The two dominant aspects of Surat’s economy are the diamond and textile export businesses. The Surat municipal corporation (SMC) is keen on ‘made in Surat’ for local traders and ‘make in Surat’ for outside business persons. Textile manufacturing entails a conversion of fibre to yarn and then to the fabric. These are printed or dyed and stitched into clothes.
What is a textile business?
A textile business involves the production, manufacturing, and distribution of fabrics and textiles. This encompasses a broad range of activities, from sourcing raw materials to the creation of finished products. In this industry, businesses may specialize in various aspects, including weaving, dyeing, printing, and garment manufacturing. A dynamic and essential sector, the textile business plays a crucial role in meeting global demands for clothing, home furnishings, and industrial applications.
Textile business plan and cost
While you make a textile business plan, consider the below points:
- Research the market: Understand the product demand, competition, and existing prices in the market.
- Choose the right suppliers: Source the right fabric or other raw materials by finding manufacturers or vendors who offer good quality along with a wide variety of materials.
- Determine the capital requirements: Know the type and amount of capital that you need, basis the textile business costs involved.
- Look for finance: Basis your capital needs, choose among the various funding options available.
How to start a textile business in Surat
Textile manufacturing entails the conversion of fibre to yarn and then fabric. These are printed or dyed and stitched into clothes. You can open a manufacturing unit for any of these processes, or you can be the manufacturer of textile equipment, dyes, and so on. If you do not know how to start a manufacturing business, first you need land, leased or bought.
Once the premises are taken care of, your other major expense is the equipment - power looms, ring spinning machines, simplex frames, textile testing equipment, etc.
For processes after spinning, some of the major equipment that you will require includes:
- Power looms for weaving
- Knitting machines
- Tufting machines
Textile business opportunities in India
India offers abundant opportunities in the textile business due to its rich tradition in textiles and a vast pool of skilled labour. Entrepreneurs can explore various segments such as garment manufacturing, handloom, power loom, and textile exports. With the government's supportive policies, initiatives like Make in India, and a growing global demand for Indian textiles, the sector presents promising prospects for those seeking to establish or expand their ventures in the dynamic Indian textile industry.
On average, a ring-spinning machine costs Rs. 25 lakh. A fabric laser-cutting machine can cost between Rs. 4.5 lakh to Rs. 10.5 lakh. On the lower end, the rapier looms costs Rs. 3 lakh - Rs. 10 lakh.
Textile export business
If you are an exporter in the textile industry, building a network is key to growing your export business. It is important to participate in events like ‘textiles India’ by the power loom development and export promotion Council (PDEXCIL) to find buyers.
Active participation in trade fairs, buyer-seller meets, B2B portals is also vital. With the ‘Make/ made in Surat’ initiative gathering impetus from the SMC, major costs involved in purchasing equipment and an unsecured business loan can help kickstart your business growth.
How can a business loan help start your textile business?
A business loan can be a vital catalyst for launching your textile venture. It provides essential financial support, covering expenses like machinery purchase, raw materials, and operational costs. With a well-structured loan, entrepreneurs can kickstart their textile business, ensuring smooth operations and sustained growth. This financial assistance empowers business owners to navigate initial challenges and capitalise on opportunities, contributing to the success and sustainability of their textile enterprises.
If you are looking to start a textile business, you can apply for a Bajaj Finserv Business Loan. You can get high-value financing of up to Rs. 55 lakh with a convenient tenure of up to 96 months.