So you’ve come here to learn how to start a clothing retail store? Now before you keyed in the keywords in Google or Yahoo search engines, and ended up here, what are the things that you know about retailing? Well you wouldn’t suddenly come up with an idea of starting a retail clothing store out of nowhere now do we? You want to start a retail clothing business for something, and one of them is gaining a lot of profit.

But what made you choose a retail clothing business rather than any kind of retailing businesses? Well one of the common reasons that entrepreneur-wannabes opted to choose a clothing retail business is because they know, that all of us has this impression that opening a retailing clothing store is a lot easier than taking on any other retailing business. Well its kinda true that opening a clothing retail store is a lot easier than starting an electronic retail shop right? From the location to the required capital, anyone can start a clothing retail business, but there is still a catch.

Now every kind or type of business, may it be electronics, food, appliance, or clothes, is has their own similarities, especially in handling or maintaining your business. Now if you going to start your own business, It’s going to be your business and yours alone (if you’re going to start it without a business partner of course). In which case, it’ll be your responsibility on how your business will come up in, let’s say in 5 years time, if it will become successful or become a failure, would it still be standing or would it be put up for sale. This kind of responsibility is a big thing to handle, and if you’re not ready, then your business will easily crumble within a year.

So before you start your clothing retail business, it’s important for you to know if you’re ready to take on the responsibility both physically and mentally.

Personality

Many people successfully make the transition from being an employee to an employer, but many do not. Do you have what it takes to be in business for yourself? Even if you are suited to be a business owner, is a consumer-focused business for you? Are you better suited to be a wholesaler, distributor or manufacturer? Answer the following five questions honestly. Talk to your spouse, best friend or prospective partner about your answers as a reality check.

Now here is a short personality test on how you can fare on taking on a business such as a clothing retail store.

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Now the first question is, are you good in multitasking? In retail or any kind of business, flexibility is one of the most important things that you the owner must possess. Now you may have experience in handling a job from your previous work, which is probably where you got your capital, but handling a business from handling a single task is different from each other. Sure your boss made you do tasks that involve your specified work, but you are usually responsible for just one thing and have limited control. And, you are supported by others with expertise or experience in different roles and functions.

But when it comes to retail, you’ll have to handle every task that lay down in front of you. As the owner of the clothing retail store, you will encounter different sorts of customers, employees, vendors and landlords, and you cannot complain and say that “that’s not your job”, because by the time you open that door, all of it will be yours.

The second question is, are you the risk taker? Now you might have heard about this for thousands on times now, but risks are a part of any kind of business. Business entails a lot of risks, and risks entails a lot of worry for someone that cannot handle a risk. It is important in this kind of business that one must know how to handle adversities that comes in the way.

If you prefer a more predictable and organized way of handling your clothing retail business, then it’s no use continuing your business. Unplanned events are the usual menu that you’ll likely have in your plate in a business of clothing retail. So it’s important that you ready yourself on facing this kind of events in which the success of your business is at stake.

Now if you see risks as a threat then you’ll likely see it plainly as a “Threat” to your business. But if you took it as an opportunity, an opportunity to test your skills, to hone your abilities, and to see possibilities of success from it, then you’ll likely want to face a lot of risks in your clothing retail business.

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The third question is, do you usually count on your paychecks? Once you start your own business, in which case a clothing retail business, it is necessary that you devote all your attention on it if you want it to be very successful. So you’ll have to sacrifice a timely intake of paychecks from your job and start making money for your own.

Startups frequently require more capital than planned. Something’s bound to go wrong or change even though everything is penciled out in your plan. If you break out in a cold sweat if you aren’t paid on the same day every month, you may want to rethink going out on your own. Most of the money you make will go right back into inventory and other costs of doing business.

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The fourth question is, are you the self-starter type? Do you draw your energy from being around others and count on colleagues for support and advice? Well if you’re that kind of a person, then you’ll likely to find yourself scared.

What I’m trying to say is that you’ll feel scared of the world ahead of being the owner of a business, because in this kind of life, you’ll likely run it alone. In your own business, you must lead, knowing what to do and when to do it, and be fully accountable for everything that happens. The buck stops with you. Sometimes that’s a lonely place.

Now if you passed every single question about yourself, and think that you’re ready enough to tackle every test that comes in your way in starting your own clothing retail store. Then let me give you some short tips on how to start your business properly and while not running to a risk of failure.

Go for Small

Now one of the most common reasons why many clothing retailers fail in their businesses is that they tie up so much cash in inventory and overheads in the beginning. If you’re getting short on funding, concentrate on getting select quality merchandise. As your business grows and your customers increase, you can then afford to increase your inventory. Avoid buying expensive fixtures at the start, as customers will go to your store because of your merchandise, not so much the ambiance of your store.

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Learn more about Your Target Market

Before you open the doors of your shop for business, you should try to learn as much about the demographic of your area as possible. Whether you will be leasing a space at the mall or opening a small boutique, knowing the population characteristics of your area – their income, age, population brackets – can assist in your decision making process. If your area is composed of high-income population, you may want to purchase brand names and pricier merchandise. If the area is a retirement community, you may want to look for a new location for your baby and infant clothing store.

Control Your Inventory

In line with following a concept for your store, consider the range within a reasonable structure. Selling everything from budget to very expensive is not a sound idea. Experts suggest that you should keep your merchandise to within three prices lines.

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Keep an Ear Out for Your Customers

As the business owner, the success of your clothing business will in large part depend on the selection of your merchandise. However, it is best to always keep an open mind and be receptive to customer suggestions.

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Make Your Store Known

If your location is good, your business may benefit from a lot of walk-in traffic. Nonetheless, you still must think of cost-effective strategies to advertise your business.

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