Lot of people want to learn how to start a lucrative leather belt business.
Are you one of them?
If YES, then this article is only what you need to read today.
Leather belt manufacturing is a booming business and the products can be sold globally.
It is one profitable business that can be started anywhere in the world.
All genders and age group wear belt.
It is impossible for a man to go out without a belt on his waist whether it’s official or not which makes the waist belt, not just a fashion accessory but a need for every man.
You can start your leather belt manufacturing business from your home and with your creativity, branding, promotion and excellent business skills; it won’t take time before your brand gets fame, customers, sales, and investors.
Customers will readily purchase and make use of your leather belts if they know they are going to get the best in terms of quality and value for their money.
So, if you are thinking of starting your own leather belt manufacturing business, this post is for you.
This article will help you successfully start or improve your existing leather belt business in Nigeria, Ghana, South Africa, UK, USA, Canada, Germany, Italy, Australia, New Zealand, India and perhaps anywhere else in the world.
Before we get into the core of this post, I’d like to tell you to grab some coffee or tea.
This is quite a long post and if you’re really interested in starting and excelling in your leather belt manufacturing business, you’ll definitely read to the end.
Steps to Starting a Profitable Leather Belts Manufacturing Business
1. Undergo Training
Although professional certification isn’t needed before you can successfully start your own leather belt manufacturing business, but it’ll be good and advisable for you to enroll in a degree or program and study leather works or a related course before starting this type of business.
By so doing, you’ll learn and be fully prepared for business planning, materials sourcing/manufacturing, branding, designs creation and sales, marketing, in relation to leather belts and other related leather works production.
You’ll get to meet those who know the business, find out how it works and benefit from their experience as you start and grow your business.
Also, you’ll build solid relationships with a wide range of people such as manufacturers, investors, and buyers.
2. Get Your Capital (Finance)
Sometimes having the capital to turn your business ideas into live businesses is very important, even more, important than the business idea.
Having your capital already makes your startups faster.
Starting a leather belt manufacturing business can be cost effective especially if you choose to start on a small scale making customized leather belts based on demand.
Securing a standard and well – equipped production facility is part of what will consume a large chunk of your startup capital, but if you choose to start the business on a large scale, you would need to go source for fund to finance the business because it is expensive to start a standard large-scale leather belt manufacturing company.
3. Write and Have a Detailed Business Plan
It is strongly advised that you have an adequately written business plan in place as it is considered indispensable as the proper implementation of your business can ensure the successful running of your belt business.
If you don’t know how to put one together, you can easily consult professionals to have it drawn up for you.
If you have a good and workable business plan document in place, you may not have to labor yourself before convincing your bank, investors and your friends to invest in your business.
In choosing a name for your business, you should be creative because whatever name you choose for your business will go a long way to create a perception of what the business represents.
Usually, it is the norm for people to follow the trend in the industry they intend operating from when naming their business.
Once you’ve established your products’ aesthetic and nailed your customer profile, it should be easier to identify an overall look that will define your brand.
If you look at the leaders in the leather belt manufacturing business, you realize that they deliberately choose a name and create a logo that best communicate how they want people to perceive them.
Once you can secure a good name for your leather belt manufacturing business and then hire experts to help you create an interesting logo; you can follow the trends in the industry.
5. Get a Good Business Location
As your business grows, you will need to expand and situate your business in a populated buzzing environment with moderate competition accessible to your target market.
Before choosing a location for your leather belt manufacturing company, ensure that you first conduct a thorough feasibility studies and market survey.
In choosing a location for your leather belt manufacturing business, note the following factors:
- Access to labor and raw materials in the location.
- Demand for such leather belts product.
- Location demography.
- The local laws and regulations in the community/state.
- The number of leather belt manufacturing companies and leather goods and luggage manufacturing companies in the location that also produce leather belt.
- The purchasing power of the residents of the location.
- Traffic, parking, security, and infrastructures in the area.
The location you choose to open your leather belt manufacturing business cannot be overemphasized because it is important to your business success; hence entrepreneurs will rent or lease a facility in a visible location; a location where the demography comprises people with the required purchasing power and lifestyle.
6. Business Registration
If you want to start your business on a large scale and depending on the local laws and regulations in the community/state, you may have to get the required official business documents and register your business with the agencies or commission and get your license or certificate to begin work.
7. Production and Materials
If you are considering setting up a leather belt manufacturing company, it means that you should be prepared to purchase equipment and machines such as industrial leather belt sewing machines, filling/grinding machines, gumming and polishing machines and industrial cutting machines.
These are the basic machines needed to launch the business.
If you don’t have enough cash, you can start with fairly used equipment/machines but if you are financially buoyant, then you should go for brand new ones since they usually have a long-life span.
As regards leasing or outright purchase of a production facility or warehouse facility, the choice depends on your financial standing, but to be on the safe side, it is advisable to start off with a short-term rent/lease while test running the business in the location.
If things work out as planned, then you go on a long-term lease or outright purchase of the property but if not, then move on and source for other ideal location/facility for such business.
8. Price Your Products and Services Right
Learn how to fix the right prices for your products and services.
This is very important if you don’t want to make a loss from your belts business.
Assign retail prices that are appropriate for the market you are targeting.
Create a cohesive collection to present to retailers.
Be mindful of your relationship with retailers – nurture them with personal meetings and use them to better target your designs.
9. Customers Acquisition, Insights and Care
Determine the quantity and types (male, female, children, colors and sizes) of the leather belts to be produced.
Know if you’re designing your business and products for the regional market, national market, or international market.
Having a dedicated customer care line is very important so that your customers can reach you for an enquiry, bookings, complains and other details.
Make your business place as homely as possible.
Ensure all your customers are comfortable while been attended to or waiting to be serviced. It keeps them coming back.
There should be competence and excellent customer service in your business.
Ensure that you make your clients feel valued and appreciated and focus on giving them the best experience each time.
You can run promos to bring in more customers.
Be open to suggestions from your customers to be and don’t dictate for your new customers as that sometimes puts them off.
Also have a referral system for your customers to earn discounts on purchase or gifts by referring new friends to patronize your designs and services.
10. Staff Recruitment
As you scale your leather belt business, determine the parts of the operation you enjoy most and tap into your own strengths. Hire around those to fill in the gaps.
Don’t cut corners when employing staffs. Under qualified staffs will ruin your business and image. Only hire competent employees.
Professionalism must be a yardstick of your business and of your staff.
No matter the industry you belong to, the market is dynamic, and it requires consistent brand awareness and brand boosting cum promotion to continue to appeal to your target market.
Running a business requires that you should be proactive in marketing your goods or services.
If you choose to launch a leather belt manufacturing company, then you must go all out to employ strategies that will help you attract customers or else you will probably struggle with the business because there are well-known brands that determine the market direction for the leather goods and luggage manufacturing industry.
If you want your leather belt manufacturing company to grow and become a national and international brand, then you must be ready to spend money on promotion and advertisement of your brand.
Where to spend your marketing money will depend on your product, audience, budget, and may require some trial and error and your marketing strategy will center on quality and pricing, and above all excellent customer service.
These are some of the marketing ideas and strategies that you can adopt for your leather belt manufacturing business:
- Advertise your business in fashion newspapers and magazines, local TV and radio stations.
- Advertise your leather belt manufacturing company in your official website and employ strategies that will help you pull traffic to the site.
- Advertise your leather belt manufacturing company on high-traffic fashion blogs, classified sites, directory sites, and forums.
- Engage in roadshows in targeted communities from time to time to sell your products.
- Ensure that all your staff members wear your branded shirts and all your vehicles and distribution trucks/vans are well branded with your company logo.
- Install your billboards in strategic locations all around your city or state.
- Introduce your newfound business to your family and friends.
- Introduce your products to corporate organizations, businesses in retail industries, boutiques and supermarkets in your country.
- Place adverts on both print (newspapers and fashion magazines) and electronic media platforms.
- Provide discount days for your customers.
- Set up and use social media accounts such as Facebook, Instagram, Twitter used by your target customers.
Benefits of Starting Leather Belt Business
These are some benefits of starting a leather belt manufacturing business.
- It’s very profitable with good daily, weekly and monthly returns.
- Buyers will buy and beg you to sell your belts to them if there are sure you’re selling premium leather that will last them for a long time.
- With experience, time and proper planning, you can open other leather works related business like shoes, bags, jackets increasing the number of your streams of income.
Challenges Encountered in Leather Belt Manufacturing Business
There are still some challenges you may encounter when starting up your leather belt manufacturing business. They include:
Producing fine quality leather belts costs money, so to run this business successfully, make sure that your company is financially stable.
Acquire enough funds to meet your routine business requirements and other expenses for many months.
Competition in the leather belt manufacturing business is tough and is expected to increase.
There are lots of major leather belt manufacturing brands in countries like United States of America, China, Germany, France, Italy, United Kingdom doing great and new companies are equally coming up.
A new leather belt manufacturing company in the same location as yours may affect your business.
Economic downturn and unfavorable government policies can also affect customers purchasing power.
Tips in Excelling in Your Leather Belts Manufacturing Business
- A manufacturer who is genuinely excited to work with you and who understands that they may have to provide quick alterations is vital to your business.
- Self-Promotion. Wear and showcase leather belts created by you as much as possible.
- Be creative, social and always available.
- Create an online store or website for more sales and educating your customers on the features and benefits of your products.
- Know and learn how to price your products and services correctly.
- Join local leather belt manufacturers associations for industry trends and tips.
- Learn and get creative ideas from your competitors.
- Ongoing professional development, either through continuing education or affiliations in industry associations, is also prerequisites for a successful career in this field.
- Carry out thorough market survey and consider the costing of the required raw materials, equipment needed, churning out quality leather belts, branding, how to build a robust distribution network and how to reach out to your target market.
Having a successful leather belts manufacturing business is very possible.
If you are looking towards successfully launching a leather belt manufacturing business and maximizing profits, then you need to ensure that you get your economic analysis right and try as much as possible to adopt the best practices in this industry.