Opening a store is a dream for many people. Some may be just dedicated followers of fashion and believe that they have a stylish flair that could be turned into a viable business through savvy stock buying. Others might have a background in clothing retail already; they might perhaps work in a larger chain outlet and have developed know how and expertise that they think can be translated to an independent business of their own.
Developing a start-up of any kind is a challenge; if it were easy, everyone would do it. The same goes for brick and mortar retail in that someone might spot an opening, an opportunity that they can take advantage of and believe that it could make a viable business.
It’s important that anyone who wants to enter into a start-up needs to go in prepared and with their eyes open. There is no doubt that there will be challenges and many of them but self-belief, drive and passion are very important traits to keep a hold of with any start-up.
Financing a store opening creates a barrier to entry for many people. Without a viable, well thought out and developed business plan, it is unlikely that any financial institution will consider offering finance i.e. a loan. Opening a store requires a sufficient amount of capital, primarily in the form of stock but there are other major cost considerations such as staffing and store-fit outs. This is all assuming of course that you are planning on renting/leasing a property. Business rates such as taxes and water and insurance are other factors and before you know it, the start-up costs are gone way over what you expected!
However, the thing to remember is that your idea for a clothing store can be a success. Research before you even choose a location is absolutely vital. You need to choose a niche area, pinpoint the demographic you wish to target, check out the competition and so much more. Learning these things after you’ve bought any amount of stock isn’t an option; you need to know this information prior to even the business plan stage.
This infographic from Storetraffic highlights what you need to know before considering setting up a clothing store. It gives some in-depth step by step tips and also highlights the importance of a business plan to a start-up business of any size; it also specifies what needs to be in the business plan. Check it out below.