Starting an Apparel Import Business In Chicago
The import and export industry is a booming industry. Every year, billions of tons of products pass through every major seaport all around the world. Chicago is the third largest city in the United States and is a busy, industrial and commercial centre. Chicago has been an economic powerhouse of the Midwestern United States that despite the numerous upheavals of the 70s and 80s, has managed to grow and develop at a fast pace. Starting an apparel import business in Chicago requires a lot of research and market analysis. This article will show you some tips for starting an apparel import business in Chicago:
It will be necessary to do extensive market research and competitive analysis to start an apparel import business in Chicago. Research is required to find out if the products that you choose to import have a market in Chicago and to make certain that there are no restrictions or trade embargos against the country from where you choose to import. Competitive analysis will help improve your range of products as well as giving you a clear idea if you will benefit by choosing a niche to specialize in. you could consult the country’s consulate to get more information about importing from the country of your choice.
It will be necessary to find out all you can about any licenses and permits that are necessary to legally begin operations. It will increase your businesses credibility if you choose to give it a legal structure seeking guidance from an experienced attorney. Select and register an appropriate, unique business name formed in compliance with applicable State laws. Get adequate insurance cover to protect your business.
Draft a business plan carefully and implement it carefully. Business plans are essential assessment tools as well as blueprints of the business operations. They will help convince loan officers to grant your loan required to fund the start up. Make sure you establish good relationship with your bank and find out about Letter Of Credit, which is the most common payment mode of international trade as well as being safe; as the bank will not pay unless goods have been received by you and they satisfy the quality standards expected by you.
Find a good customs broker to assist you with your paper work until you are confident of doing it on your own. You could start the business from your home or lease a commercial retail space, make sure the location and area are appropriate and that the attorney studies the lease agreement before you sign it. There has to be adequate place to display the goods as well as store them. Hire necessary staff and make sure that they are courteous and polite to customers, as happy customers will return to purchase again.
Advertise in the local newspaper, radio and TV using infomercials to improve sales and develop your business. It may work if you give fliers with the local paper and use effective advertisements that convey the right message to the target audience. Consistent ads will surely improve business and sales. You could use the services of the various firms that sell services as well as products to help run a successful business.