Offer finance for bespoke tailoring

Offer Finance for Bespoke Tailoring: A Comprehensive Guide

In recent years, bespoke tailoring has grown in popularity as more individuals seek custom-made, high-quality clothing that perfectly fits their body and personal style. However, the price tag associated with bespoke tailoring can be significant. For many customers, the cost of a custom-made suit or dress may feel prohibitive, limiting their ability to enjoy the craftsmanship and personalisation that bespoke tailoring offers.

Offering finance options for bespoke tailoring can make these luxurious services more accessible to a wider range of customers. By providing flexible payment plans, tailoring businesses can attract more clients, increase their sales, and foster customer loyalty. In this article, we’ll explore the benefits of offering finance for bespoke tailoring, how it works, and how Kandoo, a leading UK retail finance broker, can help tailoring businesses provide financing solutions to their customers.

Why Offer Finance for Bespoke Tailoring?

Bespoke tailoring is an investment. Clients aren’t just paying for a garment; they are paying for an experience, quality craftsmanship, and a perfect fit. However, the upfront costs can be daunting for many customers. Here’s why offering finance for bespoke tailoring can be a game-changer for your business:

1. Increase Accessibility

Financing allows customers to spread the cost of their bespoke garments over a period of time, making it more affordable for those who might not be able to pay the full amount upfront. This increased accessibility can widen your potential customer base, attracting individuals who may have previously considered bespoke tailoring out of their budget.

2. Boost Sales

Providing a finance option can encourage customers to spend more. When customers know they can pay for their garments in instalments, they may be more likely to opt for additional customisations, higher-end fabrics, or even commission multiple pieces. As a result, offering finance can lead to an increase in both the number of sales and the average order value.

3. Enhance Customer Loyalty

Customers appreciate businesses that offer flexible payment options, as it shows an understanding of their financial situations. By providing a finance option, you can build stronger relationships with your clients, leading to repeat business and positive word-of-mouth referrals. Satisfied customers are more likely to return for future commissions, knowing that the payment process is manageable.

4. Stay Competitive

In a competitive market, offering finance options can set your tailoring business apart from others that don’t. Many businesses in other industries, such as furniture, technology, and even cosmetic surgery, already offer finance to make their services more appealing. Tailoring businesses that adopt finance options are likely to attract more attention and remain competitive in the ever-evolving retail landscape.

How Does Finance for Bespoke Tailoring Work?

Offering finance to your customers is a relatively simple process, and partnering with a retail finance broker like Kandoo can make it even easier. Here’s how it typically works:

1. Partner with a Finance Broker

The first step is to partner with a finance broker, such as Kandoo, that specialises in retail finance. They will work with your business to create a tailored finance solution that suits both your needs and those of your customers.

2. Customer Application

Once your business is set up to offer finance, customers can apply for financing when they make a purchase. The application process is straightforward and typically involves the customer providing some basic information to assess their eligibility for credit. Many finance brokers, including Kandoo, offer quick online applications, allowing customers to receive an instant decision.

3. Payment to Your Business

Once the finance is approved, the finance provider will pay your business the full amount for the bespoke garment upfront. This means you don’t have to worry about waiting for instalments to come in—you get paid immediately.

4. Customer Repayments

The customer will then repay the finance provider in monthly instalments over an agreed period of time. The repayment terms can vary depending on the finance agreement, but typical options range from 6 to 36 months. Some finance agreements may include interest, while others offer interest-free periods.

The Role of Kandoo in Offering Finance for Bespoke Tailoring

Kandoo is a well-established retail finance broker in the UK, helping businesses across various industries offer financing solutions to their customers. Here’s how Kandoo can assist tailoring businesses in offering finance for bespoke tailoring:

1. Flexible Finance Solutions

Kandoo offers a range of finance options that can be tailored to suit your business model. Whether you want to offer interest-free credit, low-interest loans, or longer repayment terms, Kandoo can help you create a finance solution that works for both you and your customers. This flexibility ensures that you can offer a variety of payment plans to meet different customer needs.

2. Quick and Simple Application Process

One of the key advantages of partnering with Kandoo is their user-friendly application process. Customers can apply for finance online in just a few minutes, and most receive an instant decision. This streamlined process ensures that there are no unnecessary delays in completing a sale, allowing you to focus on delivering a high-quality tailoring experience.

3. Expert Support and Guidance

Kandoo provides businesses with dedicated support to help them implement and manage their finance offering. From setting up your finance options to training your staff on how to promote financing to customers, Kandoo ensures that you have all the tools and resources needed to successfully offer finance in your tailoring business.

4. Customer Confidence

Partnering with a reputable finance broker like Kandoo can instil confidence in your customers. Kandoo is authorised and regulated by the Financial Conduct Authority (FCA), ensuring that all financing options are transparent and compliant with UK regulations. This gives your customers peace of mind that they are working with a trustworthy finance provider.

Promoting Finance Options to Your Customers

Once you’ve set up a finance solution for your bespoke tailoring business, it’s important to promote it effectively. Here are some strategies to help you communicate your finance options to potential clients:

1. Highlight Finance Availability on Your Website

Make sure that your website clearly states that you offer finance options. Consider adding a dedicated page that explains how your finance plans work, the benefits of financing bespoke garments, and a link to the online application process. This can help attract potential customers who are specifically looking for businesses that offer flexible payment options.

2. Train Your Sales Team

Your sales team should be well-versed in the finance options available and able to explain the benefits to customers. They should feel comfortable discussing finance as part of the consultation process and be able to answer any questions that customers may have about repayment terms, interest rates, and eligibility.

3. Offer Interest-Free Periods

Consider offering interest-free credit for a limited time to incentivise customers to take advantage of your finance options. Interest-free periods are often highly appealing to customers, as they allow them to spread the cost of their bespoke garment without incurring any additional charges.

4. Use Social Media and Email Marketing

Promote your finance options through your social media channels and email marketing campaigns. Share success stories of satisfied customers who used finance to purchase their bespoke garments, and highlight any special offers, such as interest-free credit or extended repayment terms.

The Impact of Finance on Your Tailoring Business

Offering finance for bespoke tailoring can have a significant positive impact on your business. Here’s how it can transform your operations:

1. Attract a Wider Audience

By offering finance, you can appeal to a broader range of customers who may not have considered bespoke tailoring due to the upfront cost. This can help you reach new demographics and grow your customer base.

2. Increase Average Order Value

When customers have the option to pay in instalments, they are more likely to upgrade their fabric choices, add customisations, or order additional pieces. This can lead to an increase in the average value of each order, boosting your revenue.

3. Improve Cash Flow

With finance, you receive the full payment for each sale upfront from the finance provider, even though the customer is paying in instalments. This improves your cash flow, giving you more working capital to invest in your business.

4. Build Long-Term Relationships

Customers who finance their purchases are more likely to return for future orders, especially if they have a positive experience with your business and the financing process. Offering finance can help you build long-term relationships with clients, leading to repeat business and referrals.

Conclusion

Offering finance for bespoke tailoring is a smart business move that can help you attract more customers, increase sales, and build customer loyalty. By partnering with a reputable finance broker like Kandoo, you can provide flexible payment options that make bespoke tailoring more accessible and affordable for your clients. With the right promotion and support, finance can become a valuable tool in growing your tailoring business and enhancing your customer experience.

If you're ready to take your bespoke tailoring business to the next level, consider implementing a finance solution today. Not only will it benefit your customers, but it will also give your business a competitive edge in the luxury fashion market.