see there are plenty of platforms for you to sell. You can list your products on eBay or Amazon, you can likewise assemble your own online store on Google also in the event that you would prefer not to utilize these commercial centers.
In the event that you open your store on C2C e-commerce websites like eBay or Amazon, at that point, everything is preset and optimized for you–the shop layouts, post formats. Thus, you don't need to stress significantly over store planning. Additionally, you will be naturally remembered for their showcasing efforts, and your socks will be publicized.
I by and large don't recommend beginning a sock business start from a maverick Google store. The C2C platforms will present you with enormous traffic while you need to put a ton in the beginning phase to lead traffic to your store in the event that you build up as an independent store. The terrible thing is, in the event that you don't upgrade your autonomous store appropriately, you may spend a lot however bring about no benefit.
You can open a store or set up stalls to start selling your custom socks like custom athletics socks, custom socks with logo, custom branded socks, custom dress socks. Through this platform, you may earn small profits, but your turnover will be quick. If you are willing to start a high-end socks business, then you should label your brand and open an independent brand store, but that option will be costlier than you think.
2. Do some market research
Small businesses have to solve consumer's problems in order to become successful, or they have to offer something the market wants. A brand can acquire this kind of information through rigorous research.
When you are initiating your research program, you should analyze the current sales data and the working techniques of your competitors. You should also check how effective their working techniques are. After understanding those situations, you should focus on your customers' demands. You can also prepare a questionnaire to get a clear picture of their demands. After completing this primary research, you can check their online presence.
While checking your competitors' online presence, you should focus on three main points - visit big e-commerce websites to see their best-selling products, check the customer reviews and comment below their listing, and bifurcate the keywords that pop up while you search for the term called 'sock'. This information is vital for your business.
E-commerce bestsellers list
Check out every e-commerce websites to find out which design patterns, materials, or styles are selling fast. You can also refer to their bestseller list and wish list to see which socks are in demand.
The considerable achievement a brand can have for their product is a positive customer review. You have to check how pleased customers are with your competitors' products. Check out positive as well as negative reviews and comments as they will give you insights into what people like or dislike.
Type 'sock' in the search box and study the keywords it prompts. Those keywords are the frequently searched keywords by customers. This way, you learn what the consumers demand the most.
3. Methods for pricing socks
Pricing is the most vital element of the socks business. Customers like to compare prices online and choose the best option from that. Therefore, the socks should be reasonably priced.
Pricing for regular socks
Many brands and small business owners will price their socks 2 to 3 times their wholesale cost, and custom branded socks will price their socks 4 to 5 times the wholesale cost. This is the norm, but we can smartly reduce the price, but it may harm the overall industry. So, as a business owner, you have to make a tough call for that.
Pricing for classy high-end socks
Few outdoor socks require high functionality, and therefore their production cost increases due to the usage of expensive materials. People who purchase classy high-end custom socks don't tend to compare the prices. They will check the style, functions, and quality. So, if you decide to produce classy socks, then your retail prices will go up. Generally, the retail price of functional socks can be eight times the wholesale cost.
4. Where to source socks with competitive price
Should companies source socks with competitive prices by drop shipping, local wholesale, or wholesale directly from China? This is a very crucial question, but the answer will depend on the scale of your business.
If you are new to this business, then drop-shipping is good for you as it is low-risk, a low-cost business idea for first-time entrepreneurs.
Drop-shipping suits newcomers because:
- Easy to conduct
- Low cost to invest
- Low barrier to entry
If you have some experience and understanding of stocking, then you can choose to buy wholesale socks from your wholesale website in your country or a wholesale local market. The advantages of this model are:
- Less MOQ than import, you can order stylish socks in lesser quantity
- Cheaper than drop shipping
- Quality assurance
Long-term business period
Those who are in this business for a long time can strive for the lowest cost price, maximize profits and emerge victoriously.
5. Some practical marketing strategies for socks business
High quality and creative designs alone won't help you dominate the market share. There is a chance that your excellent promotional products or custom dress socks may go unnoticed due to a lack of reasonable marketing. Here, we are introducing typical marketing strategies for your online store.
Independent Google Store
Selling products on Google's independent store may not be a good idea for small socks business as it needs a huge investment to start. You can try selling products through a third party who is an established name on Google's independent store. Independent businesses can promote their business through Google Ads.
Social media marketing
If you have some eye-catching pictures of your custom socks, custom athletics socks, custom socks with logo, custom branded socks, custom dress socks, etc. Then, you can post them on Facebook, Instagram, or Pinterest. You can make short videos or GIFs and publish them on YouTube. You can tie up with local influencers who can help you promote your products on social media platforms.
You can list your products on e-commerce platforms such as Amazon and Flipkart and then promote them by spending reasonable advertising fees. You can offer coupons and discounts to generate more leads and conversions in a short period. Offers & discounts attract customers a lot.
Whenever you start your socks business, make sure you learn and understand the basics of business. We hope this article helps you to become a leader in the socks business.