If you live in a city with a high population density with a young crowd, a retail kids store business is perfect to start. An entrepreneur having knowledge about the retail industry can initiate retail kids store business with focusing target niche.
The size of kid’s population is growing and there is no shortage of potential consumers in this industry ever. The market of children’s product is enormous. The kids themselves are more sophisticated now and they have the power to influence family in almost every purchase decision. Children are now savvier customer than ever before.
If you are living in a suburb or in a city where the population density is high a kids retail store business is perfect to start.
Compliance for Retail Kids Store Business
As a start-up entrepreneur first document your kids retail store business is the business plan. Decide how you want to run the business as a proprietorship, LLC, or as a limited corporation. Create a business structure and meet an attorney or small business advisor familiar with retail business to sort out these issues. Regarding, insurance liability meet a commercial insurance agent. Obtain a trade license from a local authority and apply for sale tax registration of your firm.
Create a soft winning business name which is memorable and easy to spell for your retail kid store business. You can initiate this business by having a lease or rent property in a good location.
Plan for Retail Kids Store Business
Write a business plan for your retail kid store business. It will not only help you to be on a right track in future but also help you in arranging finance if you need any. Specify what segments you want to cater in your store like clothing, toiletries, toys, kids furniture, shoes, personal care products, stationery etc. what age group will be your target customer. How you are going to compete with other established retail brands. What will be the in shop promotion strategy? Calculate your initial capital investment and projected return on investment.
Setup of Retail Kids Store Business
Lease a visible and accessible store location with sufficient space for customer parking. Choosing the right location is the most important factor in retail business. Make sure your store has an attractive store front and a good signage.
To make retail kids store business a success venture a floor plan is important. Take advice from interior experts and purchase display fixtures and mannequins. Interior decoration of your store should be comfortable and kids friendly. If you are planning to set up a big one then try to keep a place as play zone for kids.
Manpower for Retail Kids Store Business
Hiring right personnel is an important issue in getting success in this business. Hire skilled and experienced personnel with pleasant and attractive personality. For in-shop activity, employees play the crucial role in making the sale done.
Sourcing for Retail kids Store Business
You need to do an extensive research on purchasing items of wholesale children clothing. Consider fun ideas such as stuffed animals or an exciting superhero. Carrying a particular baby brand will require you to become an authorized dealer of a popular manufacturer’s products. You can also specialize in medium to high-end products, which often are not found in major stores. In garments, consider a balancing between creative and utility daily-wear cloths.
Promote Your Retail Kids Store Business
- Create a child-oriented grand opening that children and parents won’t want to miss.
- Do some outdoor advertising activity
- Craft and hang an attractive signage in front wall of your store
- Create an online presence. Update your products with feature and price regularly.
- Initiate online order system and cash-on-delivery.
- Offer some introductory discount and gifts to your valued customer.
- Keeping a record of the Birth Date of your kid customers and wishing them on the day with a small gift, definitely give a wide chance of enhancing return customers.
- Concentrate on brand building
You can start the retail kids store business with low start up capital. To achieve break-even minimum period required is 6 months and expected gross profit is 25 percent.