Fashion Store (business)

[darkintragedy]

Hey all, I have a question that pertains to fashion as a career, but not that "fashion-y", so I didn't feel that it belonged in that thread. (if it does, I'm sorry and can a mod merge these threads)

Anywhoo, to the point, I'm gradutating in less than a month. I've always wanted to own a fashion store (you know, a store that carries designer brands and such), but I have no idea what I should do or what classes to take to get started.

I was thinking about majoring in business/marketing/advertising. Is that reasonable/needed for such a goal?

And other questions that entered my mind, are do i purchase these things whole sale, or do i get some kind of "business discount" straight from the company.

Thanks to those who reply.

 

[Diorling]

Id love to own my own store. I think it would be sooo cool, and I think I have a sense of style that has mass appeal but isn't tacky or tired.

 

[Mr. Fabulous]

I also want to own my own store, and I feel taking Fashion Merchandising Management will somehow help me.. I guess it's hard, I also have a lot of questions about it.

 

[jhaime]

There's not a lot too it really...it's called running a business...

I'd advise you to take a course in accountancy before going any further...possibly retail management or business management...

There's the other major factor to consider, which is finance...

Starting your own store has practically nothing to do with fashion, that's just your product, you have all your legal issues to deal with. Infact, you'll soon find that it is completely different to how you imagined it if you sit down and really make a crack at it...

In order to obtain finance you'll have to complete one heck of a business plan too...

I've been in the process of start up for the past year, trust, obtaining finance is not easy!

There is no way in a million years you guys will walk straight into setting up a designer store selling top labels...as it would cost a good million...a million which you don't have...

There is a store in york called sarah coggles, they set up a new store a couple doors down to add to the one they already have. They spent a cool million just on the construction of the place, that gives you an indiction. This store isn't that big either.

Think small, hard graft is the only way to make it, along with persistance.

 

[Yes]

jhaime that's new york everything is more expensive there. People live in Jersey and commute to New York every day just to get a higher salary because the pay is higher because it costs more to live there.

 

[cloud9]

^
i dont think he meant new york.

 

[softgrey]

very solid advice jhaime...

good feedback...
thanks...

btw...
jhaime is in york...in the north of england...

 

[jhaime]

The original york...

Infact, I would reccomend a holiday to york, it's a beautiful city...

 

[PrinceOfCats]

Haha. I remember York's viking museum from when I were but a wee bairn...

The general consensus with business seems to be that no qualification will help you at all. Look at Alan Sugar, Richard Branson and friends. Half of them don't even have a decent set of GCSEs, never mind a degree...

 

[tott]

Yes, Prince... It's so true, degrees do not matter that much IRL. It's capabilities that count in the long run; real capability as opposed to theoretical. Of course you need to know something, but you don't need a diploma.

 

[jhaime]

well, it's idvisable to actually know what you're doing...

Things have changed from when they made their millions back in the day...it's not as easy in this day and age.

 

[SammyTB]

Hit up...

www.small-businss-forum.com

Awesome site, great folks - you will get direction on the business side of things.

I wouldn't think that you would necessarily need a four year degree to operate your biz - it would certainly help though!

What I would do if I were you is check out internships or possibly even a job in the clothing retail biz and try to learn as much as you can! That's the best way IMO...get in there, pay attention, ask every question possible and get some hands on experience. If it doesn't work out, etc. etc...it's not your company. That opposed to you just going out, dropping cash, time, sweat and blood into a company and it either drops off or you get tired of it! Remember that some 90% + of startup businesses fail in the first year...!

There are plenty of programs out there to get you started w/inventory or cash...just look around. Some wholesalers/distribs may have a buy-back policy or delayed payment for inventory (45, 90,...day delayed payment), etc. w/their orders...and SBA offers many loans to new businesses - so check them out as well.

Above all - start small! Don't rush it! Ever looked into starting a small and select niche online store or something of the sort?

Links -

www.small-business-forum.com (the small biz forums)

http://www.sba.gov/ (loans, basic start-up info)

http://www.alibaba.com/ (Resource of distribs, importers, exporters, etc...tons of textile - not sure if it's exactly what your looking for but should be a decent start!)

Goodluck - all the links should be informational even if your out of the USA except for the SBA...that will only help out stateside readers. *I couldn't find where you were from*

 

[darkintragedy]

Thanks for the comments and critisisms.
The reason I stated "fashion" business because I thought it'd be relevent in what classes I choose. (ie. fashion merchandising)
And by designer brands, I didn't mean it like a Saks or something. Just brands like ACNE, Nudie, True Religion etc etc.

But yeah, I understand. Thanks y'all.

 

[Heroin_Chic]

Yes, we of course all dream of owing our own store.

But in reality I would advise nobody to run their own business in these instable times...not only that you can be totally ruined in case you get illl or something it can also be your totl financial ruin...and don`t forget that you`ll have to work more than you`d ever imagined!

The last store I worked at moved into the rooms of a Designer Shoes Store that just went bancrupt and it happened more than once that a "serious looking person" entered and asked like "What happened to the store they still owe me 30.000 Euro!"

 

[pidpoid]

Fashion is a very mature sector and therefore it is extremely difficult to find a 'niche', or strong enough point of difference to create a business that will generate enough cash for you to be blase about the financial side of the equation.

Alan Sugar, et al may not have qualifications, but they are the exception, not the rule. They are and always have been feircely astute and fiscally aware, and I guarantee that they pour over the financials on a daily basis. For the rest of us, I have this advice - if you don't know the difference between a balance sheet and a profit & loss account, don't even start.

 

[Lena]

great forum link on small business, thanks for sharing sammyTB and welcome to tFS

same goes out to all new tFS members posting on this thread

 

[Jenner8675309]

I actually just posted something similar last night, but the small business I want to open will sell skin and beauty products.

I say, if you want to open your own store, do it now, or soon. Be patient and wise in your beginnings of course, but you're young and now is the time to take risks per se. I'm not saying you can't do it later of course, but the longer you stay at a job, the harder it becomes to leave, make changes in your life, and take chances. You become comfortable, even if you are miserable at work, or maybe content at least, but not happy and fulfilled.

Take as many business classes as you can. I have a BBA and a few years of PR experience and plan on using every bit of it. When you are just starting out you will need to know how to do everything because you will be doing everything. And if the store becomes successful down the road and you can contract out certain aspects (accounting, pr, etc.) you won't get snow blowed since you'll be educated in how it should be and what they should be doing.

Also, it helps to have a support system. Emotionally from friends and family, and maybe business-wise as well. Do you have a friend with the same passion and desire? Two heads can be better then one sometimes and it will help shoulder some of the burden with the business.

Check out Amazon and your local library as well as the links someone posted above for books on small businesses, as well as marketing, management, accounting, and most importantly local laws (esp. tax law- heven forbid the gov doesn't get their money!).

Make up a business plan and if you need financing from a bank or lender, make sure you make up a list of what questions they will want answers to and make sure you have answers, and good ones.

And before this gets to long, my last piece of advice is ask business owners for advice. Walk into some of your fave stores and ask the owners. Most will be happy to answer your questions since they know how hard it is.

Good luck!!!!!!