The retail clothing industry is among the fastest growing industries in the world. This billion-dollar industry has attracted a great deal of entrepreneurs. Women’s clothing retail business has especially experienced a significant rise. As a result, nowadays there are countless businesses operating in the retail industry.
However, it is safe to say that not all these businesses have been able to beat the competition and build a brand name for themselves. Startups and established retail stores are constantly upgrading their business plan and growth model to keep up with the changing trends in the fashion world and retail industry. If you are someone who wishes to start a women’s clothing retail business, then do read on.
As today, we’ve curated a list of steps that you should take before starting a retail business to be able to not just survive in the competitive marketplace but also become successful. Whether you want to start a boutique that specializes in ethnic clothing for women or a clothing store that sells trendy western wear items, following these steps will help you in more ways than you can imagine. They will guide you along the way and ensure that your business attracts customers and yields profit.
Pick a Niche
The very first step to starting a woman’s clothing store requires you to pick a niche. Whether you want to start a boutique or a fashion store that caters to popular brands, it is imperative to decide on the niche before proceeding with the business plan. You will have to pick from different niches like ethnic clothing and western wear. Decide on the type of products and also to the age group of women that you would like to target. Alternatively, you can start a store that caters to both, ethnic clothing items and western outfits, the choice is all yours to make.
It is highly recommended to pick a niche that you have interest in, as starting a clothing retail business that caters to women only is a long-term plan. If you prior experience or knowledge about ethnic clothing items and its marketplace, then start a start a business that specializes in ethnic clothing items for women like saree, salwar blouse, lehenga, bridal lehenga, etc.
You can either start a business that deals with only ethnic clothing items or a wholesome business that caters to all clothing needs for women. Do proper research and take your personal interests into consideration before deciding on a niche.
Develop a Business Plan
The next step is hands down the most crucial one. Developing a business plan will give you a practical idea about the approach that you should take, the steps that the entire process would involve and the kind of profits you can expect your business to yield. While building a business plan, it is important to take important factors into consideration. Factors like investment need to be included in the business plan. Create a detailed business plan that helps guide you through the entire process of starting a women’s clothing retail business.
Develop a business plan that meets the requirements of the target customers. This will help your business not just reach out the potential customers but also establish a brand name amongst them. Conduct research on the current trends of the retail industry to come up with relevant business plans. State down the specific goals of the business and growth opportunities. With a solid business plan, you will feel confident and motivated to get ahead with the plan of starting a woman’s clothing retail business.
Select the Location
The location you pick for the store of the women’s retail business can have a huge impact on the success of your store. Depending on the location, your store could either make big waves in the retail business marketplace or fail to achieve the business goals due to the excessive competition in this industry.
If you open the clothing store in a busy area that draws a lot of female shoppers, then you could give your business a competitive edge. On the other hand, if your clothing store is located in an area which is not popular among customers, then there is a high probability that your store would not be able to last for more than a few months.
It may seem straightforward, however, when it comes to picking the location for the clothing retail business, there are plenty of factors that should be weighed in. While picking the location, it is imperative to select the one that is famous among shoppers. In addition, there should be ample space as no one likes to shop in tiny stores. Go with the one that has a storage facility and offers room for expansion. Furthermore, the location should not be too interior as it may put off customers.
Lastly, it is crucial to consider the outer space as a majority of buyers prefer shopping from clothing stores that offer parking facilities. Carefully consider all these factors prior to deciding on a location for the women’s clothing store as the right location can help your business become more visible and establish a name among the local buyers.
Look for Suppliers
The entire business model for the retail business depends on suppliers. The suppliers or vendors are the driving force behind the business. They supply products in large amounts at wholesale rates. Prior to starting a retail business, it is incredibly important to find a wholesale supplier and work up a contract with them.
The contract would include specific details about the quality and quantity of clothing items that your store would receive from the suppliers on a regular basis. There are various ways to find suppliers that specialize in women’s clothing items. You can either directly contact the manufacturer or get in touch with a wholesale distributor in your store’s region for getting top quality products.
Try different channels such as B2B marketplaces and search engines like Google to find out about the famous suppliers in your area. The next step involves negotiating the price and the terms of the contract with the suppliers. It goes without saying that pick the supplier that is trustworthy and has established a name in the retail industry.
Next, you should seek legal advice from a lawyer while writing a contract with the supplier. The bottom line is that if you want your business to operate smoothly without supply-related problems, then you should do proper research before signing a contract with any supplier.
Get Advice from Experts
Anyone can start a clothing retail business in today’s time. However, if you want your business to become successful, then it is essential to take a few measures prior to starting the business. The one measure that can make a world of difference to your approach towards the business is the advice from the experts in the field.
Whether you are starting a clothing store that specializes in ethnic clothing or western wear, it is crucial to seek expert advice and guidance to learn about the workings of the different aspects of the business. Create a list of questions that you would like answers to and check with someone who has succeeded in the retail business.
Get to know about the trade secrets and the ways to tackle various business problems from people who have hands-on experience and the required skill set. With proper knowledge about the business, you will be able to come up with a practical business model that would help your business take off and become successful in today’s fierce marketplace.
Secure Financing
The most important part of starting a woman’s clothing retail business is securing finances. There are multiple finance options that people use to start a business. You can either use your savings or get financial institutions like banks to invest in your project. Irrespective of the source, it is extremely important to secure financing as that would determine the scale on which your business would operate.
Finances play a vital role in a business’s success. You will require proper finances not just for starting the business and building the store but also for the smooth functioning of the business in the first few months. Lack of proper finances can have a direct impact on the type of products you sell and the quality of services you provide to the customers. This, in turn, can make your business operate at a loss.
Make it Legal
If you want to kick start your women’s clothing retail business, then you should comply with the local and national law. From setting up the clothing store to signing contracts with vendors, clothing manufacturers, and employees, there are a lot of aspects of business for which you will require help from a legal expert.
Also, you will have to get a business license to get your clothing store up and running. You can hire legal experts to draw contracts and help you with taxes. In order to start a legit retail business and gain success in this industry, it is critical to comply with the law.
