Running a fashion retail shop like any other business requires you to put the vitals in place to stand a chance at survival. A successful fashion business goes beyond just setting up a store and putting wares into the store.
There are factors you must consider if you intend to run a fashion retail store successfully. Market competition, positioning your store, and customer traffic would be part of your paramount concerns.
Here we’ve put a couple of points together to help you successfully start and run a fashion retail store.
A Business Plan
The survival or otherwise of any business hinges so much on its business plan. Your business does not start with raising huge funds and renting large business spaces. Setting out your entire business on paper is the right place to start.
A business plan goes beyond just the surface. Consider mapping your business days, business hours, your target market, who’ll be your staff, and other little details. Your business plan is that detailed document that covers your whats, wheres, whens, whys, and hows.
Also, your business plan should cover factors like
- The goals and objectives of your business
- Your management structure
- An overview of your products
- A market analysis that includes details of your competitors
- Financial statements of your income and expenditure expectations
- Your detailed marketing and advertising strategy
Starting on the right footing is essential for business success, and a detailed business plan will help you achieve it.
Find the Right Business Space
Choosing a suitable business location is one of the right steps towards business success. It makes no sense to open for business and have no customers coming in, all because you’re in the wrong location.
A location with a high traffic count is ideal. Your retail shop would perform better if it’s close to another non-competitive retail shop. The retail shop will help draw more foot counts to your business and increase your sales opportunity.
Besides a location with high walk-in traffic, consider the size of your shop, and facilities available. Look for a space large enough to contain everything you’ll want to have in stock, a storeroom, and other essentials.
Also, the demography of your store location will help you determine what to sell, and avoid having a high-end fashion shop in a low earning neighborhood.
Take Inventory and Keep Proper Account
Keeping and maintaining an account is generally essential in life, and can’t be overemphasized in a business. If you don’t have a record of what you earn and how much you spend monthly, it’ll be impossible to determine if you’re making a profit or not.
Take inventory of your business. Always keep track of what’s selling, what’s not, average turnover and the profit margin of your stock. Such records will help you make appropriate market adjustments.
Using technology to keep track and accounts of your business will make the entire process easy for you and also allows you to keep the most accurate records of your business.
Advertise and Advertise
Your fashion retail shop may be the best around town. But if you’re not making sales, you’re worse than that poorly equipped shop at the end of the city with regular customer visits. Your customers can only know what you’re doing when you let them know.
Advertising is very vital for any business. You must put words out there to let customers know you’re open and what you do. Identify your target market and find out the best channels of advertising.
You can’t overlook digital marketing in present-day advertising. It’s fast and affordable. Build a web and social media presence, grow your followership of potential customers, and keep them engaged. Digital marketing can announce your business even before you open your doors.
Use the Right Staffing
Building the right team is as important as opening up in a good location. Beyond getting customers, keeping and maintaining old customers is key to business success. Your team of employees can help make or mar this aspect of your business.
Your staff can help customers with their shopping. It’s commonplace to see customers finding it difficult to navigate through the store. This scenario, for instance, is a perfect opportunity to build a good customer relationship. Your team is responsible for making the shopping experience easy for customers.
Hiring a young group of lads interested in the fashion world, for instance, would have your team put in their best because they have a passion for the job they do.
Maintain Good Customer Service and Communication with Customers
Communication is essential for business success. Build excellent customer relationships by responding to inquiries and complaints. Excellent communication with your customers will foster good interpersonal relationship and have your customers coming back all the time.
Each customer is unique and vital, and it’s essential to protect their privacy while ensuring excellent service. Make use of suggestion boxes, for instance, to collect anonymous customer dissatisfaction, while preserving the identity of the customer. This method will tailor your customer service aright.
Provide Protection Against Theft
Nothing cripples a business faster than theft and loss. Take every step necessary to ensure you protect your store from any form of theft. Consider hiring a team of security experts to secure your business, particularly the cyber aspect.
Employ technology and security cameras to provide support for your security team, and effectively protect your business.
Successfully running a fashion retail store requires discipline, research, and consistent adaptation to new trends. Also, be conscious of upselling other products in your store to every customer that walks in. It’ll give your customers a sense of being valued. Finally, you must possess consistent character for success.