It could be your dream to open your own fashion boutique. With the love you have for fashion and the knowledge on latest trends, a clothing retail store can be a great business for you. As every start-up, careful planning and preparation are needed to open up a successful business. There are so many elements to look into; from finances and suppliers to location and marketing plans. So here are some simple steps to follow.

Brainstorm

You cannot simply set out one morning and start a retail store; rather you need to have a proper business plan. Write down the goals of your business; they could be long term or short term targets such as ‘opening 5 stores in the next 5 years’ or having $100,000 sales in the next 6 months. Once you have your goals set, you will have a clear direction to head to. Next, select the target set of customers as per the clothes you will sell. It could be men, women, teens, young corporate workers, babies, sportswear etc. Select an area you have expertise on so that it will be easier to identify fashion trends. Create an attractive name as it is the first thing anyone would notice of your business.

Establish Your Business

Now that you have a business plan in hand, approach investors to gather funds. Set out an initial budget, considering the total amounts you will need such as renting a location, setting up the location, buying an Impos POS system Brisbane, inventory, staff, marketing expenses and more. Pitch your business well, be prepared for any questions they could ask and be confident in your plan. You also need to pay attention to the legalities such as registering a business, get a tax ID number, any licenses or permits etc.

Choose a Location

You need a location where many people walk by. A shopping mall would be great, however, it could be quite expensive. A stand-alone location could be good as long as there’s a lot of foot traffic. The storefront should be visible from the road so that people can spot your store quickly. It should be on road-level since people will never climb two or three flights of stairs to buy some clothes. Ensure the location has people of your target market roaming around. For example, setting up your teens clothing store near a school could be a great idea.

Get Inventory

Your networking skills will be of great use here. Contact the best wholesale vendors and get into contracts. Ensure the clothes are of the design and quality you need. Visit trade shows, exhibitions or even browse online. Set you inventory prices carefully so that you can cover all other expenses such as rent, salaries and other bills and still make a profit. Set up mannequins and display racks in an eye-catching way, so that latest fashion is showcased and people feel like coming in. Display all varieties of items you have; dresses, shirts, pants, handbags, shoes, accessories etc.