How To Launch A Multimillion-Dollar Activewear Retail Startup?
It’s not easy. And regardless what those tricks and hacks tell you, it’s going to take time.
But then, if you really want to, that shouldn’t be enough reason why you shouldn’t launch a private label activewear retail startup that’s destined to the multimillion-dollar mark.
Aside from the common ones (like, have a business plan, lease a property, find your audience, more), here are five powerful tips that will take you a long way:
Find business partners
This isn’t a DIY thing. Even when you’re the most talented and hard-working individual, you can’t do this alone. So, it’s important that have the right business partners by your side who bring a unique proposition to the table that contributes to building and growing a business.
Contact the right activewear manufacturer
This is essential. Your activewear manufacturer, in many ways, is actually your extended partner. So, take your time in picking a “partner” that’s well-established, has a large catalog and offers seamless customization option.
Remember, the quality and class of your wholesale collection would depend on the quality and class of the manufacturer you’re dealing with.
Have a unique collection
Again, a very important point! Unless you want to be one in many, you want a collection that’s unique and better than that of your competitors’. This is how you will establish your business and build a core audience base.
So, whatever you’re purchasing, whether customized running shirts for marathon or tracksuits for early-morning runs, make sure these tops, bottoms and outwears have a uniqueness that eventually becomes a USP for your brand.
Invest BIG in influencer marketing from the go
Influencer marketing is getting bigger by passing days in the fitness and fashion industries. So, it’s a great move for a startups like yours to invest big in this right from the go.
Find influencers in your niche that have high following and engagement rate on social media platforms (Instagram and Snapchat in particular). Pay them to promote your products. It’s a cost-effective move, promising you a very high ROI.
With influencer marketing, you can boost your sales and build brand recognition rather easily.
Focus on your brand name
Once the startup culture busts, only those companies will survive who have invested in their brand name. So, if you’re in this game for a long-term, in your marketing and after-sales strategies, keep your brand name at the very center.
Make sure your customers not only recognize your brand name BUT also trust it.
These are 5 powerful tips that will help you successfully launch and grow a multimillion-dollar activewear retail startup.
Again, it won’t be easy. And it won’t happen in a year or two. So, it’s essential that you enter the game with the right expectations, ready to learn more, outwork everyone and be patient.