The lingerie industry is a lucrative one. Last year, it was revealed that the global underwear market was worth a staggering $110 billion. Naturally, this has got plenty of entrepreneurs interested in setting up their own lingerie business. If you’re one of those people, then there are some key points to remember when establishing your company. From taxes to models, there are some things that just have to be done right.
Look at your rivals
Firstly, you’re going to need to assess the competition and find a possible gap in the market. Visit your local shopping centre and take a look at the lingerie boutiques there. What kind of products do they stock? Are the products luxurious or aimed more at the cheaper end of the market? What kind of colour schemes seem to be popular? Just as importantly, what aren’t they stocking? By finding their weaknesses, you could come up with a product that they can’t compete with.
Keep on the right side of the law
Before you start trading, you’ll need to make sure that you’re operating within the law. The UK Government has plenty of advice available to help new business owners. You’ll need to think about taxes, insurance, employees, licenses, accountants and even legal advice. It’s not easy, but if you do everything by the book, then you won’t run into any trouble further along the line.
What products do you want to sell?
Once you’ve sorted out the legal side of things, it’s time to think about what you want to stock. Will you be making your own lingerie, or will you be buying pieces from a supplier? Will you stock additional items such as stockings, garters and slippers? What about some sexy nightwear too? There’s a lot to think about, which is why you should take a lot of time and care when deciding what kind of products to invest your money in.
Finding the face of your brand
Decided on what to sell? Great! You’re almost ready to welcome your first customers. Before that though, comes advertising. You’re going to need the right models to wear your products. Whether it’s a silky negligee or a lacy underwear set, the right model will make it look a million dollars. There are plenty of stunning women working as lingerie models – it’s just a matter of finding the right one for you. If you contact an agency, then you’ll be guaranteed a wide variety of models to choose from.
Once your models have posed to their hearts content, you can think about putting together a launch campaign. Set up social media accounts, take out an advert in the local newspaper and if you haven’t already, set up a website. Be sure to include the pictures of the models in your underwear – they’ll attract customers and give them an idea of what your lingerie looks and fits like.
Ready, set, sell!
Providing you’ve listened carefully to our advice, there’s no reason why your lingerie venture shouldn’t be a success. With the industry in great shape, there’s clearly lots of interest from consumers. As long as you work hard, think carefully before making any decisions and choose the right women to model your garments, well, there’s no limit to how much money you may be sitting on by this time next year.
Anna Love runs the Elite VIP Models agency in London and is proud to provide the best models to clients all over London.