There was also the time when hat business experienced the declining trend. But now once considered a moribund business is snapping back to life again.
Age of tradition of wearing a headgear is still carried on with great vigor and charm. The headgear acts as a protector of head and hair from the external elements like dust, pollution, heat; acts as a savior during bad hair days and a fashion accessory that adds on to the beautification of the wearer of cap or hat.
The style of old hats has been transformed into a more stylish and fashionable design. Also the old relics of the past that is the older style of hats, the outdated ones are being rejuvenated to give a trendy look while at the same time retaining its originality. People wore it more often as compared to earlier to make their own fashion statement. Given the growing inclination of people towards hats, it gives a profitable opportunity to start a hat business.
Know how to start a hat company?
Table of Contents
Formulate a business plan
Before jumping into cap making business, or before starting a hat company you need to full knowledge about the different types of hats that are in trend. What the type of hats that are underserved, of which you can take advantage of. Know who your targeted audience is. Decide your capital budget, do you want to finance your business or not. Will you be going for starting a hat company as a sole proprietor or you will go for limited liability partnership business. Will you be manufacturing or want to start a hat business as a retailer, conduct market research, know your competitors, do the feasibility studies before entering into it.
Setting up of company
After deciding whether you will go for sole proprietorship or limited liability firm, decide the name and logo of your cap making business get yourself registered with the registrar of companies. Get license to operate.
If you are going for manufacturing then you need to have sound capital to invest in your business, procure machinery for sewing, and fabric material, ensure the availability of skilled labour, set up your cap making business manufacturing plant at a place which complied to all the rules and regulations, also make sure it is at a place where the transportation of raw material and finished goods can be easily carried out. Focus on the packaging to make your hats look appealing.
You can think of starting a hat line as a retailer. For these you need to make contacts with different wholesalers to get the best deal suiting your budget, quality of product and profit margins. You should offer variety of hat, in different size and color, foldable and easily washable.
The best option to start your hat business store is at a marketplace that receive huge crowd. You can either take the shop on rent or buy the property depending on your budget. You also have the option of starting a hat line business online.
Publicize or advertise about your newly starting a hat business in your local newspaper, print pamphlets, put banners in the nearby areas. Give discount for attracting customers
Get your business insured so that you are protected from unforeseen circumstances.
Armed with the all the necessary information, you are now prepared to start a hat business.