Opening a clothing store requires meticulous planning, just like starting any other business requires. As the famous saying goes, planning is for a company like the foundation for a building. By planning well in advance, the trial of opening a clothing store can be easy and convenient.
Write your plan in words. This is essential because things get more refined and sharper once they are expressed in words and numbers. If you have a written plan that will make it easier for you if you carry it out. A written plan will also serve as a benchmark for evaluating the effectiveness of the implementation.
Open a Clothing Store – Five Crucial Decisions!
Before opening a clothing store, several important decisions need to be made regarding its various functions. Of all five decisions, the decisions that make a opening a success are very crucial. Here they are for you!
1. Determine the location: The location of your very important point. Opening a clothing store in a location that is less accessible to consumers can be detrimental to your business. When determining the location, you need to consider many aspects such as rent and lease, their relative costs and decide accordingly.
2. Shop fittings and interiors: This aspect often doesn’t get the importance it deserves. However, this is an essential ingredient in the success formula for opening a clothing store. The way your store looks inside and the way the clothes are displayed is very important in the long run.
3. Type of clothing you sell: This is an important criterion for opening a clothing store the right way. A store that sells children’s clothing is completely different from a clothing store that focuses on women. So you have to decide what exactly you want to sell and to whom. In addition to the type of clothing you want to sell, you also need to decide on the range of colors and sizes you want to cover, as well as the style and cut.
4. Where to Shop – Where you shop has a direct effect on your price and therefore your customer base and profits. You should buy your merchandise from people who offer competitive prices. You must have the required license that will allow you to get cheaper stuff from the listed manufacturers.
5. You need to calculate everything from startup costs to purchase price and sale price to profit margin and ensure that opening a store is a financially viable business. You also need to be clear about how much you need and where it comes from – the funding source!
If you could diligently make the five decisions mentioned above, opening would be a risk-free business venture for you.