Your Retail Coach
How Do I Start A Fashion Apparel Business?
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Your Retail Coach
8. Summary
1. Introduction Your Retail Coach
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2. Decide the Channels for Sales Your Retail Coach
Whether you are an E-commerce Startup, Retail Store Startup or an Apparel Manufacturing Startup first and foremost decide on the channel of sale.
There are three main retail channels online, offline and Omnichannel (a combination of both online and offline channel).
1 out of every 4 online shoppers shop every week and the percentage of digital buyers in the internet population stands at 47.3% now. Hence it is clear that the online buyer population is growing and they shop regularly.
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2.1 Decide the Channels for Sales Your Retail Coach
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Your Retail Coach
3. Brand USP
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Your Retail Coach
3.1 Brand USP
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Your Retail Coach
4. Business Plan & Budgeting
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4.1 Business Plan & Budgeting Your Retail Coach
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5. SOPs Your Retail Coach Business is a system which depends upon the successful operation of several interconnected smaller systems in order to function smoothly. Any system cannot function without a clear set of rules.
SOPs (standard operating procedures) are those set of rules which help in the efficient functioning of your business. SOPs are applicable to every aspect of the business like production, supply, sourcing, human resource planning.
Eg- Scarters was facing challenges in managing cash flows, inventory planning, and in utilizing the human resources in an optimum manner. Retail consultant Your Retail Coach helped the company by sorting out the mess in their Inventory. They analyzed the flow of goods, return orders, bulk order, cash flow& increasing volumes. What Scarters needed was a complete apparel brand SOP. Your Retail Coach helped design an SOP for Inventory planning which decided the minimum order quantities for each SKU detailing how much to buy and when to buy.
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5.1 SOPs Your Retail Coach
Your Retail Coach helped Scarters in achieving increased profit margins from the same volumes by analyzing their cash flow management cycle which helped scarters in planning the operating expensed ensuring positive cash flow. The SOP helped scarters in optimally investing in procurement doubling the stock turnover ratio.
Increasing the staff efficiency by 50% involved assigning clear roles & responsibilities to every staff member and linking them with the bottom line. Deployment of tools like task management software eased operational glitches and improved interdepartmental communication.
Thus it is clear that a well-defined SOP will create 1.
Increased profitability by cutting out inefficiency in work procedures.
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Consistency in products and services leading to fewer rejections and complaints.
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A clearly defined path to solving problems, reducing ambiguity and increasing the speed of decision making.
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6. Pre-Launch Marketing Plan Your Retail Coach
As they say, “Well begun is half done”. With a robust set of SOPS, you are well on track of realizing your retail dream, you will need a well designed pre-launch marketing plan which utilizes all the relevant marketing channels. You will need a sizable social media following to create buzz for your brand. Ensure that all your marketing content blogs, videos, and website have been created with a proper SEO strategy in mind. But remember do not burn the bank on pre-launch marketing you will need the money for operations, so keep a balance and optimize your resources to create the maximum impact. Index
7. Team Your Retail Coach
Business is not a one man(or woman!) show. It requires the effort and dedication of the entire team right from production to the retail frontline staff. Every cog in your retail machine should work in harmony so that the machine churns out a profit. In order for this to happen, you need to select the proper team and give suitable tasks to each team member according to their strengths. Right team members at the wrong places sink businesses. I mean Michael Phelps cannot win the 100-meter sprint, can he?
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Your Retail Coach
8. Summary
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Starting a new business involves planning, financing and, all the legal procedure for that not only you need a business plan but you need to have a consultant who can guide you in your entrepreneurial journey.
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Every steps involves extensive market research which can initiate the business to have a good start.
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Fashion is an exciting, fast-moving industry. You might have many business ideas, but it's important for you to focus on number of the factors.
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• To know more about "Digital Transformation", visit: https://www.yourretailcoach.in/digital-transformation-in-retail-indu stry/ For India & South Asia: https://www.yourretailcoach.in/ For Dubai & Middle East: https://www.yourretailcoach.ae/ For Africa: https://www.yourretailcoach.africa/ Business Process Xperts: https://www.businessprocessxperts.com/
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