If you own a small retail business then you are going to have your eye on one thing…sales! It is a difficult market to be in as there is so much competition. You will see independent boutiques pop up and be gone within a year. This is often due these people not having a solid business plan in place to help them see through the dreaded 1 year of business.
If you are planning on opening a retail business you must be prepared. Firstly, it is essential you have done your research on the area. You must get a good understanding of what your clientele are going to want. Take a look at the age demographic and what other stores seem to be doing well around the area. We are not saying you must copy anyone’s way of doing business but it is good to have a point of reference. See what sells and try and put your own stamp on it.
Location is also key. To succeed you need footflow. Make sure you pick a town or village that is still bustling with people. If you pick a town that is fizzling out then you won’t get many people through the door.
Once you have these two things in place it is a good idea to start looking at what is big in the fashion world at the moment. If you pay a visit to any famous influencers page on instagram you will see their outfits and how they style them. Alternatively, you can head to the editorials from fashion week. This will give you a great idea of what new styles are going to be big in the upcoming season. This can give you a head start on the other boutiques close by and you could bring some of the newest trends to your town.