When it comes to starting a men's underwear brand, you may find yourself in a place where you have to make some big decisions.
The purpose of this guide is to act as an outline for the steps you'll need to take to get your business running successfully!
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Although .com names are the most common and easiest to remember, there are other options if your .com domain name is not available. Depending on your audience, it may not matter as much as you think.
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As soon as you resonate with a name (or names), secure the domain and SM handles as soon as possible to ensure they don't get taken.
We started with Junk Drawers, but found that was taken. We then considered Packaged Jewels and Southern Comfort, but they didn’t feel right. We then began thinking in terms of the functionality and masculinity of our product, which is when we came up with SHEATH.
The comparison of a sword being sheathed just as the male anatomy would be sheathed in our garments... it just made sense.
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Then we bought the URL sheathunderwear.com and started making social media pages, Twitter, Facebook, Instagram, Youtube, Tumblr, Pinterest. Etc. We didn’t take out any loans in the beginning.
When it comes to setting up your business, you may find yourself in a place where you have to make some financial and legal decisions.
These three options are found to be the most common when starting a small business, and all serve to protect your personal assets and also provide you with certain tax benefits.
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Turning your idea into a reality can feel like a daunting task - but it's critical that you have an idea of what your product will look like (even if it's just a sketch) prior to finding a manufacturer.
There are other creative methods of sketching out your design, and it doesn't always have to be with a pen and paper.
I started by deconstructing, AKA pulling out the stitches from a pair of the Stonemen briefs. Created a paper form of the two pieces that made up the brief, and had it digitized.
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I also connected with a graphic designer who helped set artwork into the digitized template and made it match at the edges for a beautiful seamless print.
I searched for local sewing classes first, thinking I was going to learn to sew myself. I don’t know what I was thinking.
I was eventually recommended a sewing shop by one of the sewing classes/workshop places I contacted. This is where I met the owner of the shop, a masterful older German lady. She reminded me of my father a bit, an old soul with an immense amount of knowledge and experience.
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She connected me with a fabric supplier, a waistband supplier and set out a timeline to create prototypes. All I had to do was provide the printed templates of the underwear on a roll of fabric.
Pro-tip: It's easy to become biased based on your own fashion preferences on what types of shoes/apparel to purchase. This is where a lot of fashion businesses go wrong. It's important to base purchase decisions on current buyer behavior, trends in the market, and specific to your niche.
Because this allows you to roadmap exactly what you do, what your overall structure will look like, and where you want to be in the future.
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For many entrepreneurs, writing out the business plan helps validate their idea and decide whether or not they should move forward with starting the business.
If you are planning to start a men's underwear brand, the costs are relatively low. This, of course, depends on if you decide to start the business with lean expenses or bringing in a large team and spending more money.
We’ve outlined two common scenarios for “pre-opening” costs of starting a men's underwear brand and outline the costs you should expect for each:
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Rent: This refers to the office space you use for your business and give money to the landlord. To minimize costs, you may want to consider starting your business from home or renting an office in a coworking space.
Utility Costs For Office Space: Utility costs are the expense for all the services you use in your office, including electricity, gas, fuels, telephone, water, sewerage, etc.
WiFi & Internet: Whether you work from home or in an office space, WiFi is essential. Although the cost is minimal in most cases, it should be appropriately budgeted for each month!
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Upfront Costs For Inventory: This includes all upfront inventory you will need in order to launch. Be sure to compare prices of wholesalers to ensure you're getting the best deal and margins remain high.
Inventory Storage: If you decide to have a physical space for your men's underwear brand, whether it be used for inventory or as a showroom, you may have monthly rent payment or a large down payment associated with renting/buying the space.
Package Design: Packaging refers to wrapping and protecting products during distribution, shipping, and sales.Your package design is your customer's first impression of your brand, so it's important you spend some time and energy to get this right from the start.Many businesses design their own packages using design software and tools. There is always the option to outsource this to a design expert, but that route tends to be much more expensive.
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Shrinkage: Shrinkage refers to the loss of inventory at any point between the purchase from your supplier and the purchase by your customer. Although you will try to avoid this at all costs, this does happen sometimes (especially in the learning stages of your business), and it's important to plan ahead financially in case this happens. Fortune states that retail shrinkage costs U.S. retailers approximately 1.4 percent of their total sales.
Distribution costs: Depending on what distribution plan you choose, expenses such as renting vans, hiring delivery drivers and gas costs can add up. If you are looking to save money upfront, you may want to consider conducting distribution on your own.
Design Programs & Software: These programs might include the Adobe family of design tools: Photoshop, Illustrator, InDesign and others. This is typically a monthly subscription ranging from $10-$50/mo.
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Email marketing tool: If you plan to grow your email list and email marketing efforts, you may want to consider investing in an email marketing platform (ie. Klaviyo, MailChimp). We put together a detailed guide on all of the email marketing tools out there + the pricing models for each one here.
IT Support: IT support installs and configures hardware and software and solves any technical issues that may arise.IT support can be used internally or for your customers experiencing issues with your product/service.There are a variety of tools and software you can use to help with any technical issues you or your customers are experiencing. This is a great option for businesses that do not have the means to hire a team of professionals.
Accounting & Invoicing Software: It's important to have an accounting system and process in place to manage financials, reporting, planning and tax preparation. Here are the 30 best accounting tools for small businesses.
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Project Management Software: You may want to consider using a project management and collaboration tool to organize your day-to-day. This can also be very beneficial if you have a larger team and want to keep track of everyones tasks and productivity. For a full list of project management tools, check out this full list here.
Internal Communication Tool: If you plan to have multiple members on your team, you may want to consider an instant message tool such as Slack or Telegram. The cost is usually billed per month (approx $5/user/month) or there are freemium versions available on many platforms.
Social Media Management Tools: If you plan to do social media marketing for your men's underwear brand, you should consider investing in a social media automation or publishing tool. This will save you time and allow you to track performance and engagement for your posts. Here is a list of 28 best social media tools for your small business.
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Payroll Software: The main purpose of payroll software is to help you pay your team and track each of those payments (so that you don't have to do it manually). If you do not have any employees or have a very small team, payroll software may not be necessary at this stage. Here are the 11 best payroll tools for small businesses!
File Hosting Service: It's important to make sure the information for your men's underwear brand is stored and protected should something happen to your computer or hard drive. The cost for this is affordable and depends on how much data you need to store. To learn more about the different options and pricing on the market, check out this article.
Domain Name: Your domain name is the URL and name of your website - this is how internet users find you and your website.Domain names are extremely important and should match your company name and brand. This makes it easier for customers to remember you and return to your website.
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Business Email Hosting Service: An email hosting runs a dedicated email server. Once
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