Do You Have What It Takes To Succeed In Retail?

Starting any kind of entrepreneurial endeavor is a risky business and it is not guaranteed to succeed. It is absolutely critical that you make the right decision on what kind of business you want to be in. If you follow your passion you may not love every minute of it, but at least you will be working with something you enjoy will be more likely to succeed. Starting a retail clothing store poses some unique challenges. Here are some questions you should be able to answer.


Do you love people? In retail it is all about building relationships and networking. You need to understand how to communicate with people in a positive way to build these bridges. If customers feel you care about them they are more likely to return to your store when they need something or even just to visit. It is just as important when working with suppliers. You will relate differently with customers than the guy who supplies your clothes hangers. You also need to be able to attract, train, motivate, and lead a top notch sales force.


Do you have what it takes to deal with the long work hours? Most retail businesses are open 12 or more hours each day. With other duties such as inventory and accounting retail business can keep you on your feet morning to night. Especially in the beginning or during a crunch time you may find you are working 14 or even 16 hours each day just to stay on top of it. You also need to be willing to do whatever is necessary at the moment even if it is something simple like putting clothes back on the hangers. This takes enormous amounts of energy and the ability to push through fatigue when it is required.


Can you stay organized? You will be responsible for day to day operations, pay roll, hiring and firing, training, accounting, inventory, and a plethora of other aspects. This mostly comes down to time management. With so many pressures on your time you need to be spending your time on those things that matter the most. Just being busy is not enough. If you find you are spending all your time putting clothes back on hangers than you are likely to fall behind on those duties that will really affect your success. A general rule is the bigger your business gets the less involved you become in the details. If you are disorganized you store is likely to mirror that fact. No one is going to shop at a messy store with wrinkled garments and clothes hangers scatted every where.


If at all possible find a mentor. This should be someone who has a proven track record in related industry that you can trust. Drawing on this person’s experience you can learn things about retail not found in textbooks or school classrooms.
About the Author: Ron Maier is the President of the Closet Hanger Factory, a leading online provider of clothes hangers. For more information, please visit http://www.closethangerfactory.com.

Franchising A Retail Clothing Store

There are literally hundreds of options when considering a retail clothing store startup. Franchising may be right for those who have the entrepreneurial bones, but are not necessarily filled with new ideas. Getting a business off the ground takes an enormous amount of time and planning. Instead of reinventing the wheel it may make more sense to purchase a retail clothing store franchise. Whatever you are interested in a franchise exists from shoes to lingerie. This article will examine some pros and cons of this style of business model.


Franchise packages can immensely shorten the startup time and increase your success rate. They provide a complete package from help finding a location to what clothes hangers to use. Most offer training on how to manage bank accounts and employees. These businesses already have relationships with suppliers and have setup product lines. Suppliers will know your business and may be able to give you better pricing structure than an unknown. Banks are more likely to provide financing for franchisees, since they are proven to be more successful than other business models. In order to even be considered for financing you have got to have a detailed business plan. Sometimes these can take several months to articulate and put together. The franchise model will have this step done for you and some may even provide in house financing. Another huge help comes with a proven marketing system. Franchisors know who their customers are and how to reach them. Even with a great idea you are nowhere if people do not know about you.


The support offered may be huge, especially if you are an inexperienced business owner, but of course it comes with a price. Franchise fees may vary from a few thousand dollars to tens or hundreds of thousands. Since these companies have a reputation to uphold you will be expected to perform in a certain way and provide specific products, whether they sell or not. Another drawback is you will have less input on exactly how your business is run throughout the year. This can affect everything from personal dress code clothes hangers, and store displays and layout. Large franchises may periodically send inspectors to make sure things are up to standards.


The key to success is to enjoy what you are doing. If you love the clothing industry, but are not completely comfortable stepping out on your own then finding the right franchise opportunity may be the answer. Franchisors will not do the work for you, but can definitely help you achieve your goals faster.



About the Author: Ron Maier is the President of the Closet Hanger Factory, a leading online provider of clothes hangers. For more information, please visit http://www.closethangerfactory.com.