If you enjoy fashion and retail work, then opening a men’s clothing store could be a fantastic entrepreneurial decision. With effort, passion and a good marketing plan, you could have a successful men’s clothing store in a short time.
Things You Will Need
Decide what type of clothing to sell. The clothing sold in men’s stores ranges in selection. A men’s clothing store can stock exclusively sports-related clothing (team jerseys and track pants), it can stock only suits and career wear, it may have only club and casual wear, or the store may stock a combination of styles. Look at the stores in your area -- is there a niche you could fill? Do only certain types of stores succeed?
Find a supplier and secure financing. The supplier you choose should have competitively priced merchandise so you can ensure a decent profit margin while still enticing customers with a good deal. Most new businesses do not make money for the first three years they are open. Be sure to secure enough financing to support your men’s clothing store during this time.
Determine your store’s location. Shopping malls and plazas are great for new stores because you can take advantage of existing foot traffic. A stand-alone location can afford you a little more independence in your store’s set-up and design. Make sure your location is zoned for commercial use and check with zoning restrictions before you decorate. The type of clothes you sell and size of the selection will determine the square footage you need. Be sure to rent or lease a location with a storeroom large enough to store your unstocked merchandise.
Hire employees. You may wish to consider hiring some associates who specialize in retail sales and merchandising. Paying your employees on a commission basis may help your bottom line, since they will concentrate on selling your merchandise. Fashion merchandisers can help you display your merchandise so that it sells itself and the sales associates have an easier time selling it.
Develop a marketing and business plan. A business plan will help you outline the goals for your men’s clothing store and the pathways to achieve them. It will assist you in budgeting as well as identifying trends that show your store is ready for the next step. The marketing plan will ensure you attract customers to your store and help make sales. Television ads, print ads in newspapers and other local circulars, and radio ads should all be considered in your marketing plan.
Shop other men's clothing stores in your area to see what the successful ones are doing right!
Be prepared to spend a lot of time starting your store and cultivating a clientele.