I am currently 29 years old and I own a retail clothing store We are going to be celebrating our first year in business Now on our first months opened, business was booming majority of the money that was made in the first months went directly back in the store for more merchandise and after 3-4 months it started to slow down it slowed down to the point where I had to take out my personal to make sure to get by Overall I know there will be good days and slow days in a retail clothing shop but It seems like there isn’t enough funds leftover and to be able to pay off the suppliers in full I don’t think I am over spending on personal stuff Any tips?
I’m sure you already know this, but a large amount of clothing stores and boutiques are owned by rich people (particularly, their kids or wives) and they do it so they can have something fun to spend their time on and say they own a boutique, as it sounds cool and impressive.
So you’re already competing with people who don’t have to make any profit.
So, what do you do? I know a few owners and they have had success through
Being really good at thrifting and spending their time taking trips across the country and loading up on thrift finds and their good fashion sense.
A boutique does a lot of selling online through all the various online platforms for resale.
Store operates as a quasi event space that can be rented out.
Focus on weddings and sell other clothes as the lesser focus (particularly, for men, as there less ‘good’ options for men out there and many many options for women). Men and their partners care about looking good for their wedding. There is a market to be tapped.
Most of my experience is around thrift and boutique, I’m not sure what your space is. It’s a really tough market.