How to Run a Men’s Necktie Business

A necktie is a long decorative piece of cloth worn around the neck. The knotted Men’s ties are a popular accessory for corporate workers. Other uses of the tie are on school uniforms, casual outfits, office attire, special occasions or a sign of membership.
The simple tie is elegant, fashionable and easy to wear. Millions of ties are manufactured everyday and the fashion trend seems to grow with time.
The apparel was originally designed in the early 1600 form scarf wearing soldiers. The royal look has gradually evolved the design we know today.
Ideal for causal and corporate occasions manufacturers have a kaleidoscope of fabrics to choose. The business is highly competitive and slightly challenging.
An entrepreneur interested in the business should focus on one section of the industry. They could go into manufacturing or retailing. Another business opportunity is producing customized products on request.
man wearing tie
Types of Neckties
There are different types of ties based on their design and functionality. The apparel is used for formal wear, uniform and casual shirts.
Common neckties are ascot, clip-on –tie and zipper tie. Others include neckties, Bowie and bolo tie.
There are different types of knots such as the half-Windsor knot, Windsor and four-in-hand knot. More include Pratt knot, oriental knot, Hanover knot, St Andrew knot and café knot.
Ties
  • Ascot
  • clip-on –tie
  • zipper tie
  • neckties
  • Bowie
  • bolo tie
How to Run a Men’s Necktie Business
Learn the Trade
The first step is to learn the tie making trade. Ties fall under the fashion industry so practitioners should know how to cut, design and sew. They need to understand the fundamentals of tie making.
Best way is to gain practical knowledge from an establish tie company. Other ways involve apprentice programs, joining a craft/ trade school or hiring a tutor.
You could develop the skill through books, tutorials or trade workshops. There also lots of fashion training institutes to master the sewing technique.
Choose a Location
To position the business for profitability you need to choose an ideal location. The location should be close to retail clothing stores.
The store should be easily accessible, visible with adequate storage facility. Ideal locations are within cloths stores, shopping malls or close to fashion retailers.
Pricing
The price of your product is very important. Study what your competitors a charging and refrain from overvaluing your product. A good way is to calculate cost of material, design, labor costs to reach a reasonable price. A 50% markup is a generally technique used by garment manufacturers.
Funding
The startup capital is low especially home based manufacturers. You could launch the enterprise with a single sewing machine and gradually add more equipment as the business grows.
The cost of a good sewing machine is about $120 and factor the cost of fabric used in the design. Get funds by target savings or borrow from friends and family. Other expenditure is store rent, shelves, cash register, website and labor.
Licensing
Register the business as a sole proprietor or LLC. You can create and patent a logo or design for your ties. You need a trade license for your retail outfit and insurance cover.
Build a Website
Even if your business is terrestrial you need an online presence. A website would increase your sales 40$ creating a new avenue for sales. To build the site you need a good domain name and host plan. Add images, description, prices and a shopping cart. Include about us page, terms of service, contact address and a phone number.
Customer Sampling
Use customer sampling to determine the popular brands. This will provide a focus or template for future designs and projects. You could carry out surveys, product testing and other marketing strategy.
Marketing
You need to advertise your products to attract patronage. The tie market is very competitive and there are lots of established brands in the market.
Use newspaper publications, posters and billboards. Other ways are flyers or online classified websites. Many people sell their products through social media like Facebook.


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