There are various types of business and if you want to establish a trade then accessories business can be a good choice. The accessories business has less risk, easy to start, safer than any other business. You would want to have partners than consider major OEM’s as one of the partners who will steadily want your business to grow. There are two types of accessories business, one selling to large organizations and second to the retail customers. You can consider any type of these businesses. One of the major accessories businesses is auto ancillary or accessories units, which is to supply to large companies. If you have some engineering knowledge you can start this business. Others are for retails customers such as mobile accessories, fashion accessories, apparel or textiles accessories, and online grocery shopping. We will provide you with a business loan for accessories business and also some insight into the accessories business.
To start with let us consider the fashion accessories market. Till the year 2000, the market was very diverse and was dominated by a family business with no large players in the market. After the year 2000 with the advent of sophisticated technology, Information Technology and online internet boom the Fashion market also boomed. There are 4 types of fashion market they are clothes, jewelry, bags, shoes, belts, and footwear, etc. This has also seen an upward trend because of the large young population in India. This has also changed our lifestyle significantly with modern outlook in fashion from traditional Indian customs lifestyles. There are 5500 and 600,000 towns and villages in India respectively, where we can sell our fashion accessories. The fashion accessories are predicted to grow at the rate of 18.8% from (CAGR) 2019 to 2023. The accessories market was US$ 555million in 2019 will grow to US$ 1104 million by 2023. As per the KPMG survey, the user penetration is 15.0 % as of 2019. It will grow to 21.1% by 2023.
The second market is the mobile accessories. Smartphones have become indispensable after the year 2005. The use of tablets and ipads has increased a lot. Mobile accessories are USB cables, headphones, charger, batteries, earphones, mobile cases, and covers. The mobile accessories business is expected to reach Rupees 252.8 Billion by the year 2023.
The clothes fashion market which is at US$ 137,805 million in 2019 will grow. The Women’s and Girls’ clothes fashion is the largest segment and is US$ 43,153 million in 2019.
First is the Business plan
Second, Financial details of your Business
These are your previous loans, current loans and debts incurred. Your contact information, addresses, Tax ID, all your bank accounts, credit card details, and investment account details.
Third, Accounts Receivable details of your Business
This includes accounts by accounts of information, credit details, payment details, and sales history.
Fourth, Accounts Payable for your Business
This includes information on the payment behavior of yours to your vendors. We may need references for your vendors on your payment behavior.
Fifth, Audited or Reviewed financial statements
The financial information in a Balance sheet reports must be audited and reviewed by an auditing firm. The profit and loss statements must be made available for the last three years. The balance sheet must clearly specify the credits, assets, liabilities, and profit made by the firm. You need to have assets for collateral and good credit score.
Sixth, Past, and current Tax Returns
You need to obtain and furnish the latest t three years of corporate tax returns.
Finally, the KYC including ID proof, address proof, PAN card, and passport size photo.
Our EMI is simple and you can calculate using our EMI Calculator. The pre-processing charges are nominal and are calculated based on case to case basis depending on the below-mentioned parameters.
Apply today and start your business