post Category: famous entrepreneurs — admin @ 8:36 pm — post Comments (7)

I'm 22 and would like to start my own retail clothing business without breaking the bank and quitting my day job. Is it doable? Any advice?

It is doable, but the problem is that you're going to have to find investors. Also, because it will be a privately owned company, if it goes under, then you face losing everything you own and owing your investors considerable amounts of money. The best bet would be to find someone with a similar idea and incorporate before seeking investors. This limits your financial liability if something were to happen.

To get investors just have an original idea, a working prototype (in this case a model of your intended store. A temp. website would be good too.) From there, pray.

Good luck to you.

Horaayy..there are 7 comment(s) for me so far ;)

#1

Step 1: Put together a business plan. It will serve as a road map for your company and you need to refer to it on a regular basis. If you need assistance in putting one together, Tim Berry is the best at it. His company is Palo Alto Software and website is http://www.bplans.com.

Step 2: RETAIL implies that you will have a brick and mortar store. That will probably break your bank. Given that you want to keep your day job and start slow/small, think “smaller.” Maybe you sell your clothes locally through friends and family. Get clothes; sell clothes. Get more clothes; sell more clothes.

Step 3: Put together a band of advocates who will talk up your clothes to other friends, the public, online, etc…You also need to develop a social media marketing plan. It’s inexpensive and can go a long way in getting the word out about your company. Right now, the Big 3 are Twitter, LinkedIn and Facebook. Your company should have a presence on each site. Read articles about how to get the most out of the sites as a business owner. Also, if you like to write, start writing a blog about clothing trends or the 10 Biggest Fashion Mistakes in 2009. whether it’s for your own site or someone else’s site, it will help you in developing your brand. One note: Do NOT write a blog if you have trouble writing. Bad blog posts can hurt your business.

Step 4: Get to know the Fashion writers/Editors at the local papers and online. Tell them what you are doing. Send them your articles. Maybe they will interview you when writing their next article. Press is almost ALWAYS a good thing. It will help to build your brand.

Step 5: DO NOT FORGET ABOUT YOUR BUSINESS PLAN (see step 1). You must use that as a road map. Otherwise, you will be lost. And being lost–is expensive.

Step 6: Find a mentor/counselor. The SBA, SCORE or your local Small Business Development Center have FREE workshops, counseling sessions and seminars to help you start and grow your business. Look them up and go visit them. It will be one of the best moves you make. It’s right up there with having a business plan.

Following the 6 steps above will not guarantee you success. But, ignoring them will almost CERTAINLY guarantee your failure. Take the time to do things right.

Best of luck.

BrianMoran wrote on June 24, 2009 - 1:08 am
#2

You might want to consider this:
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References :

rgreer wrote on June 24, 2009 - 2:08 am
#3

It is doable, but the problem is that you're going to have to find investors. Also, because it will be a privately owned company, if it goes under, then you face losing everything you own and owing your investors considerable amounts of money. The best bet would be to find someone with a similar idea and incorporate before seeking investors. This limits your financial liability if something were to happen.

To get investors just have an original idea, a working prototype (in this case a model of your intended store. A temp. website would be good too.) From there, pray.

Good luck to you.
References :

uncletoon2005 wrote on June 24, 2009 - 2:35 am
#4

Act locally, Think Globally. Do everything yourself. Build a website is a great first move. This way you can identify who you are and what you will be offering. Do not listen to anyone with negative comments. I opened my first business when I was 30 and if I would have listened to anyone with negative comments then I would have failed. Unfortunately many people including friends and family don't want to see you become successful. Take your time and watch your cash flow. Cash is king and is a deal breaker when owning a small business. Keep your head up, always be positive and good luck.
References :

riverphish wrote on June 24, 2009 - 3:08 am
#5

I started lookking around and almost all the home business were scams or surveys that didn't really promise that much , but I finally found a home business where I am the boss and I can stay with my kids earning 500-5000 plus a month its up to me and I don't need hundreds of dollars to start just 1.00 to start so if your interested in owning your own business and working from home then contact me via e-mail or visit 1 of my websites.
References :
http://www.lmiranda.fourpointconsultants.com

costa_ricas_finest wrote on June 24, 2009 - 3:30 am
#6

Try selling your stull online nights and weekends until you make enough money to quit your dayjob. Be sure to get some of your friends to buy some of your clothing and tell them to spread the word.
References :

hirebookkeeper wrote on June 24, 2009 - 3:36 am
#7

3 pieces of advice:

1- the whole “without quitting my day job thing… Not going to work out. There is some great advice in trying to sell on weekends and nights until you can afford t quit your day job. But startups SUCK! They suck the cash out of you, they suk the life out of you, and they suck the time out of you. You have to realize that to be succesful. Because unless you’re willing to jump in and give the business everything, the business wont give you anything, and you’ll feel robbed. Someday, when you’re ready to jump into this clothing shop you may find success. But you first need to plan so that you can jump in.

2- why do you thik your shop will be special? Do you have a good eye for clothes? Do you have a good importer? What is going to bring people to your shop in this recession rather than the shops that are offering huge discounts? Once you have a you understanding of the market and how you are going to capitalize (branding, product, and placement). You need to convince yourself and those around you that there is a good reason that your shop will be successful.

3- this may sound harsh, but the term “not breaking the bank” shouldn’t be connected with startup. Most of these advisors are too nice. If you aren’t willing and ready to risk your own assets, why would an investor be willing. Really. You could finance 10-15 thousand of the shop with your own personal credit cards and then investors would take you more seriously.

4- but for what you really asked: I think you should plan on furnishing the shop from garage sales and consignment shops, figure out a way to start the flow of income without renting out a place yet (like online), nd settle for a less attractive shop that you can fix up rather than a more attractive shop that everyone already wants. You’ll save a lot of money on the little things if you don’t get carried away on all the things your business wants (calling them needs). Like a MacBook rather than a gateway. Like quickbooks rather than lessaccounting.com. You get the idea.

If you work hard, maintain a solid understanding of why you will e successful, and live by it, and figure out the cheapest way to live. You’ll do great

Joshua Howland wrote on June 24, 2009 - 1:59 pm
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