QUESTION ON Starting a Children’s Clothing Store
I am interested in opening a children clothing store with unique lines of clothing. We have found a great location but are not sure what to do next. We also do not have financial backing for this so we would have to take out a second mortgage on our house for this venture. Any information you have would be greatly appreciated
– Jennifer Walters
ANSWER
Dear Jennifer:
It sounds like you have some big plans ahead of you! Many questions run through my mind….like:
- Do you have a business plan?
- Do you have a marketing plan?
- What are your long term plans for the business?
- Have you incorporated, or how do you plan to shield your personal assets from that of the business if it fails?
- How much money do you have for use? Enough to last you for six months? One year?
- You are planning to get a second mortgage on your house to finance the business. What will happen if the business fails?
- Do you have any experience in retail, particularly in managing and running a retail store?
There are so many things to do!
I would start with a business plan. The rental space can wait. You need to know where you are today, what is going to happen tomorrow and into the future.
How many pieces of clothing do you need to sell to make a profit? And, how are you going to market your business to sell that clothing? Those two items are “must have’s” before starting into such a venture.
Make sure you visit with a business attorney as well as an income tax specialist, to be sure you set your business up correctly and know the necessary steps for taxes.
I suggest you read the following articles:
- Starting a Clothing Retail Store
- How to Increase Retail Sales
- Importance of Sales Forecasting and Inventory Management for Independent Retailers
- 12 Sure-Fire Steps to Improve Your Retail Sales
I wish you the best!
p.s. – I have four kids, so a children’s clothing store sounds like a great thing to me! Just make sure you have some goals and direction.
Tammy Harrison
Recommended Resources on How to Start a Children’s Clothing Store
- Start Your Own Clothing Store And More: Children’s, Bridal, Vintage, Consignment
- How to Start a Children’s Clothing Store Plus Business Plan
- The Complete Idiot’s Guide to Starting and Running a RetailStore
- Retail Superstars: Inside the 25 Best Independent Stores in America
Article originally published in May 2001. Updated February 20, 2012
