where to start???

upthekingdom

Hey folks... Well basically i see a good opening in my area for a clothes high street shop as theres only one or two around, however, i dont really know where to start or begin... I am quiet young but i feel this the right time since ive no commitments (ie mortage holding me back ,family etc...and id be willing to take the risk... i think its good to start when your young... i am eager always to work for myself and i feel i have the ambition needed to be a sucessfull entrepreneur.... i am actually working in a very sucessful clothes retailer at the moment so i know how it all works!!! I also studied business for two years so im aware about marketing the business etc etc... basically im just looking for some relevant information, where to start?how to get in contact with suppliers, business loans etc.. would really appreciate some information about this maybe from someone who has started out from nothing like myself... Cheers

cabla

Well I'm young myself and studying business in college. I am also some what entrepreneurial i would like to think :P
Anyway, as I'v learned the best way is just to sit at your pc and research the hell out of it. i mean, its all there infront of you.

Example, your business loan...you aint gonna get one unless you have a great business plan, especially in hard times like this and because of your age. So you will need to really think about that. You will need THe positives, and even negatives. You will need to outline your competitors, and what your business will have over others. Also you will need to have the next 3 years of the businesses finances set out. So you will need to know what your doing in a way. A lot of research is needed.

Then getting to contact suppliers...also more research and emailing people i'm affraid. Just have to be careful you get good suppliers that are committed too and will supply you when your need it and dont mess you about because your only a small business....etc....

Then just check yourself if its feasibly...so a feasibility study would help you here.

You will also want to look at the price range your looking to be selling. There is quite a large mark up on clothes, but in these times i think people are looking for cheap, chearful but good quality...hard to find....Possibly China, also not hard to get into contact with people there.

Anyway, give us a shout if ya need any more help....
Cabla

BenjAii

I would second cabla, you would be best doing plenty of research before proceeding.

Your profile doesn't say where you live, but your local Enterprise Board should do "Start your own business" courses, I would highly recommend one.

I did one in Dublin earlier this year and it is a good introduction to what components your business plan will need and how to go about doing a BP. They are only about 200 euro odd and are one night a week for a couple of months.

It would be excellent for getting you introduced to what you need to be thinking about and what you need to find out more about.

cabla

BenjAii wrote: »

I would second cabla, you would be best doing plenty of research before proceeding.

Your profile doesn't say where you live, but your local Enterprise Board should do "Start your own business" courses, I would highly recommend one.

I did one in Dublin earlier this year and it is a good introduction to what components your business plan will need and how to go about doing a BP. They are only about 200 euro odd and are one night a week for a couple of months.

It would be excellent for getting you introduced to what you need to be thinking about and what you need to find out more about.

Ye thats a great idea. And you could apply for a grant too, although I'm pretty sure you have to have a business that is different and technologically different, not sure....check it out anyway

Neiler21

Hey,

I have recently just finished the "start your own business course",it was very good and it got me some contacts that may indeed help,my tutor was working for the sligo enterprise board and basically she told me she liked me and my idea so if i needed help regarding financing this business that i can see her so i have a meeting for the 2nd of december with her,so fingers crossed. Basically how a local enterprise board works is all about criteria,they can support with so much capital but as long as your business is something different to what is in your town already,my idea is as its not new but there is none in my town so with this i am in the criteria for help.

its a lonely road setting a business up,im 22 years old and im feeling the strain already with months of work done on course and business plans etc but i believe it will be worth it in the end,i hope you are all the same.

newman10

Hi Check out earlier thread "Menswear unit in current climate" send me a pm

upthekingdom

thanks guys for the reply... sorry about taking awhile to respond...:) i am looking into the "start your own business course" with fas which starting in jan.... i think this would be a good basis to start.. i have been googling clothing manufacturers everywhere and it just seems to be impossible to find a good manufacturer with high street clothes and shoes that would suit the market im looking at ie 17-35 and that would actually sell here... any ideas?? cheers...

cabla

China? You aint really gonna find the best manufacturers on google, or trusting. Hard to tell really because a lot of clother companies make their own and sell there own.

If your looking for branded, you will have to go to the main manufacturer of each brand i presume. Although you might find a distributers that has many branded clothes for sale. But higher prices

newman10

What brands to you hope to sell and are you in a Shopping Centre or Main Street

Culchie

I'm no expert in high street fashion ... but if I was a young buddy entrpreneur in the fashion retail industry, I'd be looking at the online environment, not the high street.

Have you guys checked out the towns and cities lately? From what I can see 'retailing' as we know it is gone.

I was in USA for Thanksgiving 2005. So what says you:D Well Thanksgiving Friday (the day after all the Turkey) was the first day in retailing history that online sales were higher than offline sales ... and that's where the future is. It's not going back.

BenjAii

Culchie wrote: »

I was in USA for Thanksgiving 2005. So what says you:D Well Thanksgiving Friday (the day after all the Turkey) was the first day in retailing history that online sales were higher than offline sales ... and that's where the future is. It's not going back.

That might be true for lots of products, but not for clothes.

Having experimented with it, I would never be interested in buying clothes over the internet again. It's impossible to judge things like fit or whether something truly suits you without trying it on.

Culchie

BenjAii wrote: »

That might be true for lots of products, but not for clothes.

Having experimented with it, I would never be interested in buying clothes over the internet again. It's impossible to judge things like fit or whether something truly suits you without trying it on.

Surely a 'sale or return' or 'money back guarantee' condition covers this angle?

sm.org

Culchie wrote: »

I'm no expert in high street fashion ... but if I was a young buddy entrpreneur in the fashion retail industry, I'd be looking at the online environment, not the high street.

Have you guys checked out the towns and cities lately? From what I can see 'retailing' as we know it is gone.

I was in USA for Thanksgiving 2005. So what says you:D Well Thanksgiving Friday (the day after all the Turkey) was the first day in retailing history that online sales were higher than offline sales ... and that's where the future is. It's not going back.

I agree in part with what you are saying but we are in an exceptional economic environment at the moment. I imagine online sales have plummeted too.

Culchie

sm.org wrote: »

I agree in part with what you are saying but we are in an exceptional economic environment at the moment. I imagine online sales have plummeted too.

I'm sure it has as well.

As I say I'm no fashion expert, but I do own a business that services other businesses, and from what I am observing....the high street is in deep doo doo.

The first thing you should do is a comprehensive financial projection - by comprehensive I mean figure out every single expense, the margins your are going to take and the amount of sales per month you need to get to your break even point
You should then consider the current economic climate, and ask yourself are you going to make enough money to make it work, will there be enough sales? Take into account that as foreign workers leave and local jobs are cut, disposables incomes are going to get lower for the foreseeable future

Id say the most important thing for this type of business right now is the timing. Might be a good plan but the wrong time

niceirishfella

Deleted User wrote: »

Id say the most important thing for this type of business right now is the timing. Might be a good plan but the wrong time

+1
Like i have a plan for a additional business enterprise that will do well, but just not right now.
I'll be keeping it on the back burner till things brighten up in the economy.