Consumers between the ages of 25 and 34 spend about $161 on clothes every month. If you plan on opening a clothes store, you already have a target audience, waiting.
Unsure of where to start? Here are the five awesome tips you need to open a clothes store of your own.
With these tips, you can show off the latest styles and start generating a following to your business.
Enjoy the stylist success of being your own boss with these five tips.
1. Determine the Legal Structure
One of the first steps involved in starting any business is choosing your legal structure.
First, head to the Small Business Administration’s website. Determine which legal structure is most appropriate for the clothing store you want to open.
You might choose to incorporate your business online on your own. Otherwise, consider hiring a lawyer. They can make sure you option your tax ID number and help you determine which licenses you need.
2. Develop a Business Plan
When opening a clothes store, you don’t want to skip on developing a thorough research plan. First, research the market place. Is there a clothing niche you want to sell?
For example, you might want to specialize in children’s clothing or vintage clothing. Once you choose your niche, complete a comprehensive business plan. For example, you’ll need to determine:
- Start-up costs
- Opportunities and challenges in the local market
- Your competitors
- Your business’ competitive advantage
Developing a business plan from the get-go will keep you on the right track.
3. Find Funding and a Storefront
To open a clothes store, you’re going to need to secure financing. Start by considering whether you’ll acquire a personal loan or small business loan from the bank.
Don’t underestimate how much money you’ll need to open your doors. You’ll need to consider:
- Merchandise
- Marketing materials
- Furnishing the store
- Stock
- Paying employees
You’ll also need to find your storefront. Narrow down a few options online before exploring each location in person. Make sure the location you choose is affordable and offers the space you need.
Don’t forget store insurance as well. Other expenses might pop up, too, so it helps to prepare with a financial cushion.
Related: Guide to Starting a Senior Living Facility or Assisted Living Facility for Entrepreneurs
4. Acquire Inventory
To start a clothing store, you need clothes.
You’ll need to purchase clothing from manufacturers and designers that suit your brand. Start by getting in touch with vendors. You can also explore trade shows to find new options.
Next, consider how much inventory you’ll need to open your store and replace purchases.
5. Make a Marketing Plan
Almost 80% of online shoppers value product reviews posted by other consumers. To make your business a success, create a marketing plan.
How will people learn about your business? Do you have a website and social media accounts? Start spreading the word as soon as you can.
Dress for Success: 5 Tips for Opening a Clothes Store of Your Own
Create a business that screams style. With these tips for opening a clothes store, you’re on the path toward business success.
Looking for more entrepreneurial tips? Explore the Startup section of the blog today!
