Perhaps one of the most important aspects of your business, at least at the start, will be your business plan. As you may well know, it is your business plan which will govern everything that you do with your company.
It is your business plan which will help you to check whether you are doing things right or not. On this page, we are going to go through a few of the things that you are going to need to put into your retail business plan.
This is where your business plan begins. You need to decide what type of clothes you wish to sell. You can, of course, start a rather broad clothing shop. However, this is going to be expensive (think how many clothes you will need and how much space you will need to store them!). In addition to this, it will be tough to market your company. Really focus on what you want to sell, and make sure you stick to that plan. Find out more about how to pick a niche
Do you need any? Do you have plans to recruit any going into the future? I am willing to wager that during the early stages of your business, it is unlikely that you will need too many staff. You may be able to get by on your own. However, as popularity starts to pick up, you will need to look into getting other people to work for you, if only to give you a small break.
Where are you getting your funding from? Are you paying for it out of your own pocket? Do you expect to be paid back? Are you borrowing from the bank? What are the chances that they are going to be willing to lend to you? All of that needs to be thought about.
This is vital. The location of your business can mean the difference between success and failure. Think about whether the location that you select is right for your particular niche (i.e. you do not want to be selling clothes aimed at families in the midst of a trading estate). You should also think about whether you have the money to afford your selected location. Read more about how to choose the location for your store.
Your clothing store needs a brand. What do you want your clothing store to say about your business? Do you want to be known as the ‘go to’ place for cheap clothing? Do you want to be known as the company which is ‘reassuringly expensive’ (the slogan of a famous beer). You want to be known as the company that provides brilliant customer service, right?
How are you going to spread the word of your business? Will it be through the newspaper? Radio? How about word of mouth?
Finally, think about the pricing of your company. Think about what you wish to sell your products at . You should bear in mind how long it is going to take to breakeven here i.e. how long it will be before you anticipate to make your investment back.