Business experts unanimously claim that no economic crisis may affect a number of “eternal” industries. Selling sunglasses is one of them. After all, the most tender organ is the eyes.
Of course, some categories of sunglasses are vulnerable to the economic crisis, but this applies mostly to the glamorous premium segment.
Selling sunglasses is a business with good margins. Although this business is seasonal in many parts of the world, you can still get a good profit. This business does not require any special skills, and even a minor student can start it.
Here’s a step-by-step guide on starting a sunglasses business.
Evaluation of your business idea.
Evaluation of business ideas is carried out according to several standard criteria. Your town must have at least ten thousand people; in this case, the business will be profitable even with some competition.
It is important to determine the number of direct competitors and find out their prices. Write the prices down and compare them with your prices. If you can add more than 50% to each item, and that does not exceed the cost of the products of competitors, then your business will be profitable.
Example: The wholesale price for you is $80 per item. Competitors sell similar products for $200. Accordingly, you can add 100% + several dollars for a possible discount. In this case, even with strong competition, your product will be lower in price, and if your sunglasses are of high quality and attractive design, you will crush your competitors within several months.
Determining the margin.
There are a lot of local factors that may influence your margin. Trying to get it 100% or higher means a relatively good level of profit. Margin should not fall below 50%, i.e., when buying sunglasses for $80, you should not sell them below $120. But again, it depends on competition and other factors.
If there is no competition, try getting a maximum margin. But it should depend on the income level in your city\country.
Note: street sales, even regardless of competitors, bring more money than indoor trading.
Market size.
Market size depends on the number of people living in your area (or tourists.). The more people, the higher the market size. But, again, having at least ten thousand residents and some slight competition is enough to try.
The uniqueness of the offer.
This criterion is important in this business. It plays a big role in evaluating the business idea. If your products are unique for your area, then you will immediately capture the market.
Note: The greater the selection of models at an affordable price coupled with high-quality service, the better. In this case, future competitors are unlikely to get ahead of you.
Difficulty entering the market.
In this business, there will be no problems with entering the market.
Upselling/Additional offers.
In general, you can also sell cases for sunglasses. This can help increase profits and start word of mouth if these additional products go for free (for a limited period of time.)
Scalability.
In a large city, you can easily open several points of sale, as well as try online sales via a website, Instagram, Facebook, etc. Big volumes will allow saving on some expenses and thus lower the initial and final price. So, selling sunglasses in big cities can be a lucrative affair. But mind the competition and location.
Note: This business is not complicated and profitable; you simply cannot but like it. Otherwise, it is easy to hire a seller paying a percentage of sales. Your family or friends can be in your team too.
Investments.
When entering a business, we look for ways to reduce costs and search for investments. In this case, you will not be able to save a lot, unless you make a stand yourself and sell glasses in our own place. As for investments, you can do the following:
- To put aside (into a safe place) a few hundred dollars each payday.
- To borrow money from friends or relatives.
- Get a business loan. You can take a chance here; the risks and sums are not big.
Finding the right place.
A thorough search for a point of sale is crucial but should not be a big problem. In small cities, go to the city center, look for appropriate places. Tourist attractions work great too. You can even use social engineering and chat with future competitors pretending to be a buyer.
Creating a business plan.
There are, of course, a lot of factors that can make this business unprofitable. The most important ones:
- Over-saturated market
- Sparsely populated area
If these criteria are not your case, then this business will be profitable.
In general, a business plan is hard to prepare accurately because it is difficult to predict the number of monthly sales.
Advertising/Promotion.
This business does not need plenty of advertising. In a small city, it is enough to place ads in local newspapers. If sales are conducted via the Internet, you can use relatively cheap Google AdWords, Facebook and Instagram promoted posts.
Everyone advises to find high traffic places for your point of sale, but they rarely advise how to retain or attract customers. You have to love your products and customers. It is good to be your best with talkative customers as most probably (if they like your service) they will tell their friends about it. You also can arrange promotions in nearby offices, stores, other places. Arranging raffles \ lotteries once in a while is also good.
Conclusion.
Do you have a reliable supplier with low prices and quality products like Goodr sunglasses? Do you have a suitable market and free time? So, what are you waiting for? Get the products, order the pop stand, get the license and do it. Do not be afraid to try. After all, this small business does not require a lot of investments.
The post How To Start A Successful Sunglasses Business appeared first on Young Upstarts.
via https://www.AiUpNow.com/ by admin, Khareem Sudlow
