How to Open a Men's Store
- 1). Visit other men's stores to do your homework. Check out their product lines and prices, see what niches are going unfulfilled and act to stand in those gaps. Providing items others do not enables you to stand out from the competition. Since the product line is so varied, from clothes to shoes to sports gear or jewelry, doing your homework will help you determine what to sell
- 2). Write your business plan after determining all requirements. Register your business on your state's division of corporation website. Also, you must set up your entity type, whether partnership, corporation or limited liability company. Then you must obtain an employer identification number (EIN) from the IRS. On irs.gov, you will find four ways to obtain an EIN: phone, online, fax or mail. All other licenses and insurance will depend on your state, county and city regulations. Your business plan doubles as your road map. It should include your assets, market research, marketing plan, budget information and projections on how your store will be successful in the first few years.
- 3). Find retail space. Concentrate upon areas with considerable traffic in a fairly nice area. Some questions to ask yourself: Is it near my target market? Is it big enough to support my business? Is there sufficient parking? Is the area economy steady? Also, ensure that your monthly rent complements your business plan's estimated profit.
- 4). Create your store's policies. This means determining such things as days and hours of operation, return policy and payment options. Will you offer order items online? Will you allow special orders? Your policies will govern your daily responsibilities.
- 5). Market. Holding a grand opening is a good way to promote your store. To ensure success, distribute press releases and invitations about one month in advance. Network with as many people as you can. If you can afford it, advertise via newspaper, billboard, television or radio. Another good idea is providing special sales, promotions and coupons. Also, build a website to provide store information along with discounts and more.
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