Do you love to style yourself with stylish and protective sunglasses? Then, starting a sunglasses brand might be for you. Building a brand is challenging. So if you want to use your fashion and earn some income, learn how to start your own sunglasses business. Like any business, it requires a great deal of effort, dedication, and passion.
The most important thing is to know the process of starting a sunglasses business. Follow these steps to creating a successful brand.
- Write a Business Plan
- Setting Up and Making The Business Legal
- Brand Identity
- Find The Right Supplier
- Design The Right Package
- Price Your Sunglasses
- Start Marketing
In this article, we covered each step of the process of starting your own sunglasses business. From an experienced sunglasses supplier, let us help you grow your business. Learn some tips and strategies in making decisions. Launch and market your business the right way.
How To Start Your Own Sunglasses Business?
Ask any entrepreneur, and you’ll know that starting a business is challenging. It is a perfect combination of creative ideas, networks, resources, and technology to build a profitable business. Shortcuts and failing to plan are planning to fail. So if you want to start your own sunglasses business, here are some steps to follow.
Step #1 – Write a Business Plan
Start now, not because you are ready. Let’s admit it, we all have fears of failures. But ready or not, a business should always start with a plan. It is simple yet the most critical part of your success in this industry.
A business plan is like a roadmap. It will guide you to the things that you have to do in a certain period. You can also have a better picture of the structure of your business. This way, you can be more flexible and position the company on a successful path in the future.
Writing a business plan can help in validating your ideas. So, what should you include in a business plan? Consider adding the following sections.
- Executive Summary. It is a brief outline of your sunglasses. Include everything about your brand, target market, and growth opportunities.
- Overviews and Objectives. This section includes a detailed overview of your sunglasses business. You can also have the things needed to run a successful firm.
- Products. State the specifics of your sunglasses that you will provide to your target audience. Is it stylish sunglasses? Do you want to provide protective sunglasses to athletes and outdoor enthusiasts? Include the style, frame, and materials.
- Market Opportunities. Analyze your customer demographics, their buying habits, style preference, and use. More importantly, is there a demand in your target area?
- Marketing. Never skip on your marketing. It is crucial in sustaining your business with new customers and retains loyalty. Outline your marketing plan. Differentiate your business from its competition.
- Competitive Analysis. Never get into a battle without profiling your competition. What are the brands that are already in your industry? Identify their strength and weaknesses, then make a plan of attack from it.
- Operations. At first, you’ll be operating alone. You will be the owner of your firm, marketing manager, and your staff. But as the business grows, think of the hierarchal structure of the company. What kind of help and who are the people that you need to assist you? Think about the processes required to run the business on the day-to-day.
- Leadership Team. Make a detailed list of roles and responsibilities of each position in your team. Even if you don’t have one yet, it is something to look forward to in the future. You can also include the specific skill-set, which you can use once you start hiring.
- Financial Analysis. List all the expenses that you would incur starting and operating the business. Then, make projections for the future to identify how long it would take for you to get the ROI and profit.
Writing a business plan can take time. Every entrepreneur knows that it is vital for any business to succeed. You don’t go on travels without looking at a map or itinerary. Business plans are roadmaps that will guide you in taking the next steps for your brand.
Step #2 – Setting Up and Making The Business Legal
If you are going to sell your sunglasses in a brick-and-mortar store, then you need a permit. You have to register your business and legalize it. But what if you’re going to sell online?
You still need a permit if you want to sell through third parties like Amazon or eBay. You would need a sales permit and a tax permit. Then, decide the business model. Decide the best model for your plan.
Step #3 – Brand Identity
You already have a business plan and legal documents. So, the next step would be creating your brand identity. It starts with making a logo with the right mix of colors that speaks for your brand’s mission. Then, make sure to be consistent in using it. Apply it on your website, and across all social media platforms. Print it on your packaging or sunglasses.
Is your brand going to provide luxury sunglasses? Are you going to target athletes or travelers? The feels and appearance of your logo should impact the kind of sunglasses that you want to provide. Don’t be too generic, but be more specific.
Consumers are more like to buy a brand with strong brand recognition. Again, it all circles back to the customer profile that you built in your business plan. You have to create an inventory of sunglasses based on the needs and wants of your target audience.
Step #4 – Find The Right Supplier
It is challenging to find the right supplier for your sunglasses business. It requires hours or days of research, connections, and networking to find the perfect one. In choosing the sunglasses manufacturer, remember that quality is more vital than prices.
Work with suppliers that can help you get the CE or EU-certified sunglasses. Certifications to prove that your sunglasses are 100% safe to use are essential as well. It will reassure your target audience that your business follows strict safety protocols.
So, how can you find the right supplier or manufacturer? The answers to the following questions will give you the answer.
- Can the supplier create your design? It sunglasses industry, we call it as Original Equipment Manufacturing (OEM).
- Do you prefer a manufacturer that sells finalized or pre-designed sunglasses? Then, you’re going to sell it under your brand’s name? Contrary to the first question, we refer to it as Original Design Manufacturing (ODM).
Once you understand the type of supplier, you can start the search for the best one that would match your brand. Before you begin working with a supplier, make sure to ask for product samples. Durability and polarization tests and certifications are essential to ensure quality.
Step #5 – Design The Right Package
After designing your final products, make sure to match them with excellent packaging. It is a small task to do that leaves a significant impact on your target audience. As people say, “first impression lasts.” The design of your packaging gives the first impression to your customers.
Would your sunglasses stand out next to hundreds of other similar products? Create a connection with your customer through your packaging. It can increase their chances of buying.
Step #6 – Price Your Sunglasses
Here comes the most challenging aspect of starting your own sunglasses business. It is the part where you determine the price of your sunglasses. Under-pricing your product to penetrate the market can be detrimental. It can affect your financial statements and a bad reputation.
It is not wrong to make promotions, in the beginning, to drive demand and create more volume. But you have to be wise in pricing because the last thing that you want is for customers to label your brand as “cheap.” Setting too low prices can impact the type of customer you attract. It is not a good idea if you’re going to target people with a luxury lifestyle.
Meanwhile, over-priced sunglasses can be damaging to your business as well. Customers would not think twice to look for other alternatives that have the best value and deal. Thus, you must research your competition and understand where you fit in the market.
So how can you price your sunglasses right? Check out these factors you need to consider.
Understand your target customers.
Create a profile of the type of customers you want to attract. This way, you’ll know how much they’re willing to pay for your sunglasses. You can do this by surveying your customers. Know their demographics, buying habits, and level of price sensitivity.
Identify your costs.
List down all your costs in making the sunglasses. It includes shipping and overhead fees. If you have a physical store, your expense includes rent. Meanwhile, there are online fees for your e-Commerce store. Plus the other operating costs needed to run the business. It helps to put all expenses in a spreadsheet to give you an idea of the price to generate profit.
Create revenue goals.
Once you have the price, how many pairs should you sell to achieve your revenue goals? How much profit do you want your sunglasses to make? You can aim high, but keep it realistic.
After you identify all your costs, you should be able to locate your breakeven cost. From your breakeven, create your revenue goal. First, check the number of pairs you plan to sell in a given period. Then, divide your revenue goal by the number of items you plan to sell. This figure will provide you with your estimated price per product to meet revenue goals.
Know your competition’s pricing.
The last piece in determining the price of your sunglasses is to check the competition. Find the closest competitor that offers the same sunglasses with similar perceived value. Compare the costs of the different stores. Then, determine where your sunglasses fit best in the market.
It means putting them on the shelf if you’re going to sell in a physical store. Design your shop according to the ambiance that your target audience wants to feel.
If you’re selling online, there are other platforms that you can use. Amazon, eBay, or creating your website are some ways to offer a seamless transaction. A website can boost your credibility with your shoppers. It boosts their confidence knowing that you are selling “legit” sunglasses.
Now that you have your design, supplier, and pricing – it’s time to start marketing your sunglasses. You can try a lot of ways to reach your target audience and generate sales.
You may partner with an influencer who can put your products. It is crucial to pick the perfect influencer who has followers that fit your target audience. You can try affiliate programs as well. It gives small-time influencers a small commission for each sale of your sunglasses.
Social media can help you promote new products and sales. It is a platform where you can interact with your target audience. It is a free tool that can leverage your brand big time! Thank your customers and show off your creative side. Create a community around your business to boost customer loyalty.
Is The Sunglasses Business For You?
If you like flexibility and small startup costs, the sunglasses business is for you. Getting into the eyewear industry allows you to devote as much time as you want to it. You can start small and run all elements of the company on your own if you enjoy the work and have some prior expertise.
You can even start your sunglasses business from home. You don’t need an actual storefront or office space to get your business off the ground. You can do all management and communications from the comfort of your own home. Plus, the cost of starting a sunglasses business is less than other businesses.
But not that competition in the sunglasses industry is stiff. So, it is crucial to analyze your market, target audience and understand the demand. More importantly, find the right supplier that will give you the highest quality.
Starting a sunglasses brand may be profitable and enjoyable. After all, you’re bringing happiness and excitement into the lives of others. Focus on providing stellar customer service, quality sunglasses, and earn profit. Focus on providing solutions, and don’t stop learning even when you reach your goals.