Select Merchandise

• 1). Research categories to determine which divisions you will carry. Purses, shoes, jewelry, gloves and scarves are examples of divisions within the fashion accessory market. Once you have selected accessory types, go on to identify price-points and desired brands. Make these decisions based upon your anticipated customer base.
  
  
• 2). There are many trendy, inexpensive items in the fashion accessory marketplace. This type of merchandise can be acquired for little investment and turns over quickly. Visit accessory stores for ideas. Assess the eye-candy merchandise placed near their registers. Costume jewelry such as adjustable rings and elastic beaded bracelets are examples. Place these items and others such as headbands, colorful socks and plastic coin purses at your points of sale. Use them to up sell by adding them on to bigger sales during the ring-up phase of each transaction.
  
  
• 3). Familiarity with your customer base is key. What brands do they favor? How much, on average, do they spend? How often and when are they likely to make purchases? Where they live and shop also are relevant. Trade publications and market studies provide such information.
  
  
• 4). When deciding upon a brick and mortar location, study demographics associated with the proposed locale. Real estate agents, Yellow Page representatives and chambers of commerce can supply area demographics. When possible, your location should be in the path of your targeted consumer.
  
  
• 5). Well laid-out business plans are essential. Pay a professional to draw one up. Do not skip this step. Business plans save money over time. Well laid-out plans study the competition, define your customer, enumerate setup costs and provide three- to five-year financial projections.
  
  
• 6). Negotiate your lease. Have all financials in order prior to meeting the landlord. Keep in mind fix-up costs associated with proposed sites. They almost always come to more than originally expected. Business locations that are prefabricated to meet your retail needs save both fix-up costs and allow you to open your doors quickly.
  
  
• 7). Dress up your store. Keep location, target customer and merchandise brands in mind. Higher price points merit greater comfort and convenience for shoppers. Bargain basement prices are found in less trendy neighborhoods with minimal fixtures and earthier ambiances.