Tips for Starting a Children’s Retail Store
Although we are living in a virtual world these days where so much of the market has moved online, people still get many of the things they need in their lives the old-fashioned way by shopping at a local retailer. Starting any business is a big step to take, and avoiding the traps and pitfalls awaiting any venture that isn’t planned right requires some research. Here are some tips for starting a children’s retail store.
It is one thing to have an idea of what the store will look like in the end, but a solid business plan is a crucial aspect in ensuring success. This requires some serious thought about not only what kind of inventory will be offered, but other key decisions need to be made before jumping in: funding for the first year of start-up as well as inventory purchasing, advertising, site leasing, and employee payrolls; accounting, tax, and legal services that will be needed; and most importantly, how to reach the target customer whether it is local, online, or by joining community and business organizations to begin networking lifelines.
Of course, the old real estate adage of “location, location, location” certainly applies here. Finding the ideal spot for a specialty store like a children’s clothing store, for instance, will require some legwork and visits to local real estate agents and even the chamber of commerce along with some online investigating to choose the best area. A particular location might sound good in a real estate brochure or might look good in a photograph, but it is vitally important to actually see the site and the surrounding area to be able to truly assess its potential value in attracting business.
Once a good location has been found and the necessary business licenses have been obtained, the next step is to get the operation moving. Hopefully the remodeling or construction costs won’t be too high, which should have been part of the location decision. Besides getting the store ready physically, the major expenses in the first six to twelve months will be covering the rent and the payroll and paying for the inventory and advertising until a sustainable profit level can be reached. Again, this hopefully was part of the original business plan.
Opening day is the “coming out party”, and as such it should have a festive aura to it. Decorating the store, offering special event sale prices, having things like live entertainment and refreshments, and placing temporary signs around the area announcing the big day in advance will go a long way toward getting the name of the store into the public arena. Local advertising campaigns, as well as any online networking that can be used, are also extremely useful tools to help generate and maintain a steady customer base.
One of the best tips for starting a children’s retail store is to know the customer. Even if the product line is high in quality and has name recognition, the traffic flow won’t start unless the customer wants to see what is being offered at this particular store. Do the research on who lives and shops in the area and get to know what they’re looking for, and then be the one who has it.
It is one thing to have an idea of what the store will look like in the end, but a solid business plan is a crucial aspect in ensuring success. This requires some serious thought about not only what kind of inventory will be offered, but other key decisions need to be made before jumping in: funding for the first year of start-up as well as inventory purchasing, advertising, site leasing, and employee payrolls; accounting, tax, and legal services that will be needed; and most importantly, how to reach the target customer whether it is local, online, or by joining community and business organizations to begin networking lifelines.
Of course, the old real estate adage of “location, location, location” certainly applies here. Finding the ideal spot for a specialty store like a children’s clothing store, for instance, will require some legwork and visits to local real estate agents and even the chamber of commerce along with some online investigating to choose the best area. A particular location might sound good in a real estate brochure or might look good in a photograph, but it is vitally important to actually see the site and the surrounding area to be able to truly assess its potential value in attracting business.
Once a good location has been found and the necessary business licenses have been obtained, the next step is to get the operation moving. Hopefully the remodeling or construction costs won’t be too high, which should have been part of the location decision. Besides getting the store ready physically, the major expenses in the first six to twelve months will be covering the rent and the payroll and paying for the inventory and advertising until a sustainable profit level can be reached. Again, this hopefully was part of the original business plan.
Opening day is the “coming out party”, and as such it should have a festive aura to it. Decorating the store, offering special event sale prices, having things like live entertainment and refreshments, and placing temporary signs around the area announcing the big day in advance will go a long way toward getting the name of the store into the public arena. Local advertising campaigns, as well as any online networking that can be used, are also extremely useful tools to help generate and maintain a steady customer base.
One of the best tips for starting a children’s retail store is to know the customer. Even if the product line is high in quality and has name recognition, the traffic flow won’t start unless the customer wants to see what is being offered at this particular store. Do the research on who lives and shops in the area and get to know what they’re looking for, and then be the one who has it.
