Starting a clothing store is something every fashion fan dreams about. While having a storefront seems like a pretty big expense, launching a resale business not only doesn’t require as much overhead but can actually all be done online. And if this has been something that you’ve been aiming to start, then we’ve compiled a few helpful tips on how to get started. Check them out below:
Start With Solid Inventory
As the core of any clothing reseller is their inventory, that needs to be the first place you start. Not just in the types of styles that you’re after but how you’re going to source these materials consistently. Depending on how popular reselling is in your area, there are most likely going to be popular spots others might be having the advantage at, however, as noted by the National Association of Resale Professionals, this is an approximately $17 billion industry, proving that if you look hard enough, you’ll find your resources too. But first, that comes with nailing down consistency.
When curating your inventory, try to have some staples that will always sell, as well as come from a place you know you consistently get them from. For example, going out to a rural area once or twice a week to pick up denim jackets from their local Goodwill is a smart idea, especially if you live in a city where they’re popular to buy. Furthermore, if you can nail a particular style, then it’d be wise to keep a few staples in your inventory everyone can look towards you for. Although sourcing is most likely going to be one of the most difficult parts of starting a resell business, it’s also imperative you come out of the gate with your foundation established to ensure consistency.
Establish Consistent Price Points
Once you’ve gained a good understanding of sourcing, it’s time to start looking at how you’re going to price these items. As a reseller, you’re going to want to be cheaper than the competition, however, going too low can undercut your profits. Plus, the average amount people spend on clothes might surprise you, because as noted by Credit Donkey, that sometimes comes in at around $161 per month, which even capturing a slight amount of can be worth it. However, there’s a lot that goes into the equation.
Start listing out the different factors that go into how you compile the inventory. For example, if you find yourself driving over 100 miles a couple of times per month, then factoring in time, gas, wear on your vehicle, and other expenses need to be compiled into each item. Furthermore, be mindful of what’s going to be necessary moving forward for your business to grow, including advertising, paying for a website, and incidentals. The biggest consideration you should take with price point is how reasonable you, as a consumer, would find these items, with the mission of establishing value.
Come Up With A Great Brand
With an inventory established and ready to go, it’s time to start thinking about how you’re going to bring on customers, which all starts with your brand. Especially since you’re most likely going to be doing a lot of your advertising online, being able to stand out from the crowd will be imperative, including having a presence that lends to both your style and selection. Ideally, people should be able to look at your brand and immediately know not only that you’re a reseller but the type of clothing they can most likely expect from you; which, all stems from why you’re becoming a reseller in the first place.
Your brand is going to be based on why you decided to get into reselling in general, which starts with your values. According to Zimmer Communications, 64 percent of consumers state that shared values motivate them to do business with a brand. This isn’t something you’ll come up with overnight, however, should be pondered on over time, cutting away until you get to that core idea or thesis of your company. No matter how grandiose or simple it is, your brand should be authentic to you, and in return, will come off genuine to your consumer as well.
Get Good With Instagram
Finally, with yourself all ready to go, it’s time to start establishing a presence online. Perhaps the most prominent mediums for you to begin building an audience is with Instagram, which is the most prominent social media platform for clothing. Although your ability to acquire followers on Instagram won’t happen overnight, there are some strategies you can implement to start gaining more traction.
While you are most likely familiar with a lot of the in’s and out’s of Instagram, there are a few hacks you should consider. For example, as noted by Sprout Social, 7 out of 10 hashtags on Instagram are branded, which makes sense considering how much we use tags as a tool for discovery; and for your page, throwing up a hashtag for the brand of clothes can help fashionistas find your items quickly. Beyond just practices, it’s also an important strategy to post your new inventory practically daily, including keeping your look and aesthetic the same in every photo. As overwhelming as this all might sound, once you get in the habit, it’ll start to feel like second nature and your business will be off to the races in no time.
What makes you excited about starting a resale business? Comment with your answers below!