The clothing industry has lower entry barriers than other markets, and most entrepreneurs have the necessary skills to enter. Standing out from your competitors is the hardest part.
Use the following guide to help get you started on opening your clothing warehouse.
You need a business plan
A business plan is a must for any entrepreneur. Business plans provide insight into the mission and vision statement, and feasibility of your company.
Who is your target audience?
You need to quickly identify which clothing brands you’d like to work with such as Stillfriday.com and how to target them. Would you rather target consumers who are looking for an affordable fashion stockist or those who are seeking a high-end fashion storage?
Identify your competitors
You need to identify other companies who are offering similar products in your market, and analyze how they are positioning their products.
By researching your competitors you get to learn about current market trends, product pricing, market saturation, industry best practices, gaps in the market and business opportunities.
You should conduct a competitive analysis throughout the life of your business, not just when you start it.
Take care of all the legal requirements
Determining your business’s legal structure is a crucial step. If you need help, you can work with an attorney to ensure you follow all the steps correctly.
Location of your warehouse
Before enlisting a moving company to do the heavy lifting for you like Hovair.com, you should consider the different locations that’s affordably priced and allows your customer base to expand.
Narrow down your location options to 3. You might consider a location close to malls for ease of transport, and a warehouse with cantilever racking. Figure out how much space is necessary based on your inventory numbers?
You will want to create an online base where your customers can find you.
Hire a company to build the website for you, though this option is often more expensive.
You’re also going to need software that will not only support the quantity of products you are currently selling, but will also help your business grow.
Businesses can use CRM systems like the one at Bluroot.ca to store customer and prospect data, track customer interactions, and share this information internally.
It’s essential for businesses to manage their relationships with customers, helping them to grow.
Think about the questions and problems that might arise regarding employees, store hours, customer service, and loss prevention as well as returns and damages.
Provide your new employees (if you hire any) with information about best practices from other established stores.
You want to take advantage of social media marketing as it has become an important aspect of business marketing.
You may want to focus your marketing and branding efforts on platforms such as Facebook, Instagram, Twitter and YouTube. Utilize the right photography strategy for each platform when posting on social media.
Depending on your budget and your marketing plan, you should also consider physical advertising. Make use of local newspapers, magazines and radio to advertise your clothing warehouse.