Start an Alterations and Tailoring Business
Start an alterations and tailoring business and experience yourself the pleasure of becoming your boss at the same time the satisfaction of earning extra income for your family.
If you are one of those who has the flair for sewing and wants to be financially independent then an alterations and tailoring business is a must try business for you.
The emergence of this kind of business has seen tremendous growth over the years. Often people would buy clothes that do not fit well and wonder how they would be able to wear them comfortably. An alterations and tailoring business is the solution to this problem.
Planning a business needs a lot of preparation time before you can actually run it. A must do is to study all the fundamentals of the alterations and tailoring business first. You have to be theoretically prepared before plunging into the business. If you have the knowledge in sewing you can enhance your skills by enrolling in short term courses about alterations and tailoring. Getting certified is the best option for you. Attend seminars about or related to alterations and tailoring business. This is a way of meeting people who are already in the business and an opportunity for you to get to know the better to ask for advices on how they were able to sustain their businesses despite the odd times.
Know your local market, indentify if there is a need for an alterations and tailoring business in your area. How many competitors are you dealing with and what will set you apart from the rest of the alterations and tailoring business in your area? Where do you plan to put up your business is another factor to consider. A home based alterations and tailoring business is an appropriate start. A vacant space in your garage can be converted into a small place for your business.
A sewing machine or two is an ideal start. You can choose between brand new or refurbished sewing machines, depending on your budget. You also have to invest in different colors of threads. A table for your paper works.
Funding your business is a major consideration as well. Do you have enough start-up capital to finance your business? Applying for a business loan is an option. There are several financial institutions that offers loan to small and medium enterprises without asking for any collateral. You will just be required to present and submit certain requirements; this includes your business plan, bank statements and credit history for the last three years. Another option is to ask for a loan from family members. This is the most convenient way since you will not be forced to pay them immediately. You can also offer partnership with them in case they would like to do so.