Fashion Entrepreneurship Retail Business Planning

Fashion Entrepreneurship Retail Business Planning-10
"Nothing is sure-fire, and there are risks attached to starting any kind of business," says Fred Derring, president and owner of D. Even in the restaurant business--if you're successful--you can make more money in five years than you can in 15 years in the apparel business." 3. On a serious note, you really need to think about why you've decided to open an apparel store vs. But there always seems to be room for more, particularly if you're offering consumers something they feel they're lacking. Maybe it's surf clothes; maybe it's chic plus-size fashions; maybe it's leather and jewelry imported from Turkey. Outfitters in New York City, says, "No apparel store should be stocking twill khaki shorts if there's a Gap within 10 miles." 6. In a word, this is called "marketing." For now, hear this collective quote culled from every apparel entrepreneur interviewed for this business guide: "Today the competition isn't two doors down the block; it's at the local mall.

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When it comes to colors, seasonal trends like animal prints come and go, but the consistent top sellers are still--no surprise here--light blue, pink and green. "You may not have $250,000, but my advice is to not even think about opening a store until you've got the right financing," says Margie P., a successful Redmond, Washington, store owner who sells women's, men's and children's clothing.

Yes, opening an apparel store will cost you, and Oklahoma State University merchandising professor Nancy Stanforth, who once owned a clothing store, recommends a bankroll of as much as $250,000. Like several other apparel 'lifers' we interviewed for this guide, Margie, whose store has been around for 23 years, first opened her doors in 1976 with her eyes wide shut, so to speak.

You're aiming more for their parents--at least the parents of children up to age 10, those who still make the executive decision when it comes to their children's clothes.

Obviously, the more financially stable parents are, the more they'll be willing to spend on boutique clothing for their children--if they're into clothes themselves, that is.

If you're in a more flashy nouveau riche area where mothers are driving Jaguars and wearing diamond tennis bracelets, or even one where the women spend $100 on their own designer jeans, that's a market for children's fashionable boutique clothing.

Stat Fact The bulk of children's clothing sales--up to 60 percent--comes from those cute matching outfits, like matching top-and-bottom coordinates.

"Running an apparel store is something you do all day every day." Always Room For More Fortunately, there's always room for the right kind of apparel store.

Although you might not guess it by the number of malls and outlet centers cropping up, we're mostly a nation of small, independent merchants.

' That's the big question the women's apparel store owner needs to ask," says D. (We didn't even bother listing a female customer's age because, frankly, women of all ages like to shop.) The male consumer is often single and usually has money to spend--but typically still has to be brought in kicking and screaming by his girlfriend or wife to spend it on clothes.

His job may not require a coat and tie, but unless he's working in the Silicon Valley with hipster entrepreneurial types, he still wants to look good.


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