By Karin Jakovljevic | December 15, 2017 1:44 pmCategories:
Starting a retail clothing business can be a very exciting adventure. After all, it can bring you into the world of fashion and entrepreneurship. However, just because starting a retail clothing business is exciting doesn’t mean that it is easy! In fact, there can be many challenges that go along with starting a brand new retail clothing business. Here are some things to do if you are starting a retail clothing business.
1. Choose a name
You will need to create a name for your business. When you create the name, you must also check to make sure that this name is not already taken by another business in your state. If it is, then you could face a number of legal complications. In a worst case scenario, you could even be sued for a violation of violation of trademark laws. So, take some time and do some research to both choose a name and make sure that this name has not already been selected by another business.
2. File your legal structure
In most cases, if you are starting a retail store, then you will need to officially file yourselves as a business for tax purposes. This could involve creating an LLC, making articles of incorporation, etc. Whatever the necessary paperwork is for creating a legally compliant business in your state, you will have to take care of.
3. Choose a location
If you are opening a brick and mortar retail clothing store as opposed to an online one, then you will definitely need to find a location for your store, and you will want this location to be as good as possible. When you are selecting a location, you should look for an area that has both a substantial amount of auto and pedestrian traffic. This could be near a shopping plaza, or near the center of the city or town, etc. The more traffic there is near your store, the easier it will be for you to bring higher numbers of people into your store in many cases.
4. Lock down a supplier
Unless you will be manufacturing the clothes yourself, it will be necessary for your company to create a business relationship with a supplier. This is where all of the clothes that you will be selling will come from. When you are looking for a supplier, you will need to find one who is both affordable and reliable. This is because you can run into a lot of problems if your supplier fails to deliver a shipment on time. Imagine having no clothes to sell at your store. It would be a disaster.
5. Hire a few employees
In most cases, retail stores need to have at least several employees who can operate the store throughout the majority of the business hours during the week. The longer that your store is open, the more money that it can generate. It is very difficult to operate the store all the time by yourself. So, you will most likely need a few employees to help you. Your employees will do things such as help answer customer questions and man the cash register. You can advertise to social media, or post an ad on job board sites such as Indeed.com to try and find employees. Do not just hire the first ones you can find. Try to hire the right ones.
6. Market your store
You can do this by posting frequently on social media about it, by posting flyers, by reaching out to your local radio or news station to ask them to cover the launch of your story, etc. There are many different ways that you can get the word out about your store, and you should try to take advantage of as many of them as you can. The more successfully that you can advertise your store, the more people there will be who will come to shop at it.
7. Learn from your mistakes
After you launch your retail clothing store, you will most likely make some mistakes. For example, you may hire the wrong person, you may purchase the wrong inventory, you may deal with a customer poorly etc. Over time, all of these things can have a major impact on the success or failure of your business. This means that you should really try to learn from them when you make a mistake.
When retail clothing stores are operating successfully, they can be very profitable. However, if they are not operating correctly, then they can actually lose a lot of money. So, if you are planning on starting a retail clothing store, then you should try to follow the advice in this article to help boost your chances of having a successful store. After all, having a successful retail store is a lot more fun than having one that is losing money!