If you are looking for some new business ideas, retail clothing is truly a profitable business. Of Course there are failures present just like any other job, but the major reason that retail stores are not doing well is lack of planning. JD Institute of Fashion Technology is here with a step-by-step guide of starting a retail clothing startup and points to focus upon by taking an example of a booming boutique which is a start-up retail establishment focused on selling clothes to the baby boom generation

For turning your retail business idea into a successful clothing startup the following steps are needed:

• Find Your Business Niche

For starting a business, finding a niche is important. You will have to provide a product which is needed. For example- any specific type of clothing that you focus on selling based on the trends whether you should sell men’s, women’s or children’s clothing or a combination of all. 

• Identify Your Target Audience

This step is included within finding your business niche as you will need to target the audience as well as who will be buying your clothes? Do you want to appeal to people who are looking for high end fashion or affordable clothing? 

• Write a Business Plan and Perform a Competitive Analysis

Although it is not required legally but writing a business plan will help you to see your vision or mission clearly while a competitive analysis will identify the other companies who are selling a similar product in the market which will help you to learn about the product pricing, current marketing trends, market gaps or business opportunities

• Complete Your Registration

Complete your GST registration if you estimate your annual turnover to be over 20 lakhs to obtain a 15 digit number and avoid any tax violations

• Secure financing

Starting a clothing store is an expensive affair as it requires spending money to earn money. Most likely you will require funds for example through a small business bank loan. Never underestimate the capital that you will require as you start.

• Find Your Forefront

While starting a clothing store, location should be the primary factor that you should focus upon after which neighbourhood has to be reviewed that will bring the foot traffic and a large consumer base who will be interested in buying your merchandise

• Set Up Your Online Store

Even if you are opening a brick and mortar store, an online store should be created as well to sell the items as the world is going digital

• Purchase and Price Your Inventory

When inventory is focused upon, get the process moving to purchase merchandise from manufacturers or designers at the same time you set up your store. At the time of making orders, consider the amount of inventory that you will require when you open the store. Always focus upon seasonal trends plus the styles which become popular through influences.

• Establish Policies

Anticipate questions beforehand concerning customer service, loss prevention etc. imbibe the best practices from other stores which are established

• Market Your Store

Once you open your store, don’t shy away from marketing it to your friends, family to all your social media connections. As social media has become a major driving force for business marketing, take advantage of social media marketing and build your brand around platforms like facebook, Instagram, etc

Let’s look at a retail clothing startup plan through an example:

Company and Industry

Booming boutique is a startup which will sell clothing which are fashionable to the women of the baby boom generation. The boutique will be located in a popular tourist and retirement destination. 

Products and Services

Retail industry, especially clothing, is focused around the youth. However,  to meet the needs of the client, the customer’s purchasing preference as well as the latest fashion trends will be seen. Special focus will be given on styles, fits or colours so that the baby boomer is flattered or the needs of her figure are met.

Analysis of the Market

Female baby boomers will be the clear target audience, however some young women may be attracted by the peripheral products like scarves or handbags etc. market size or trends will also be focused upon along with swot analysis like strengths (understanding the fashion industry, great location, growing consumer base), weakness( untested market, niche market) etc

Strategy and Implementation

As marketing is crucial for a retail clothing startup, our retail business will be promoted through a targeted, ambitious marketing campaign which will include local coverage, print advertising etc

Management, Financial Plan and Use of Funds

As the owners are aware of the fashion industry, they will co-manage. The company will earn revenue through purchases of our products by the customers. Outside angle investors have to be seen for funds which are required to launch the business successfully.

If you are interested in startups related to retail clothing , reflecting the right knowledge regarding apparel boutique management is significant. JD Institute Of Fashion Technology is one of the best oldest and premium institutes providing boutique management courses etc with boutique management syllabus containing topics that are industry based that will help the students to be ready for the real world beforehand as the students will have equal amounts of practical knowledge as theoretical knowledge. JD Institute shares a vision of providing the best infrastructure, cutting edge technology, resource library etc so that students can stand shoulder to shoulder with the leaders of the industry they wish to enter and no external element can restrict the students or act as a barrier between the students and their goals.

Due to their exemplary contribution to education, JD Institute has been awarded with various token of recognition such as international glory award, the Times power icon award, leaders in education award, best vocational education institute of the year and many more. It also reflects a record-breaking placement of 99% ensuring that talent meets opportunity with their students working for top companies and making a mark in the industry for example- Maheka Mirpuri, Rocky S, Shane peacock etc. The admission process is done through GAT or general aptitude test which is carefully drafted by the department to help the institution to test the creative or art related knowledge of the candidate. The nature of the test is more qualitative as it reflects an opportunity to put your creative thinking or problem solving to use. After which a personal interview will be conducted.the students need to be well versed with the latest trends. JD council after the graduation ensures invaluable support and helps you in keeping connection with the college and with other students. It reflects the mission of helping the members increase their business prospects through a positive, structured and professional referral program which will enable them to develop meaningful and long-term relationships with the quality professionals from the industry. The right opportunity is waiting for you, enroll now!