How To Open A Vintage Store vol.1 Value Proposition
Your Business Plan |Value proposition:
So far you have told the business plan reader the answers to the what (mission statement), how (goals), and when, where, who, and by how much questions (objectives). What’s missing? The answer to the why question.
The value proposition describes the benefits that a company’s products or services provide to customers and/or the consumer’s need that is being fulfilled. In other words, why should a customer buy your product or service?
Since your business to most investors is going to be considered small, then it is a good idea to include the management plans (i.e., who will manage the business and their background) should be included here.
How To Open A Vintage Store vol.1 Business Description
On Your Business Description
The business description describes the nature and purpose of your business and includes your mission statement, goals, value proposition, and description of products and services. The business description delivers this content in a straightforward and informative manner, but with an upbeat and inspiration tone. The purpose of the business description is to objectively explain and justify your business idea in a positive and enthusiastic manner.
The business description includes two sections with both required and optional content. The business concept section includes an industry analysis, the mission statement, business goals, value proposition, and, optionally, the objectives and business model. The products and services section is a concise description of what the business will sell or deliver to the customer.
How to Open a Vintage Store Vol.1 Industry Analysis
VINTAGE CLOTHING STORES – INDUSTRY ANALYSIS
Vintage Clothing Stores have been in the United States since the 1970’s, only recently in the past 30 years have they been in more demand than ever. Perhaps it has to with the fact that today the fashion industry is always repeating itself, thus bringing pieces from the past back as trendy modern day attire. At one time a vintage clothing store’s clientele were solely individuals that were collectors of eccentric period pieces, or individuals that were looking for something only to wear to a costume party. These days’ times have changed. Japanese kids have paid over $1000 American dollars for a pair of Levis, the sole reason being they have a nearly transparent red line running down the inside seem, which is almost impossible to see to the naked eye. At the same time it is fashionable for a youth in the United States, guy or gal, to wear an old pair of Levis or polyester pants, with an old t-shirt, much like those of the baby boomer generation. With generation Y moving up in the corporate world, continuing to wear casual vintage pieces that were fashionable in there youth. Most of the generation NOW, is following closely behind them keeping similar trends. Needless to say the average baby boomer still has no clue what a vintage store is, while nearly all generation Y and NOW have known what they are there entire lives. As time goes by and individuals from these generations age and spend more of there earned money in today’s economy, it is prevalent that more vintage clothing stores will open in the years to come
Thank God! I saved over 30k just from tips in the finish out section, and the recycled floor display diagrams? are you frickin kidding me? Those were completely awesome! Not to mention the wall racks and vendor list. All of the books are completely amazing. Thank You! Thank You XOXOXO
I wish they had something this organized when I was putting together my fist business plan. This is a MUST HAVE for anyone looking to get into the industry!
Open A Vintage Clothing Store
Hi my name is Milo. I am hear to talk about a new three part series that we have put together for those looking to open up their own vintage clothing store and for those who already have a vintage clothing store but just can’t seam to get it to perform much better than the breaking even point.
This three part series was put together by individuals who have been in your shoes. We all had to put together a business plan and raise capitol, we all had to negotiate leases with greedy landlords and we all had to master the day to day operations of running a retail store. With over 20 years of combined experience we have come up with a formula that is transferable to anyone who is determined and dedicated to opening vintage clothing store.
You may be dabbling with the idea of opening a vintage clothing store verse a store that carries modern or trendy apparel, the choice is up to you. We chose Vintage clothing for a number of reasons. First and foremost we wanted to spread the message of recycling textiles. Each year American alone collectively throw out over 3 trillion pounds of textiles each year into our landfills. That is a 3 with over 14 zeros behind it.
If we were going to spend our hard earned time and money developing a business plan, we wanted it to be something meaningful. Not just another store that caters to a view trendy designers and whatever their celebrity guinea pigs are wearing. We wanted to start a business that would revolutionize the way people thought about clothing and fashion all together, thus a new concept was born.
I say new concept because these are not the mom & pop vintage shops of the past with a few select pieces that basically only cater to desire of the purchaser and a few of their counterparts. These are retail stores that look and feel like a typical mall store, with branding and events but with one major difference, the product and fixtures are now one of a kind and recycled.
These are stores that do not just carry one rare t-shirt or pair of vintage jeans, but instead carry over 100 t-shits and 200 jeans for their patrons to choose from. Fashion like art is not original; it is developed from copying past styles and claiming it as you own. For this reason some of our best customers believe it or not are fashion designers looking for the next big trend.
I opened my first vintage clothing store over 12 years ago on a shoe string budget. I read countless books and even spent time working in vintage retail outlets to study the way customers shopped. I eventually put together my first business plan and raised just over 20k dollars and opened my first store. I am not saying that you can open profitable store for just 20k, it may be a little more or less depending upon your location and market; however, the important thing is you understand what is and what is not necessary in the first stages of putting together your business. Within the first year I paid of my investors and put over 100k in my pocket that I used to start more stores and eventually a wholesale division.
I passed my formula onto a couple of friends and they were met with great success as well. Over the years the formula was being used and perfected by vintage shops around the world. This lodged us into finding a way to supply wholesale products to shop owners, like myself and others on a grand level.
In the past ten years I have worked with all types of buyers and shop owners who were looking to source vintage clothing for their stores. Many of them are still are customers and have been successful running not just one but a few stores. Others customers have not done so well. I might even go as far as to say that we have pissed a few people off along the road. Not on purpose mind you, it was the way their business was set up.
There were a few major differences in the way these buyers operated their business as opposed to the way other buyers did. The most important difference was the bottom line. This is important for you to understand at this point in your venture.
One person opens a store and barely gets by, they can’t seem to find enough product because they are limiting themselves to rare items that are not readily available thus limiting their market. They are running on limited cash flow, they have no concept of in store marketing, hiring the right employees or how to build a brand. These buyers usually last around two years before they have to shut their doors and declare a financial loss.
A second person opens a store catering to a larger market with a structured business and operations plan. They focus on their business location, establishing relationships with vendors, inventory control and incentives. These buyers were very successful and were able to get mark-ups on their products that were similar to a jeweler and not a textile retailer.
One our favorite Chinese Proverb is that you can provide someone a fish and they eat one meal, if you teach them how to fish and they can eat for a lifetime.
We realized that we could provide great recycled product for people all day to retail, but if we didn’t provide a way for them to learn how to market it and run a successful business for themselves, they would never reach the financial freedom that they hoped to achieve when getting business into business for themselves.
If you are using your own hard earned money, or your friends and families money to start a venture you owe it not only to yourself to find out everything that you need to know about that business you are getting into.
Over the years we have spoken at conferences and to students at universities and private colleges sharing with them these techniques that we learned on how to open and operate a successful Vintage Clothing Store.
In the first volume of our series, from loan to lease we cover everything that you need to know about
• Business plans
• Raising Capitol
• Lease Negotiation
• and more
In the second volume from finish out to employees we cover everything that you need to know about
• Finish out
• Employee Training
• And more
In our third volume building a brand we cover everything that you need to know about
• And more
We also offer a bunch of different business solutions for those just starting out and those who have been in the business for a while looking to improve their game. Everything from employee handbooks, marketing schedules, business plans, operations plans and more.
Or you can take advantage of our one and one consulting services.
I have been using this formula for almost ten years, did I mention ten years!
From Loan to Lease Vol. 1
Do you like fashion? How about recycling? Are you good at working with people?
If you answered yes to the these questions than you may be a perfect candidate for opening a vintage clothing store in your town. In the first volume of our series we cover everything from finding a good business name and raising capital to negotiating triple nets on your commercial lease. Don’t let greedy landlords, leasing agents or loan officers take advantage of you, find out everything that you need to know, plus tons of stuff that you had no idea you needed to know in our How To Open A Vintage Store Vol.1 “from loan to lease”.
How to Open a Vintage Store Volume One Topics Include:Starting a Business
- Coming Up With a Name
- Creating a Good Business Plan
- Create Business Structure (LLC, SOLE PROPRIETOR)
- Open Bank Account
- Payment Processor
Creating Brand Identity
- Print Ads
- Finding a Great Location
- Market Research
- Demographic Research
- Negotiating Tips
- Signing a Lease
- Do’s and Don’ts
Finishout to Employees Vol.2
Would you like to find out how to save thousands of dollars during your finish out? How about increase your sales just by re-arranging your storefront?
In our How to Open a Vintage Store Volume Two we cover everything that you need to know once you move into your new location. Learn everything that there is to know about hiring the correct employees and locating vendors to purchasing hang tags and building your own fixtures out of recycled lumber. With over 15 years experience in Vintage Clothing Retail, and a proven formula for opening profitable stores there is no reason for you not to arm yourself with as much information as possible .
How to Open a Vintage Store Volume Two Topics Include:
Storefront Finish Out
- Purchasing Fixtures
- Check List
- Locating Vendors
- Purchase Schedules
- Trade Shows
- Product Matching
Employment / Training
- Hiring Employees
- Employee Schedules
- Employee Manuals
- Sales Training
- Employee Training
- Management Training
- Merchandise Training
Volume Two Available for Purchase Winter 2014
Be the first to get your hands on a copy! Contact us below![contact-form]
Building A Brand Vol.3
Learn how to handle the day to day operations of building a successful brand.
Take your shop to the next level by understanding marketing, how to throw events, PR, promotions, sales and sourcing. If you are content with thrifting around estate sales and handpicking a few pieces from the local charity shop then this book is not for you. In How To Open A vintage Store Volume Three you will learn everything from merchandising to marketing
- Store Layout
- Price Points
- RETAIL Tips
- Marketing Plans
- Creative plans
- Marketing Budget
- Marketing Schedule
- In-store Marketing
- Sale Schedules
- Concepts / Themes
- Trend Forecasting