One of the most important aspects to start considering while you’re doing your research into opening a clothing store is what your demographic is. For example, if you’re in a college town and intend to open a small to medium sized clothing business, you would mainly cater to a younger audience. One of the things to also take into account is the season of the state you’re living in. For example, Colorado has warm summers but winter is freezing cold. So you would have to be able to change your stock out so that you can meet the demand.
Meeting the demand of your clients is very important and remember, variety is the spice of life. People enjoy options, not only in styles, but remember everybody is shaped differently, so you’ll also need to provide different size options. Some people prefer tight clothing and some people prefer looser fitting clothes. Both the positive and the negative is that fashion is forever changing. So on the one hand, this will allow you to buy last year’s seasons, relatively cheap and they will still be pretty much in style, but it also means keeping the most up to date styles will require extra capital. Once again both these options have advantages as some people prefer to pay for the extra style, while others are happy just to look good.
Once you start your profitable clothing store try to use a variety of distributors or suppliers. This way you can help spread the risk and the cost. If anything was to happen to one supplier, you wouldn’t be left high and dry, and it also helps to be on a personal level with your clothing distributors. This could help you secure extra sales that they have or they might just think of you first, whenever they have excess stock they want to get rid of at rock-bottom prices. Owning your own clothing business has many advantages. You might also choose to not only buy clothes in from national suppliers, but also from local distributors. Always look at issues from a client perspective in buying clothing stock. Knowing your demographic is important. Is this piece of clothing something that they would want to buy, is this something you would actually like to sell in your store. Your budget and running capital is something to be considered too.
While you are doing research into your demographic and potential store locations you should also pay to have somebody draw out a business plan for you. This will give you a clear and precise indication of where you are going and a backup plan should you need to secure funding to open up your store. You will need a business plan to present to potential investors, whether they are private or through a bank. Never underestimate the importance of the business plan. Even if you’ve raised all the capital yourself, a business plan will help give you clear guidelines on what your goals are. How long you expect to accomplish them, who will supply your needs. What your demographic is and give you a general outlay of the next three to five years in business.
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