Thanks to the wonderful world of online shopping, starting a clothing business today is easier than ever. However, with simplicity come competition – the ease in which people can set up and promote clothing stores makes success harder to come by. Owning your own store, online or otherwise, isn’t going to be the glamorous job it is so often portrayed as, but get it right and there are definite rewards to be had.
If you are thinking about pursuing your dream as a fashion retailer, here are five things you need to know.
1. Research is Key
As with any good business, solid foundations are formed with good research. You have to know everything about your market – who are the customers and what do they like; where are the best clothing wholesale suppliers; who are the competition; what do they sell and how much for? There are dozens of questions you need to ask before starting out and research will help you answer them. Read industry magazines and blogs to gain market insight, check out the competition, talk to other small business owners, and maybe even get a part-time job within a retail outlet to learn the ropes – do anything and everything it takes.
2. Budgets Must Be Stuck To
Capital is probably going to be hard to come by, especially in the formative stages, so you will need to operate on a strict budget. Work out what you can spend and stick to it. Prioritise the things you really need; premises (if you’re going into brick and mortar retail), a website (if you’re going ecommerce), clothing wholesale costs and marketing costs – and call in favours regularly.
3. Networking is Important
Social media has made networking easier than ever and building up connections will be essential in helping you progress. Some companies invest heavily in networking – you do not need to do this. Connections can be made for free simply by interacting on sites such as LinkedIn and Twitter, or by picking up the phone.
4. Free Resources are there to Be Used
Take advantage of every free resource you can. Whether that’s a business webinar or a free bookkeeping course at your local community centre. With a little bit of digging around you will unearth endless free resources that will help you on the road to success.
5. A Great Product Is Everything!
The customers might be the most important element of a successful business, but these will only come if you have a quality product. Choose your fashion wholesale provider wisely; make sure they are reputable and can provide original products from real brands at the right price. Shifting a pallet load of wholesale t-shirts is going to be hard work if you cannot provide assurances on quality and you will need to get these assurances from your wholesaler.
Clothes Wholesale UK 