Your desire to start a children's clothing business or store may be the result of your love for fashion, or it could be a childhood dream. Still, starting a business takes more than aspiration and admiration; you will also need to work hard to turn your business venture into a success. However, if you couple your passion with the hard work, you will eventually open the doors to your children's clothing store.
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Things you need
Create the vision for your store. To help your children's clothing store become successful, you need to create a vision by writing a business plan. If you will need to apply for a loan, you will definitely need a business plan to provide to potential investors. Even if you plan to fund the business venture with your own capital, you still need a business plan. The plan will need to include enough information to identify the mission and the purpose of your business, your plans for operation, and how you intend to fund your business. The Small Business Administration, an online resource for small businesses, provides a sample template that you can view for free on its website.
Secure a location for your children's clothing business. You need to determine if you will have a brick and mortar storefront, an online storefront, or both. If you plan to have a physical location, you need to pay attention to the accessibility of the location, and also the flow of business in the immediate and surrounding areas. If you opt to have an online storefront, you need to determine if you will host your own store on the web, or if you will have an online merchant such as eBay or Pro Stores host it for you.
Obtain an employment identification number, or EIN. An employment identification number is how the Internal Revenue Service will identify your business. An EIN can also be referred to as a tax identification number, and it can be obtained on the Internal Revenue Service website.
Obtain a business license in your state. Some states require that you have a business license in addition to your EIN. To find out the other licenses you need to operate your business, contact your local city hall.
Find wholesale distributors. Now that you have your vision, your location, and the licenses, you need to buy the children's clothing to supply your store. There are numerous wholesale distributors online where you can buy children's clothing in bulk lots. You can also check for wholesale merchants in your city.
Market your business. You already know your target market, so that portion of your marketing job is done. Still, you will need to advertise to get those customers into your store. There are countless ways to market a physical or an online store front. However, if you can afford to hire a marketing professional, it will allow you more time to focus on other areas of your business. If money is an issue, you might consider cheaper options like e-mail marketing, social networking sites, the newspaper, word of mouth, and you can also have a big grand opening to attract business.
Starting a Children's Clothing Store
Tips and warnings
- Providing outstanding customer service will also attract business.
- After you build a customer base, you may need to hire one or two employees to help with the business; you should include employment wages in your business plan, and don't forget to pay yourself.
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