Are you exploring accessories business ideas?
Have you been thinking of going into the accessories business industry and wondering about its profitability and best ideas for success?
If so, you are in the right place to learn all you need to know about starting and growing an accessories business.
When it comes to running a business, there are a million ideas out there.
And for many years now, selling accessories has been in vogue and a popular one at that.
This is partly because accessories are a part of everyday human lives, especially fashion accessories.
Take a look around you, and see how many people step out of their house each day with different accessories to complement their look.
You might see them with wrist watches, handbags, scarves, pieces of jewelry, belts e.t.c.
People generally see these products as complimentary of their fashion look, and few go out daily without one or more of these.
Additionally, you can also talk about mobile accessories, which equally have great patronage today.
It is impossible to use or enjoy using mobile phones without the accessories.
Just think about them; the mobile phone charger, the phone case, power bank, screen protector, mobile phone stand, headsets or AirPods e.t.c
Most probably, you subconsciously think about how these accessories have been of immense help to you recently.
There is even a big chance that you are currently using one or two of these with your mobile phone right now.
This only shows just how important accessories are to people and why it is a great business to invest in.
In this article, we will examine accessories business ideas broadly.
Accessories Business Ideas – Introduction to the Accessories Business Industry
To do an introduction to the accessories business industry, let us start with the definition of accessories.
You probably already have an idea of what accessories are all about from the examples we used in the introductory part of this article.
Simply put, accessories can be defined as secondary items that complete the main item.
While a few accessories might be used on their own, they are usually used to complement or complete other items.
Thinking of this definition now, do you see how bags, rings, wristwatches, scarves, bracelets, necklaces e.t.c are fashion accessories?
Oftentimes, these items are worn as a complement to your clothing attire and make you look more beautiful and presentable.
The same goes for the mobile accessories we mentioned earlier.
Those items which serve as mobile phone accessories usually make using our mobile phones more effective and enjoyable.
You most likely remember the last time your phone battery was down and your power bank came to the rescue.
Or perhaps you recall when you had to pick a call when busy with your hands at work, and earbuds or headset helped you do that conveniently.
These are just examples of how accessories can help us better use the main items they complement.
The accessories industry is very big, as fashion and technology have been and continue to be in-demand industries.
People are always looking for new styles, changing their wardrobes and particular about their looks.
Also, for as long as these desires are there, then the accessories industry will remain relevant.
Accessories Business Ideas – Benefits of Going Into the Accessories Business Industry
If you are currently reading on accessories business ideas, it means you most likely know some of the benefits of this industry.
However, in case you still have some reservations about starting a business in the accessories industry, the following benefits would clear your doubts:
You Can Run The Business From Home
One of the accessories business industry pros is that you can easily run this business from home.
Look at the possibilities, especially if you are just starting and cannot afford to rent a store at the moment.
This means you can invest more in bulk purchases of the accessories you want to sell from the money you save on rent or building an office structure.
Of course, with time, as your business grows, there might be a need to get a physical store.
However, at the start, when working on a thin budget, you can comfortably run your accessories business from home.
It Has High Potential to Generate Massive Sales
Another benefit of running an accessories business is that the business has a high potential to generate massive sales.
One reason for this is that they are products that are very high in demand.
Regardless of the accessories industry or category you decide to go into; you will always find buyers for your items.
Also, it is easy to make some changes to these items’ pricing on your online platform and get a rush purchase from prospects and customers.
Since the demand for the products is already on the high side, anything that seems like a better deal would be met with a swift response.
It Is Easy to Manage on Your Own
It might be difficult to start hiring people when starting up a business, especially when the business isn’t generating revenue.
That means if you are just starting an accessories business, it might be best to do this on your own and build it to the point of getting extra hands.
Well, that is not a challenge with this industry.
Once you have stocked up your products, the primary work you have is to find the right market and advertise these.
Of course, as you grow bigger, there might be a need to get a sales/marketing team, customer support, e.t.c.
But at the start, you can be everything your business needs to get off the ground and start to grow.
And this would not be a difficult task for you.
You Get Lots of Discount Offers from Wholesalers/Manufacturers
As a business owner who buys in bulk to resell, you undoubtedly understand the importance of getting a discount.
If you are looking for businesses where many perks, such as discounts, come often, you cannot look beyond an accessories business.
On many platforms of manufacturers and wholesalers for these items, you will always find unbeatable offers to buy at a cheap.
To maximize your profit margin, you would want to take full advantage of these opportunities.
As an example, you can find some great discounts on accessories on Amazon and Aliexpress.
The Business Industry is Well Suited for Ecommerce
The retail e-commerce business is one of the fastest-growing business ideas in the world today.
And the growth shows no sign of stopping any soon, as the world continues to turn into a global digital place.
That means that if you are looking to start a business, it is best to choose an industry with the potential to sell online.
And where better to look than the accessories business ideas industry.
Accessories are easy to sell online because people are actively looking for these items in the online space.
Therefore, with this business, you are setting yourself up to take advantage of the growth and opportunities in the e-commerce retail business world.
Accessories Business Ideas – Opportunity for Referral Sales is High
Referral sales are very important for every business, and not least so for the accessories business.
In fact, it is important, but there is a big opportunity for it with this business.
The most customers you will eventually get would come from referrals, especially when you sell unique and quality products.
Therefore, ensure you have a good referral program that adequately incentivizes your customers to refer people to your business.
It Has a Low Startup and Running Cost
We cannot emphasize this enough when talking about the benefits of running an accessories business.
One of the areas you should be particularly interested in when planning to start your business is the startup cost.
It would be great to focus on businesses that require little capital to start for you to have a better profit margin and opportunity to grow.
And the accessories business ideas is one of these.
You generally do not need to buy raw materials.
Likewise, you can choose to remove rental costs at the initial stage and even have just yourself to pay.
All these ensure the business requires little capital to set up and low running costs as well.
Accessories Business Ideas – Cons of Going Into the Accessories Business Industry
For every business idea, as there are benefits or pros, so also do you have cons or disadvantages.
And the accessories business is not an exemption.
That being said, here are some of the disadvantages or cons of running or choosing to run an accessories business:
The Competition is High
The online accessories business especially for a retailer is a highly competitive one.
There are a lot of businesses already established which deal in these products and services, which makes the business very competitive.
Hence, it could be difficult to easily break into the market and start making sales.
However, it is good to note that the demand for this industry is high.
Therefore, what you need to do is properly survey and analyze the market, to figure out where the opportunities and demands are.
This will also help you to identify the niche you should choose, so as not to be crowded out by the competition.
Work Can Get Repetitive and Boring
If you are a person who doesn’t like monotonous work, then you might struggle with the accessories business.
This is because everyday work might get really monotonous and repetitive, with few opportunities for diversity.
More especially if you are in the business of getting these products from manufacturers/suppliers rather than making them yourself.
Your main job would be to market and distribute or sell the products, which can be a repetitive and rather boring process.
However, to spice things up and make it more interesting, you can have diverse product lines.
These varying interests can help you to overcome the problem of repetitiveness.
Building Customer Loyalty Requires Extra Effort
Majorly, as an accessories business brand, you would be selling online.
That is where the largest opportunity lies for the sale of accessories.
While this offers convenience and effectiveness in marketing and sales, it also means you do not have daily face-to-face contact and interactions with your customers.
To build customer loyalty, however, it is essential to maintain regular contact with customers, and a physical one is even more important.
But with an online accessories business, you do not have this.
Therefore, if you are going to get customer loyalty and stop your customers from going to other brands, you need to work hard to earn it.
Thankfully, there are different things you can do to ensure this, such as offers, benefits, and good customer service.
Finding a Great Manufacturer/Supplier
If you do not plan to be the manufacturer of your accessories products, then you will face this challenge.
Granted, this is not a want of manufacturers or suppliers for accessories, as you can find these ones everywhere.
However, your focus would be on getting quality products at affordable rates.
And that is where the challenge might come in.
With how sensitive the market for this business is, you need to pick your suppliers carefully.
This is to ensure you do not end up with substandard products and in the process risk your brand integrity.
Getting these ones can take a lot of time and energy, but it is worth it.
That is yet another downside of the business ideas that you really need to consider before starting an accessories business online.
If there is any problem common with all online delivery businesses, it is logistics.
And this is also applicable to the accessories online business.
With this business, you will be doing a lot of deliveries of products to customers that order from you online.
Some of these customers will be in a different state, city, or even country.
Hence, the challenge and cost of logistics would be very high.
That is another con of the accessories business ideas industry that you need to carefully put into consideration.
Accessories Business Ideas – Learn from Industry
If you are starting an accessories business online, one thing you can be certain of is that you are not the first.
For any of the business ideas, you decide to venture into, there are entrepreneurs that have walked that path before.
Some of these are renowned in this field and are actually seen as industry experts.
Their stories, business models, and strategies for sales can help you as you made the decision for your own business start-up.
Here are some of the industry lessons we gathered from research done and documented by businessoffashion.com:
Go for Distinctive Styles Over Seasonal Basics
Some years ago, seasonal basics especially for fashion accessories was the trend.
However, now, people are more interested in distinctive styles that they can wear or use year-round, rather than for a season.
As an example, Jessie Randall, founder of handbag and shoe line Loeffler Randall once said at her brand autumn presentation in New York: “It’s been an amazing shift where the things that are really selling are the things that are the most special, the most detailed, the most amazing embellishments on them”.
She said this while referring to a pair of bright-striped Lulu mules she was wearing at that event.
According to her, brand sales have grown an average of 27.5 percent per year since 2011.
This only goes to show how distinctive styles can drive more sales and give you more opportunity for market penetration than seasonal basics in the industry.
Scaling the Business is Best Done Slowly
We understand that as an enterprising business owner, you want to see your accessories online business grow right away and sporadically.
However, when it comes to growing a business in this industry, it is best done slowly.
At least, that is one lesson we have learned from the industry in recent times.
One of the reasons that have been cited for the difficulty in trying to scale an accessories business rapidly is the capital it requires.
An example of a business in the industry that sees the importance of slowly scaling your business is the He and Dear Frances business.
The co-founder, Jane Frances said they prioritized their “essential business elements,” such as production and distribution before pursuing scale.
The brand accumulated over $200,000 in pre-sales in 2016. In the first six months of the label’s e-commerce site, the company generated over $1 million in revenue.
So with this model, they are gradually building the business, increasing revenue strategically.
This is done instead of trying to scale from retail to wholesale immediately, which can be capital intensive and tough.
It’s Good to Have a Signature Product, But Also Continue to Innovate
For start-ups in the online accessories business, having a signature product can really help to break into the market.
In fact, there are many examples of businesses in this industry that got their big break by doing this.
For instance, Mansur Gavriel crossed into profitability in its third season following 100 percent sell-throughs for its signature bucket bag.
However, it is important that you also draw the line, on when to focus on a signature item/product and when to innovate.
You should know how to use the power of the signature product to also draw attention to other products in your store.
While you might make great sales on your signature product at the start, most likely the first year, it might not be sustainable going forward.
Hence it is important to use the buzz around it to also market and popularize other products.
It’s Best to Add One Category at a Time
You might see all the profitable opportunities that are available in the accessories business industry and want to dive right into them all.
Well, who wouldn’t want to actually, given the profitability of these?
However, it is best to add one category of accessories product at a time instead of trying to do it all at once.
This was a lesson that Maryam Nassir Zadeh learned with her accessories business.
She actually launched the first full handbag category briefly in 2014 alongside shoes.
“But they never took off,” according to the designer. “The shoes were very accessible and I think the bags were a little bit higher price point… I stepped back and let the shoes be what they were and I knew it was a matter of time.”
And of course, with time, the brand was able to also market and sell the other products alongside the best sellers.
This was only possible because they decided to focus on one category at a time to build and grow slowly.
Accessories Business Ideas – What’s the Relevance in the Future?
One exciting thing about accessories is that the main items they complete cannot effectively function alone.
Just think about the fashion accessories we mentioned earlier, such as bags, watches, earrings, bracelets, purses, e.t.c.
How many times do people go out without at least one of these added to their clothing?
The same goes for mobile phone accessories like chargers, power banks, headsets, phone pouches e.t.c.
These are so important that they have even become a major part of the main product for many people.
So, when it comes to demand, you can be certain that this will still be high up in the future.
How about the areas of marketability and profitability?
Many of the industries for the accessories business are integrating technology into the business models.
A case in point is the fashion industry, as well as the mobile marketing industry.
With this new trend and strategies, you can be sure that these industries will continue to exist, and so will the accompanying accessories businesses.
Accessories Business Ideas For You To Explore
If you have decided to start an accessories business, then you’ve made a good decision.
You can be certain that the demand for your products is high, and there is a market for them already.
That being said, there are different ideas for you to start a business selling accessories.
Here are some of the most common ones and how to get started with them:
1. Fashion Accessories
This is one of the biggest markets for accessories business ideas and offers a good return on investments.
Some of the items that constitute accessories for fashion that you can sell are:
- Wrist Watch
- Nose Rings
- Cuff Links
- Brooches e.t.c
The Target Market
The market for this accessories business idea with regards to gender is both the male and female gender.
Also, your target market consists of people who are conscious of fashion and are income earners.
It would also benefit your business to target people who live in urban areas, as these are more fashion conscious and trendy.
Having these details in mind will help you get started and know where to look to make your business successful.
Once you have finalized your plans and decided on what accessories to focus on, you are now set for stocking up.
Among other options, you can check out Alibaba and madeinchina for some of the best offers for fashion accessories.
Challenge(s) With the Fashion Accessories Business and Recommended Solutions
Here are some of the challenges that are common with the fashion accessories business:
- Fashion changes fast
- The innovation process of drafting designs is hard
- Managing inventory
- Keeping/Maintaining top quality
- Generating Start-Up Capital
- Adequately forecasting demand
Here are some of the recommended solutions for the challenges above:
- Keep in touch with industry trends to be at pace with changing fashion
- You can contact a professional graphics designer/illustrator for sketches if needed
- Do a proper market survey before stocking up products
- Give careful attention to selling quality products with frequent reviews
- You can get start-up capital from crowdfunding, angel investors, business loans, grants e.t.c.
- Perform market research and do a trend projection (using past sales data to project future sales).
2. Accessories Business Ideas – Mobile Phone Accessories
Another accessories business idea that has high demand and profitability is the cell or mobile phone accessories market.
According to the latest data from GSMA intelligence, there are approximately 5.29 billion unique mobile phone users in the world.
That statistic gives you all you need to know about the massive market available for mobile phone accessories business ideas.
A few of the popular mobile phone accessories that you can sell are:
- Phone Cases and Pouches
- Screen Guards/Protectors
- Phone Charger
- Power Bank
- Tabletop phone stands
- Phone Battery
- Phone Wallet e.t.c.
The Target Market
According to research done by Credence research, the mobile phone accessories market is expected to attain revenue of US$ 93,011.2 Mn by 2023.
That is to show the opportunity that is available in this industry.
With that in mind, the market for this is very wide, as this covers every individual who owns a mobile phone.
These can range from working-class adults to students, parents, and even older adults who own cell phones.
However, the market you should focus on more would depend on the niche you pursue with phone accessories.
For example, if you plan to sell power banks for phones, you will want to look more in the direction of communities with poor power supply.
Students who spend more time in lecture halls than at home might also be a good market for this.
A good SWOT analysis (measurement of your areas of strengths, weaknesses, opportunities, and threats) will help you to decide on a productive market.
You can check here to see some of the mobile phone accessories available at affordable rates.
Challenge(s) With the Mobile Phone Accessories Business and Recommended Solutions
Some of the challenges with the mobile phone accessories business idea are:
- Manufacturing cost is high
- Saturated market
The recommended solutions to the challenges listed above are:
- Explore starting a small-scale retail for mobile phone accessories. You don’t necessarily need to create the product you are selling from scratch. You can get supplies from suppliers/wholesalers.
- Competition is always not a bad thing and should be embraced, and you can equally define your niche to stand out
3. Car Accessories
Car accessories is another business idea with good demand and are positioned to stay relevant for a long time.
Most car accessories are quickly becoming essential items rather than luxuries.
And it has become important for car owners to get these accessories to beautify their cars and make the driving experience more exciting.
Some of the most important car accessories that you start to deal in are:
- Car Charger
- A Portable Car Tyre Inflator
- Car Covers
- Air Fresheners
- Seat Covers
- Foot Mats
- Car Scratch Fillers
- Car Cleaning Cloths
- Whistle Key Finder
- Phone Mount e.t.c.
The Target Market
When thinking of your target market for selling car accessories, the first thing that might come to your mind is car owners.
Well, that is pretty straightforward, isn’t it?
However, you also need to be specific for your market, putting demography and income level, of prospects and location of your business into consideration.
You can also target car manufacturers and sellers alike, who can sell these alongside the cars they sell.
This will help you to streamline your target market and make it more specific.
Challenge(s) With the Car Accessories Business and Recommended Solutions
Some of the major challenges you might face with a car accessories business idea are:
- The presence of well-established car accessories businesses in your location or community.
- There might be an economic downturn that affects sales.
- Also, there are frequent government policies that come up in the industry which might affect the business.
As a recommended solution to these challenges, you can try the following:
- Create your own market or niche to stand out from the competition
- Have a properly registered business for your car accessories so as to reduce the impact of government regulations and policies on your business.
4. Living Room Decor Accessories
Do you remember the last time you walked into someone’s living room and were wowed by what you saw?
Most likely, what enticed you aside from the interior design are the accessories in the house.
Accessories business idea for living room decor is another field with great potential for success.
There are a lot of accessories that are used in the living room, and people are always willing to spend to beautify this space.
Here are some accessories ideas for the living room that you can sell:
- Flower Vases
- Wall Clocks
- Sofa sets
- Mirrors e.t.c.
The Target Market
The prospective customers for living room home decor accessories is a big one.
You can target real estate companies, interior designers, and individuals or families with a home, either owned or rented apartments.
Regarding age and gender, it has been found that females are more interested in home decor than most males.
And it is also important to target young adults, as these are more fashionable and find interior design interesting.
Check around you, do your market survey, and see if this is an idea that will work for you for the accessories business.
Challenge(s) With the Living Room Decor Accessories Business and Recommended Solutions
For the living room decor accessories business ideas, here are some of the challenges that might come up:
- There is equally the competitive market owing to the number of such businesses currently in operation
- Many products are becoming increasingly complex
- The challenge of capturing and retaining the attention of customers
- There is a wider margin for error given the rapidly changing user taste and preferences for this product category
Here are some solutions we recommend to deal with these challenges:
- As always, competition should be embraced, and having a unique or distinct market can help you stand out.
- To better understand complex products, get as much product description as you can from the manufacturer.
- Try out different marketing strategies that have proven to hold down people’s attention such as videos, 3D modeling, virtual reality e.t.c.
5. Kitchen Accessories
This is another part of the home where many accessories are used daily.
Also, people who take a great interest in cooking and eating good foods know the importance of these accessories.
While many of these accessories make work easier and faster in the kitchen, some contribute to the taste and quality of foods prepared therein.
Here are some of the kitchen accessories you can invest in:
- Chopping Boards
- Knives Sharpener
- Measuring cups
- Other Utensils
The Target Market
For the target market for your kitchen accessories business idea, we will debunk the cliche that the kitchen is for the female gender.
Thankfully, many males are stepping up in this department, further helping to debunk that theory.
Hence, you can target every lover of food, and that includes males and females alike.
These can be individuals, couples, or larger families.
Additionally, restaurants, eateries, and hotels are also a profitable target market for your kitchen accessories business ideas.
Challenge(s) With the Kitchen Accessories Business and Recommended Solutions
If you are going into the kitchen accessories business, here are some challenges you are likely to face:
- Difficulty getting quality products, as there is a high risk with sub-standard kitchen accessories products
- High tariffs impacting production and export of some metal and wood materials by manufacturers
- Market uncertainties
For these challenges, we recommend the following solutions:
- Doing proper research to ensure you connect with the right manufacturers or distributors for quality products
- There is little that can be done to prevent or solve market uncertainties, but you can be prepared with good knowledge of current trends in the industry
Sport accessories are other items used for sports that you can also sell if you want to go into the accessories business industry.
These accessories are sometimes useful for playing different sports or act as protective gears for the players.
Some examples of sports accessories are:
- Football boots for football
- Nets for different sports
- Golf shoes for golf
- Boards for skateboarding
- Shin pads
- Skates for skating
- Elbow pads
- Hairband for Tennis
- Armband for Tennis
- Leg pads
- Stop Watch
- Captain Tape e.t.c.
The Target Market
The market you should target for this is people who are actively involved in sporting activities.
Also, some individuals who are not athletes but interested in physical training and exercise would love some of these products.
You can also supply schools that have sporting activities included in their curriculum.
Challenge(s) With the Sports Accessories Business and Recommended Solutions
Challenges you might face if your venture into the sports accessories business idea industry is:
- Direct competition from other businesses or companies in the same industry with similar products
- Indirect competition from other sports businesses not in your niche
Here are a few of the solutions we recommend:
- Work on your product in terms of quality and focus on your marketing to beat the competition
6. Hair Accessories
You can include this in fashion accessories, but we decided it should stay alone because of how broad it is.
Just for the hair alone, there are a lot of accessories used by both males and females to complement and beautify it.
Some of these hair accessories are also used to prevent hair loss, breakages, and maintain the hair.
Examples of hair accessories you can sell are:
- Hair Tie/ Jaw Clips
- Hair Bonnets
- Hair Ribbons
- Stretch Combs
- Hair Sticks, e.t.c.
The Target Market
For these products, the larger percentage of your target market lies with the female population, even though there are some accessories that males use.
You can also market to the males to buy these and give them gifts to their female loved ones.
Additionally, you can supply these to saloons and hairdressers to sell to their customers.
This is also another profitable business idea in the accessories industry.
Challenge(s) With the Hair Accessories Business and Recommended Solutions
Some of the challenges of the hair accessories business are:
- Finding a good supplier
- High employee turnover has been reported for many companies in this industry
- It takes time to generate/increase revenue
- It is difficult to scale
Some of the solutions we recommend for these challenges are:
- Make in-depth research of the leading industry manufacturers and suppliers to get the best
- Give good remuneration and employee benefits
- Slowly but consistently build your brand
7. Computer Accessories
The last but the least idea for accessories business that you can explore is computer accessories.
These are usually used together with a computer to ease work and also make work faster.
As a matter of fact, without some of these accessories, a computer cannot function properly.
Here are some of the computer accessories that are best sellers:
- Hard disks
- Flash Drives
- Network Adapters e.t.c.
The Target Market
For the computer accessories market, there are many opportunities and possibilities with this.
The majority of prospective customers for these are youths and young adults, as these use the computer more.
Above all, you can target students, workers, freelancers, content creators, content writers, digital marketers, business centers, cyber cafes, and other businesses and individuals who use computers for their work.
Challenge(s) With the Computer Accessories Business and Recommended Solutions
Some challenges you are likely to encounter with the computer accessories business are:
- Low-Profit Margins
- A long sales conversion process
- High overhead expenses
For these challenges, we recommend the following solutions:
- Work on scaling the business from the start, by targeting more prospects and widening your target market
- Reduce unnecessary expenses as much as possible, especially at the start
Final Thoughts – Accessories Business Ideas
The goal of every intending business owner remains to choose a business industry with opportunities to make money and grow.
And if you are choosing one of the accessories business ideas to invest in, you are not making the wrong choice.
The market for this is huge.
So, take the time to review each of those ideas to see which one you have passion for and fits your business location.
With a good study of your target market and proper planning, you can do great with any accessories business ideas.