Starting a clothes store is exciting, and perhaps a long time in the making, so getting it right is essential. The key to success with your clothing store is all in the planning and preparation, so, with this in mind, take time before you launch to get everything correct and in place.
The Business Plan
Before you spend any money, you need to create a business plan if you haven’t done so already. Your business plan will be the foundation for building a successful business, so don’t overlook or neglect it. In your business plan, you should include essential information such as what your business will be selling, who you will be selling to (your target audience) as well as turnover forecasts, so you can see clearly when you should be in profit. Doing the research for your business plan will ensure you can launch a viable store.
Location, Location, Location!
Where will your store be based? Are you an online store only, or are you going to be launching an offline brick and mortar store with an online presence? If you are going for a physical store and selling direct to customers, then location is everything. Customers need to know where you are, you need to be accessible, and you need to have parking nearby.
What is in a name?
Your business name says everything about you, and you have to try and tell your customers about your business through your name, so, think carefully about what you want to call your business, as it must be appealing, non-offensive, and easy to remember. Your name will your most markable aspect of your business, so pick a good one.
Funding and Finance
When launching a business, there are lots of costs to consider, from launching your website to getting the correct trading licenses, and when launching a physical store, the costs are, of course, greater as you have to factor in rent, staffing, lighting, and insurance. So, do you have appropriate finance and funding in place? For example, do you have the funds to purchase stock, advertise, hire premises and buy all the equipment your store needs to get up and running? If you have funding, then you are in a great position, if not, then don’t panic; there are lots of financing options available to you, including loans, grants, and peer-to-peer borrowing. It is worth checking with your local government office to see if they have any grants or loans available for you to apply for.
Products
So, are you going to be making and selling your own range of clothing, or are you going to be stocking a range of products and accessories from wholesalers? If this is the case, there are a couple of questions that need answering, including do you know how much the minimum order is? Additionally, what is the turnaround time from ordering goods to receiving them? If you are ordering from another country, you need you to keep in mind customs fees and handing times.
Shop Display – The fixtures and fittings
When running a physical store, there are lots of things you need to buy including mirrors, lighting, fitting room accessories, shopping bag, tills and mannequins. Mannequins are often overlooked by new shopkeepers but are very important as they show off the clothes and accessories you will be selling. Cheap and tacky mannequins make clothes appear cheap, so look at a good supplier such as the Retail Factory who specialize in Flexibile Mannequins. Within your store, your till area is just as important as are other display areas. So, where are you going to get display units from, and what till system/ EPOS will you be using?
Insurance
When you have a physical premises, you need adequate insurance. When searching for insurance price is a top consideration, but you also need to consider coverage. Not being covered adequately could end up costing you more and affecting your business, so ensure that you take out adequate insurance that gives you good coverage.
Your website and online presence
When you are selling online, will you be selling exclusively through your site, or will you be using an online selling platform such as Amazon or eBay. With online selling, you also need to think about who is your target customer and target audience, how old are they, how much do they normally spend on clothing, and most importantly, how you can reach them.
Business Banking
You need to think about who you will be banking with and how much it will cost to keep the account on a monthly and annual basis, and what fees you are paying when you receive money or pay any money in. Ensure you read the small print – the account terms and conditions – especially if you are receiving money from a variety of sources and locations.
Marketing and Advertising
It’s important to figure out how you are going to reach your target audience. To do this, you need to work out things like what they read and watch, and how much will it cost you to reach your target audience. Creating a Marketing and Advertising plan is just as important as creating and using a business plan, so don’t overlook its importance. Remember to monitor any and all marketing and advertising you do within your business.
Social Media
Reaching and connecting with customers via social media is important, so don’t neglect this channel. Regularly keep your customers up to date and informed via your social media profiles and pages and you will have a happy customer base. If you don’t have time to maintain your social media pages, then it is worth hiring a social media manager who can commit to regularly posting updates on your pages and answering any customer queries and inquiries as and when they come in.
It is worth remembering that when running a store it is important to keep up to date with everything that is going on within your industry and within your location so keep connected to trade bodies, suppliers, and customers. Keeping connected will ensure you keep ahead of trends and that you keep your business going even through bad periods.
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