Profit is the ultimate that is desired of any business venture and a clothing store is no exception. Here in this article you would get to know how to open up a clothing store that makes a profit.
Profit is dependent on three major factors. They are:
- At what price you buy
- At what price you sell and
- To How many you sell
If you get to know to how handle these three important factors successfully you could open up a clothing store that makes a profit.
At What Price You Buy – Purchase Price
The price at you buy your merchandise has to be really competitive. You should do a kind of market survey on who offers what and at what price. You should also consider from where you need to buy. Because merchandise may be cheaper at a far place and the transport cost may outweigh the benefit of lesser price. Also before you open up a clothing store you must try to get wholesale license and small business license. Only then you would be able to buy from merchandisers who demand a license. In this way you would be able to settle for best deal. The price at which you buy your merchandise has to be reasonably competitive. Then only you can sell clothes at a fair price that would appeal to the consumers.
At What Price You Sell – Selling Price
Fixing a fair selling price is very important if you want to make profit out of your clothing store. Once you decide to open up a clothing store you should be able to price the clothes you sell. If you want sales to happen fair and competitive pricing is must. If the selling price is more undoubtedly the profit is more. But that profit would be only on paper as a mere number! Too much selling price will not effect any sales at all. So if you want people to buy from the cloth store you open give much consideration to pricing policies and fix a fair and reasonable selling price.
To How Many You Sell – Your Customer Base!
Building a strong customer base is the key to success of any business. By the time you open up a clothing store you should know how to build a customer base. Here are some ways to help you do just that.
- Employ staffs that are warm and friendly. Also they should be knowledgeable about the clothes they sell. Kind and well-informed employees is an asset to your cloth store. Try to acquire that!
- Start up Advertising: When you open up a clothing store, do not compromise on attention grabbing grand opening with a lot of advertising. This is how you make your presence felt among the consumers.
- Maintain a mailing list: You may be surprised that about 80% of a business usually comes from 20% of the mailing list. So it is essential that you maintain mailing lists and you communicate regularly to those in the lists.
If you could sell clothes at reasonable price to a huge customer base you could confidently open up a clothing store that makes a profit.