What are the steps involved in opening a clothing store?

I live in a small town that has several independently owned clothing stores. I would like to open a store that caters to a different demographic than what is already established. How do I get started? How do I obtain the capital to open and acquire vendors. What comes first?

You need a business plan complete with financial statements to get a loan through SBA. If you want to start right away, you need to rely on your own financial resources or credit until you can show stable income and financial statements with a good business plan. Banks like to see that you put your own capital at risk.

Start doing research on vendors. You will need fixtures, a building to rent/own with fitting room, location of business, account for sales taxes, insurance, utilities, do you need a cash register, determine whether you will accept major credit cards, what your markup will be over cost, advertising budget - radio, print, billboards, building signage, etc. You may need to hire somebody as well, depending on what hours you set. If you cannot afford to hire someone, be prepared to put in long hours as owner, doing everything, including cleaning the bathroom, bookkeeping, managing.

One thing, don't get yourself strapped into capital equipment and expensive inventory. It is better to start off small, do your homework, talk to your local market and find out what they want to buy.

I wish you success. I too have a small business and never have a day off.