Finding A Suitable Location For Fashion Accessories Business
Location or Place is one of the four P?s of the marketing mix for any business amongst Product, Price and Promotion. Finding a suitable location for the business is a very important task as the stability and growth of the business is dependent upon that to a great extent. The same is true for the business of fashion accessories. Fashion accessories like belts, caps, hats, bandanas, jewellery, hair ornaments, handbags, purses, etc. are in huge demand these days. People use fashion accessories to make a style statement and add a glamorous touch to their overall appearance. People shop for these accessories from nearby stores, markets, shops, internet, airports, etc. If you are looking for tips to find a suitable location for your fashion accessories business, you have reached the right place.
Finding a suitable location for fashion accessories business
Finding a suitable location for fashion accessories business is easier said than done. Like many entrepreneurs, you can also opt for a virtual office for your business of selling fashion accessories. Online selling of these items is slowly gaining pace. However, the general tendency of people while buying an accessory for fashion is that they want to touch, see and feel it before making a buying decision. People buy fashion accessories from online sources mostly for well known brands. Thus a physical location for your fashion accessories business is necessary. The below mentioned points shall be taken care of while finding a location for your fashion accessories business:
? Identify the hot places to open a fashion accessory store: First and foremost you must identify various places or hotspots where you can sell fashion accessories. This can include markets, shop outside a cinema hall, a store inside a mall, a shop outside universities and colleges, a shop at the tourist places, inside the airport, etc. Make a list of such places and evaluate which one would be beneficial according to your product range and budget. Once you are sure of the place where you need to open a fashion accessory store, the next task is to compare specific locations within that place and evaluate them. You can also choose to open multiple stores depending upon your budget.
? Evaluate the footfall of customers: Before finalizing the location for your fashion accessories business, it is necessary to evaluate the footfall of customers. Locations like shops near theatres, shopping malls, markets near colleges, etc. have good footfall of new and potential customers and thus are a good choice. On the other hand, locations like markets in housing societies, etc. have lesser footfall of new and potential customers and shall be considered only as a second option. It is important to judge not only the footfall but also the relevance of customers that come in.
? Check whether the space is enough for a decent display of products: Display plays a major part in increasing or decreasing the sale of fashion accessories. People who come for window shopping might like something on the display and buy it. Similarly a person who has come specifically to buy a fashion handbag, but is not satisfied with the designs on display might not buy anything. Thus, in choosing the suitable location for your fashion accessories business, it is imperative to evaluate the space available for display. More space will cost you more in terms of rent, electricity, etc. If the cost of the space is less than amount of additional revenue generated because of display, you must go for it.
? Evaluate the competition prevailing: It is believed that the best place to open a business is close to the competitor?s office. This can give you a benefit of the marketing efforts of the competitors. However, you must choose to locate your business near your competitors only if you are confident that you can remain on top of the competition. Also, you must not indulge into price wars as it will be harmful for the growth of your business.
? Evaluate the ease in transportation: Fashion changes every now and then. Trends in fashion accessories also changes frequently. Thus every now and then you would be required to visit your suppliers. Also the customers would be more interested in visiting a store which has easy accessibility. Hence, ease in accessibility and transportation are important factors to be considered while finding a suitable location for your business.
? Take professional help, if required: Your job does not end when you find a suitable location for your fashion accessories business. A lot of formalities are involved in completing the process like negotiation the lease term, negotiating the monthly rental, thorough understanding of the terms and signing the lease agreement, etc. Thus you can approach a professional who specializes in this and take his/her help. Even if the location suits your business requirements, it cannot be termed as an ideal location till the time everything else is clearly understood and decided upon.
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