Tips for starting a retail clothing business include determining the specific type of merchandise to offer, identifying the target demographic for the store, setting a realistic price point and determining all the initial and recurring costs to create financially accurate projections. It may also help to make a formal business plan for the store and determine the possibility of online sale options.Continue Reading
An important aspect of opening a retail clothing business is understanding the purpose of the store and what type of clothing it is to sell, such as high-end designer fashion at affordable prices or exclusive lines of exercise clothing from local designers. This allows the owner to develop clear marketing and advertising strategies, create an effective design for the sales floor and build an accurate and actionable business plan. The business plan also helps perform a realistic analysis of the challenges the business may face, as it includes conducting competitive analyses on other stores and retailers.
The owner should also determine the full startup costs for the store, such as renting the retail space, purchasing clothing racks, paying utility bills and hiring employees. After determining the cost, the owner needs to figure out how much money the store needs to generate to stay profitable. It is also important to develop clear marketing and promotional strategies and explore alternate retail options, such as an e-commerce website.Learn more about Managing a Business