Choosing women’s clothing retail business as your line of work is a good choice – people of all ages will always need something to wear.
Still, setting up this line of business can be overwhelming. Follow these basic guidelines to make sure you haven’t skipped the important steps that will get you off to a good start.
Find your niche
You are probably a creative person who has identified what’s missing on the clothing market. Focus on that what interests you and what you believe is important to offer to customers.
It can be clothes made of cruelty-free fabrics, clothes for a particular type of people (like teenagers or elderly women), or clothes for specific purposes (such as prom dresses).
Even if you widen up your offer later on and include other designers, you will still be remembered by your original idea, which is something you can build your brand on.
Create a business plan
Your business plan needs to include all the aspects of your job, and have them all planned out in detail.
It needs to contain not only an executive summary and operational procedures but also the financial aspects that include your budget, as well as your future projections for the next five years.
Be as detailed as possible when it comes to your products and services, as well as investor information.
Select a location
First, start with your local phone directory – check where other retail stores are, especially the ones who have an offer similar to yours. Check the nearby towns, as well.
It’s important to focus on the area with small competition and avoid areas where larger retailers are located. Also, your target customers should have heavy traffic in the area in which you decide to set up your store.
Create a marketing plan
It’s necessary to put your name and business out there even before you set up and open your actual store. Social media platforms such as Instagram, Twitter, and Facebook are a great way of reaching your target customers and letting them know what you offer and when you’re finally opening.
Also, you will need to develop an extensive marketing plan that will make you stand out from your competition and boost your start-up success.
The marketing plan needs to include advertising techniques you want to use. So, besides social media, you could use billboards, leaflets, local ads, or newsletters. In short, the more marketing techniques you use, the better for your business.
Find your suppliers
Once you decide what type of clothing you will be selling, it’s necessary to find the right suppliers.
For example, if your target customers are young women, then you need to browse for online wholesale dresses, blouses, and accessories. In other words, you need to find a great source of clothing you’re aiming to sell.
You need to make a few phone calls to various suppliers and see what their requirements and prices are. Sometimes you will want to go with the one offering you the lowest unit cost, and sometimes you will choose the one you have the most trust in.
Create your brand
From the moment you start setting up your business and advertising it, work on building your brand name.
First of all, you should come up with a catchy name that your target customers will remember easily. It’s best to come up with a name that would mean something to them.
Your logo is another way to become recognizable, so maybe you should consult a graphic designer with whom you could come up with something unique and catchy.
There are many techniques on how to build a brand, so make sure you use at least the majority of them – it’s one more way to make yourself different from the competition.
Make up a quality team
Your staff needs to have your back, so be very careful about how you look for and choose your employees. A good employee can attract new customers, be of great assistance to them, increase the chance of the same customer coming again, and build customer loyalty.
On the other hand, poor-quality staff can cause bad customer experience, lead to financial losses, and even ruin your reputation.
So, it’s best to hire quality people from the very start than correcting your mistakes after 6 months of failure.
When you post a job ad, it’s highly important you’re clear on the duties and responsibilities, personality traits, as well as relevant experience. That’s the surest way the right people will respond to your ad.
Accounting and bookkeeping
You need to balance your income and expenses at all times, or you will be losing money without even realizing it.
So, choose accounting software that is simple enough for you to use it. That way, you will always know where each and every cent went.
Starting a women’s retail business is hard work, like any other business that largely depends on the owner. However, the chances of you succeeding are much higher if you start this adventure well-prepared and aware of your options and duties.