Starting a Bag Company on a budget?

[SophieM]

Hey

I am looking for information about starting a bag business, I have been looking for information/case studies and guides etc. on the internet but can't seem to find anything.

I would like to know what kind of stages, planning etc. you normally go through etc.

Any one have any experience?

Thanks,
Sophie

[Mattrepreneur]

I don't have experience but I would be inclined to say the planning stages are somewhat similar to any business in retail. Market Research, Competitors, Budget Planning etc. but in terms of bag's, you should be looking at manufacturing costs, distribution channels etc. to ensure maximum profitiability.

Would you be selling your own brand of bag or reselling other brands? If it's the former, think about brand loyalty and a catchy name along with a Unique Selling Point to differentiate yourself from competitor's - perhaps think about entering a niche as opposed to going mass market.

There's alot of things to think about, although I don't have direct experience in retailing bags, I hope I've helped a little.

Good luck Sophie!

[SophieM]

I would be making my own brand of bags yes.

[Mattrepreneur]

Ok, bear in mind what I mentioned. If it's possible, assert a Unique Selling Point (USP) - some examples of this are innovations where people created bags with drink pouches inside so you can take a drink, these are aimed at walkers and hikers etc.

If you can't think of any USP's and think a straight up bag would be best, try and make it as design-focused as possible - along with doing it's job and being durable. This way you can attract customers by design. Perhaps one route to look into is bespoke bag design, finding people who want a unique bag that nobody else has, this can be extremely satisfying both in terms of the custom you could receive, and building a prestgious bespoke brand label.

Good luck once again!