Selling custom socks is massive and lucrative right now. It is easy to start your custom socks business with the technologies and manufacturers. Many entrepreneurs are trying their luck and have started. Some have enormous financial backing, some have vast social media followers, while others have lovely design ideas and marketing plans. However, most custom socks businesses die quickly because of various mistakes entrepreneurs make. Please note that we are not discouraging you from starting your line of custom socks. If you can learn from them and avoid the errors, you will have a much better chance of success in the custom socks business.
Here is a list of mistakes you should avoid selling custom socks:
1. Wasting money on irrelevant things: People waste money on things like protecting their custom sock designs with trademarks and copyrights. We are not saying it is unimportant to secure your intellectual properties, but it might not be something to spend money on right away. There is a slim possibility of someone stealing your design; it does not happen until you become pretty big. Spending money on legal stuff takes away money from other critical tasks. It would be beneficial to spend time and effort to ensure people like your designs for custom socks. Inspect things on which you might waste your money.
2. Not having a marketing plan: Producing custom socks is straightforward; the hard part is finding people who will buy the socks. Think carefully: What is your plan? How will you find people? How will people find you? What is your plan to build excitement before the new socks?
It does not matter how good your socks are if people do not know about them. Marketing should take most of your time and effort, especially in the first few years. And, yes! Years. You will not become successful overnight; grind without the guarantee of success. So think before you jump into the custom socks business.
3. Not testing designs: Before you print the custom socks, you must get feedback on the designs from people and not from friends and family only. Close people find it challenging to share their honest opinion about businesses and products. It is best to solicit the thoughts of strangers. If you have social media followers, run a poll, make it a contest, and offer free giveaways to entice more people.
One of the best ways to know if people will buy your custom socks is to offer pre-orders at discounted rates. Remember: people will not spend money on something they dislike.
4. Spending all the money right away: Many think it is okay to spend all the budget on printing custom socks because if they do not create, what will they sell? However, there are tons of things to consider. For example, selling online comes with various fees, from packaging to shipping. Every spending adds up to turn into a considerable amount. You do not want to use all the money on your first sock order and save some for other things.
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5. Try to go to retail soon: Please do not make the mistake of selling in retail stores will bring you huge profits. It can be a tremendous loss. For example, if your lovely-looking custom sock sells at $19.99 online, the shop will give you much less. Now, you might think it is unfair. But that is how the retail business works; they will buy at wholesale prices. You might move more volume, but the profit per unit would be much lower selling yourself. One vital thing to consider: they can return the unsold socks.
6. Not starting small: People mistake thinking their custom socks are unique and will sell quickly. It is best to start small and scale slowly. It is better to sell less than to end up with dead stock. Start with fewer designs; this way, you can focus all your efforts on them. Most successful businesses start with one or two popular products and expand their line later; you should learn from them.
7. Not trusting and over-relying on your gut feeling: Both scenarios are a disaster for failure. Take a middle line with predicting what socks people will like. As mentioned earlier, get opinions from people who do not know you.
8. Compromising with quality: People try to cut margins by choosing cheap materials and printing methods. Yes, it is tempting, and you can save much more per sock if you go with low-quality. But, you need to ask yourself, is this what your customers want? Will they buy low-quality custom socks when there are tons of options available? Your business will suffer. It is best to focus on quality and distinguish yourself from the crowd; it increases your chance of success.
9. Not understanding your margins and numbers: everyone wants to make as much profit as possible. To sell the custom socks at an optimal price, understand the margins in-depth. For example, if you have a lovely sock design that takes $14 to manufacture, you can sell them for $19.99. You can not charge 30 or 35 dollars; no one will buy them. It is imperative to balance the cost compared to what the market will pay. Consider prices like shipment, packaging, customer acquisition costs, etc.
10. Not understanding how pricing for custom socks printing works: Various manufacturers have different pricing structures, unlike EverLighten’s budget-friendly pricing and 100% customization without miscellaneous hidden fees. But, no matter how the manufacturers structure their prices, you should know the basics.
- Cost of materials: Different quality materials have different prices; cotton is much cheaper than Bamboo or silk. You need to avoid rare materials to keep the production cost in check.
- Design complexity: The price increases with the design complexity and the number of colors.
- Printing methods: You can choose from various processes, like screen-printing, 3D printing, etc. You can also create designs using jacquard knitting, where they knit the design in the socks.
- The number of socks in a batch: Some costs are immovable. For example, setting up the process, the cost of running the machines, etc. The price per sock decreases with the increase in number.
11. No pre-launch boost: Getting people excited before you sell is the key to a successful custom socks business. Offer discounts, sign up a waiting list, keep the social media buzzing, etc., are part of a successful launch.
12. Not reinvesting profits: Imagine you bought 200 custom socks at $15 and then had a tremendous launch. You sold all of them at $19.99 in a month and earned $4000. What to do with the money after breaking even? Should you buy the latest iPhone or invest the money into the business? The answer seems simple when you read it. But, it is pretty tempting, and people get distracted easily. You need to maintain a healthy fund for marketing; think long term.
13. Not having an omnichannel marketing plan: When you sell custom socks, chances are you do not understand the marketing channels completely. You try a bunch of things and hope they work. After a while, you have the information and concentrate on the things that gave you the result. So, start broad and winnow down accordingly.
14. Not having a business plan: You need to write every little detail. We know it is too much work, but you would be thankful you did it. Some questions to get started:
- Who are your customers?
- How will you market to them?
- What will you do after making your first profits?
- How will you scale?
- What is your Plan B?
15. Assuming people will care: No matter how wonderful your custom socks are, it is naive to think people will care for the design and pay you good money for them. Ensure people will want them. It is challenging, and stacks are against you. But with proper planning and solid designs, it is possible.
Wrapping it up:
We hope the blog benefitted you. Selling custom socks is fun and simple if you follow a planned path, avoid these mistakes, and partner with a reliable and expert manufacturer. EverLighten has helped many entrepreneurs and startups for over eighteen years.
Evelina Edens was looking to create custom socks for her fashion brand – Wear Your Snacks. She wanted to use food pictures for custom compression socks. The idea was novel, and she could not find a manufacturer.
After reading positive reviews on social media and TrustPilot, Evelina contacted EverLighten. The team helped her understand the technical details involved and created drawings. After a few changes and revisions, she was satisfied with the socks. Our partnership with her is growing strong, and she is running her custom socks business successfully.
Read the complete story https://everlighten.com/blogs/success-stories/evelina-edens.
Benefits of partnering with EverLighten:
Best pricing: they are a dedicated factory for producing custom socks and not intermediaries; customers always get the best price.
Quality without a compromise: they use premium-quality materials and the latest processes.
Fast turnaround time: they provide the quickest delivery for every order.
24*7 support: you can contact us anytime; they provide round-the-clock support.
Real people, phenomenal service: EverLighten loves helping; they offer various options for every sock.
Free design help and unlimited customization: the custom socks will look as you imagined; they also provide endless customization.
No MOQ requirement: you can order as many socks as you need; they accept orders without a minimum limit.
Worldwide shipping: they deliver worldwide; customers can track their orders anytime with an order tracking tool.
For information, inquiries and orders, visit https://everlighten.com/collections/custom-socks.
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