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The economic situation in which the whole world finds itself today is quite unstable. So, you wonder if it's time to take steps to open a children's store. Either this investment is reasonable or you will only invest a lot of money in a business that can go bankrupt in just a few months.
What do studies on the world market for children's goods show?
According to data from global market analysis, trade in children's goods is one of the most stable businesses in the world. Studies show that the market for children's goods is extremely stable even in the context of the global economic crisis. According to analysts, revenues in 2020 in the segment of children's goods and clothing will reach a value of 297 billion dollars.
What is the reason for the steady increase in sales of children's goods?
There are several factors that influence the growing demand and purchase of children's goods:
An increasing number of parents decide to have children when they already have a career, have a higher income and have economic stability. They can afford to buy children's goods more often and more expensively, without having to calculate whether the purchase is profitable for them or not.
Changing the buying attitude
Another key factor is changing parents' attitudes when buying children's goods. In recent years, more and more parents are looking to buy clothes for their children that mimic the adult fashion industry. Parents want their children, regardless of age, to be dressed in clothes and to use goods that follow fashion trends.
Unconditional love of parents
Whether parents have a high income or not, it doesn't matter when they need to make sure their children have everything they need, such as clothes, shoes and toys. They may be deprived of a purchase for themselves, but they do their best to keep their children well dressed and to have the toys they want.
In other words, investing in a children's store is a very intuitive and sensitive decision. However, there is always a "gift." And in this case, if you want to have not only a small business, but a business that brings you profits, you need to have a clear concept and a good business plan to follow. How to prepare a concept for opening a children's store, so as to be profitable?
A clear concept is essential for any successful entrepreneur. It highlights the specifics of your business and when you prepare it you will face both the unknown and the answers you are looking for.
What is your target audience?
It is very important if you want to sell goods for children in a certain age group or you want to cover all age groups. It's entirely up to you, but if you want to "keep up", you should know that surveys of the most successful children's stores show that the highest profits are generated by stores that offer goods for children from 0 to 15 years.
What do you want to sell?
It is good to know if you want to sell only children's clothes, only toys or you want your store to have everything for children and babies - from clothes to toys, room furniture, cosmetics, etc. This issue is very important to clarify in advance, as it subsequently affects both investment and costs.
Who are your competitors?
Knowing the competition gives you the huge advantage of developing your own concept and doing something different to attract customers. Therefore, it is good to study the competition carefully, write down its strengths and weaknesses, and think about how your store will succeed in this highly competitive environment.
Once you know how much the initial costs are, it's time to make the initial investment.
You have several options for securing the necessary investments:
Personal savings - this is the best possible way and if you have enough personal funds to invest in opening a store, do not hesitate and act
Bank Loans - All banks offer business development loans, so you may want to consider taking out a bank loan to open a store. This option may not be the most profitable, but it is often the only solution for most start-ups.
Finding partners - if you have your own funds, but they are not enough, you can find a partner to invest in your joint business
Once you have the necessary investment and know the costs, make calculations to see what funds you have left, after you have paid everything and opened the store. In order to be fully prepared for any situation, all financial experts advise you to have an amount that can cover your expenses for at least 6 months.