If you are in love with fashion, opening a fashion store would be an excellent business idea for you. A lot of people are afraid to explore this idea out of fear of failing.
Opening a fashion store does not have to be complicated. If you are looking to earn from your passion in fashion, read these seven tips, you need to know while opening a fashion store.
Tips to open a successful fashion store
- Identifying your target market and niche
Identifying your target market should be the first thing you should do on this journey. What group would you like to attract? Is it women? Is it men, or is it, children? Would you love to go with casual or official? What age are you targeting?
Tip: You need to target a group that is marketable in your area. You don’t want to end up with no clients. For instance, if you live in a big inland city, a marketable niche may be business suits, street, and casual wear, and teenage wear.
If you plan to have your store in a small coastal city, a marketable niche may be summer and beachwear. Business suits may not sell well in a small town
- Finding a strategic location
Find a location where your potential clients can access easily. You may want to go to a place with a lot of foot traffic. Foot traffic brings in a lot of window shoppers. Secondly, you may want to avoid an area with shops similar to what you want to open.
Thirdly, you may want an area where your target market frequents. For instance, if you wish to open a store selling business suits, you may want to locate it in a corporate environment. A fashion store targeting tourists would work perfectly close attraction sites.
The rent for your store is a vital factor. While locating your strategic location, be sure to consider the rent in that area. Once you find an ideal location you may want to check UK Shopfittings –an online webstore that provides all aspects of fashion store shopfittings, from shop counters and acrylic displays to mannequins and showcases
- Put together your finances
Do not underestimate the importance of having your finances in place. Draw a comprehensive business plan that shows the source of your capital.
Budget the capital to show how you will cater for the store employees, furniture, the stock, rent, and any other necessities. Ensure you have enough money and stay within your means. You do not want to run bankrupt and end up in huge debts.
- Animate your inventory
Find suppliers for your stock. You may opt for designers or manufacturers. Ensure that your target market would be able to afford your merchandise. You do not want to end up with dead stock.
Put a plan on how much stock you need for a start. Do not overstock or under-stock. Get in touch with your vendors and make plans to purchase their merchandise in wholesale.
- Learn your pricing techniques
You need to understand how you will price your merchandise after you order them. Ensure you make the most profit, without necessarily exploiting your clients. It would help if you plan on how you will set discounts, and when to place them. Plan for a black Friday to clear your stock and entice your clients.
- Establish policies
Some problems would come up while running your store. Come up with strategies before opening your store. These include the relationship with employees, day-to-day operations, prevention of losses and damages, and store hours.
Look at the policies of some successful stores while creating your strategies.
- Market your store
When you open your doors, you should market your store aggressively. At the initial stages, you may want to do the marketing yourself. Once the store is on its feet, you can hire a staff to do the marketing.
Take lovely photos; upload them to your social media platforms, inviting potential clients. Create social media handles for your store. Market your store by mouth and social media.
A fashion store is the best way for fashion lovers to earn doing what you love doing. Opening one can be a daunting task if you do not know your way around things. If you wish to open a fashion store, the tips above will help you start a successful one.