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Sunday, November 17, 2019

5 Tips for Owning a Successful Online Clothing Store

Posted by admin on August 5, 2019

Many years ago, aspiring retail business owners would’ve needed a physical store to open a clothing company. But thanks to the proliferation of online platforms like Facebook, eBay, and Shopify, anyone with internet access can now start their own clothing store online. Even with limited working capital, online selling allows you to start small and grow your business through the years. You can always apply for retail business loans if you need extra capital.

If you want to start an online clothing store, here are a few tips you should keep in mind:

1.    Choose Your Niche

Niche retailers are businesses that sell limited types of products to a specific niche/group. Aspiring business owners often want to offer everything at once. However, choosing a niche market allows you to target a small group of people that can help improve your business development and maximize sales potential.

When choosing your niche, it’s important to be as specific as possible so you can easily identify and market to your target audience. By choosing your niche, you can curate the products you sell so that it appeals to your niche market. In turn, it limits your competition and increases your chances of establishing customer loyalty.

2.    Collaborate with Influencers

If you’ve ever been on the internet for the past few years, then you’ve definitely heard the term ‘influencers’. Collaborating with these bloggers, vloggers, and social media influencers are one of the most effective strategies to market your business. However, don’t just choose any influencer; make sure to choose someone that represents your brand. Start by choosing local influencers in your area, then send them some of your most fashionable pieces, and then give them a discount code to share with their followers.

3.    Create Your Online Clothing Store Business Plan

Yes, you still need a business plan even though you operate online. Ideally, you should create a business plan before you launch your business. But if you haven’t, it’s never too late to make one. Your business plan should outline the following:

  • Target Market
  • Competitive Advantage
  • Financials
  • Top Competitors
  • Brand and Market Positioning
  • Mission and Vision
  • Pricing
  • Marketing and Advertising
  • And More

4.    Bring Traffic to Your Online Store

What’s the use of an online store if no one is visiting your website? For this reason, it’s important to bring traffic to your website through the following strategies: PPC, social media posts, guest posting, email marketing, content marketing, and as mentioned, influencers.

Make sure to optimize your online store. Concentrate on Google, as well as creating social media ads for Facebook and Instagram to direct shoppers to your website.

5.    Apply for Retail Business Loans

Every business venture, regardless of the size, needs working capital to operate. For online clothing stores, you may need capital to purchase goods to sell, pay for warehouse rent, payroll, advertising, and other overhead costs.  If you’re looking to start your own clothing company or if you’re looking for ways to fund your daily operations, you can apply for retail business loans.

SMB Compass offers retail business loans for aspiring entrepreneurs all over the United States. To know more about our offer, don’t hesitate to contact (888) 853-8922 or email us at info@smbcompass.com.

How to get approved for a Business loan?

Posted by admin on December 14, 2012

You may want to start up your own business and might be in need of some sort of investor funds or a loan. This can be one of the most challenging tasks for a small business owner to deal with.

business-loans

business-loans

You may utilize your own business savings to set up your business or borrow some money from your friends or family. But that won’t be enough at times.

You will have to enter the business finance arena to get a small business loan.

Here are a few important and helpful steps to follow that can reduce the complexities of getting your required finance. You should also be aware of other business options and financial products and alternatives in order to seal the loan offer.

Banks often think that it will be a risky move to offer business loans to small business owners, so you should always keep all your options open.

Whenever you apply for a loan from a bank, it is very important keep the following points in mind.

Credit history : Your personal credit history has to be a in a very good standing in order to get approved for the business loan. If there is any negative remark on your credit history, then you should first work on improving it before applying for the business loan.

Amount of the loan : Next you have to figure out an approximate amount of the loan required. You have to calculate the amount required for inventory, payroll, manufacturing expenses, supplies, real estate and miscellaneous assets. You must do a proper estimate so that you can invest your money wisely.

Good Business Plan : Make a very good business plan before applying for the loan. The bank will want to know more details about your business, how much helpful your business is in that area. You should have all the answers to their questions to increase your chances of getting approved. If you are not sure about how to make a good business plan, you can consult with a planner or an accountant.

The Profitability Of Your Business : You have to create a very good impression about your business in front of the loan company and discuss about its profitability. You also need to assure the loan officer that you will be repaying the loan in a timely manner. For this you can show your forecasted financial statements to make your point strong.

What if you don’t get approved for the loan? : This is the last question a lender will want to ask you just to read your mind. Always be well prepared to have the right kind of answer for this question. Let your lender know it very nicely that their bank is not the only place who will loan them the amount. You will try other lenders and programs that will fulfill your requirements.

You may not get approved for the loan in the very first attempt. Be confident and optimistic and you will find someone who will grant you the loan.