Clothing retail is a serious business. If you do it right, it will earn you a living for a lifetime, but if you do it wrong, it won’t take even a few days to make you close down the business. This industry is rapidly changing and you always need to be on top of your game to make sure you hang around in the field. Opening up a store may not be as easy as it looks so here is a step by step process to guide you along the way.
1. Gain experience
In whatever industry, if you have prior experience, it could be a great help. If you have been working in a clothes store or assisting a fashion designer, that experience would be very valuable. You’d identify the requirements of the business, the customers and also learn how to handle pressure. Since the fashion industry keeps getting new very fast, it would also help you in building contacts and getting down the latest trends.
2. Identify your target market
Clothes are for people of all age groups. However, your business will be successful if you choose a certain age group rather than trying to cater to everyone’s needs. Bring down all sorts of fashion items for that particular group. For example, you can also add status anxiety bags, accessories etc. to your fashion line and not just clothes. You could go for kids fashion, sports wear, wedding fashion etc. rather than going for casual fashion.
3. Business plan and investment
A business plan is vital to be ready for any problems that might occur. Prevention is better than cure and hence you need to be prepared for anything. A business plan will also be helpful for you to gather necessary finance since lenders will be more comfortable to lend you if you have a clear vision and plan.
The location could depend according to the clothing line you choose. For example, if you select beach wear such as sundresses, slippers and sandals, bohemian style clothing online etc. you’d rather want to find a place near the beach. If you get a place uptown, you might have to change to classy fashion.
Look out for the best suppliers and place your order way ahead to avoid any delays. The last thing you need is to be ready to open your store but not have any items to sell. Choose the brands wisely and contact them well in advance.
Your store will not succeed if no one knows about it. Open up a website and a page on social media. Spread the word so that people would know that your store exists. You can also open up online ordering systems since most people find that easier.