Are you thinking about an executive career in retail? Here are 10 things to consider before opening a clothing store.
The US apparel market brings in nearly 300 billion US dollars every year. If you're an entrepreneur with a sense for fashion, opening a clothing store might be the perfect career.
Starting a clothes store means you need to have strong business skills and a passion for customer service. Things like brand presence and online marketing are essential to making a healthy ROI.
Wondering how to start your own clothing store? Read on to discover the vital steps to opening a successful retail business.
Ten Things to Consider Before Opening a Clothing Store
Even if you've been running an online shop with healthy revenue, a physical store needs more maintenance and attention. Before you open up shop, here are ten things you need to ask yourself. Knowing your answers will help you start a retail business that's successful and healthy.
1. What's Your Store Identity?
When you're targeting your ideal audience, you want to build a brand that speaks to them and inspires them to buy from you. Make sure your brand is clear, engaging, and inviting.
Your brand should be cohesive both in your physical space and online. Decorate your store according to your color themes, and maintain your identity in every website update.
2. Do You Have a Mission Statement?
Having a mission statement in place is a helpful way to keep yourself on track. It will give you a target to focus on as you tackle the difficulties of establishing your store.
When you create your mission statement, make sure it incorporates a core belief that will drive you. Write it down and keep it visible every time you're in the shop.
3. Is Your Location Profitable?
Location is vital to the success of your business. When choosing a spot, don't go for the cheapest place because it might save you a few bucks. The ideal spot might cost more, but it will also be in a high-traffic location that can boost your revenue.
4. Do You Have a Good Financial Base?
Remember that opening a retail store requires an investment, and you may not see much of a return in the beginning. Because of this, you'll want to have a solid financial base so that you can pay your rent and business expenses until you start getting more revenue.
5. Do You Know Your Competition?
Since you won't be the only retail shop in your area, it's a good idea to know which stores you're competing with. This will help you as you advertise your brand and market your products.
For example, if you're opening up shop right next to a popular shoe store, you might not want to stock a huge number of shoes. Instead, you can focus on clothing and accessories, which will be things your next-door competitor won't have.
6. How's Your Signage?
In-store signage is important for keeping customers informed. Large signage will announce sales or events to customers passing by.
Signage is also important to help your shoppers know where items are located and inform them about product features. You can create the best signage by writing product descriptions that convert.
7. Can You Become a Specialist?
If you're opening a retail store, you'll know that you won't be the only fashion business in your area. One way to boost your store's success is to focus on a niche and specialize your products toward it. You might focus on sustainable fashion or stock trendy plus-size clothing for your customers.
8. Can You Offer Rewards?
When you have loyal customers, it's a good idea to offer rewards so that they keep coming back. You can offer discounts for future purchases, which will encourage customers to return and build a loyal customer base.
You can also give out promotional items as rewards for large purchases. Make sure your promotional gifts have your logo printed on it so that each customer is reminded of your business.
9. Do You Have a Marketing Tactic?
How you choose to market your store will affect the success of your business. Businesses spend billions every year on digital ads. This means you need to know a cost-effective marketing tactic for your store.
Who's your target audience and what's the best way to advertise to them? A great place to start is to use social media advertising so that you reach a large audience.
Once you run an ad campaign on each platform, you can look review the data and see which platform is the most successful. Then you'll be able to focus on marketing campaigns on that specific platform and yield the best results.
10. How Can You Boost In-Store Traffic?
You might make good profits from the online side of your retail store, but it's important to boost your in-store traffic too. Having a physical store costs money, and if the revenue doesn't cover those costs it won't be worth it in the end.
Focus on store sales and events that are exclusive to your physical store. This will encourage your online customers to visit your physical shop.
When you organize an in-store event, make sure you market it well. You can hand out business cards and promotional items to encourage customers to remember your business.
Opening a clothing store requires knowledge in the fashion industry and business industry. You'll need to know how to market your brand and stick to a budget so that your doors never close.
Remember to focus on a niche and create a marketing campaign that will target your audience. Establish your new business on social media platforms so that customers can share information and learn about events.
Want more ways to boost your fashion business? Check out our online guide covering the ultimate restock list for this year's trends.