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How to Juggle Multiple Small Projects For Your Business Success

How to Juggle Multiple Small Projects For Your Business SuccessWhen You Have A Lot Of Small Projects, It’s Hard To Manage Them

There are times when you need to juggle many small projects all at once. But, it’s not really that hard if you develop a system to keep organized, use the right technology for the job, and manage your time well.  It’s a lot harder when you are trying to do it all manually.

Know How Much Time You Really Have

It’s very important to learn how to judge how much time each project really will take, plus how much time you really do have to work on it each work day. You don’t want to take on two projects that both take 40 hours of work, and say you’ll be done with them both on the same day, in a week. It’s completely impossible. So get real about time and how much of it you have (or don’t have as the case may be).  It’s easy to trick ourselves into thinking we are faster than we are (I do that often) but if you figure an additional amount of time – like double the original thought – you usually will be on track to get it done on time.

Organize Each Project Separately

Every project should be its own entity with its own timelines, milestones, and deliverables. Even if the work is for the same client, you will want to organize each project a client gives you own its own merit. It doesn’t matter if you choose to use a calendar system, a folder system, or a full-fledged project management system – organize each project so that you can clearly see what needs to be done each day to reach your goals.  You can use this when doing a report back to your clients if you need to for them to understand where you are.  You can also use this with your employees to help them tell you where they are in a project.

Design a Filing System

Even if everything you do is on your computer, you need to create a standard filing system within your computer that makes it simple for you to find projects and pieces of projects. Keep separate folders for each client, with a separate folder for each project.  It may seem tedious to file things that way, but it’s very handy when you use it.  Consider using Dropbox.com to store the files as you can access them anywhere and get updates easily.

It helps if the projects are organized by due dates on the computer. This means that your naming convention revolves around the due date, the project name, and the client’s name. That way when you open a client file you’ll see a list of files that automatically organize themselves by date if you name them with the date first. You can take that further so that when you click on each project file, inside is another list by date of “to-do” items.  Once you are used to doing it like this, you will be able to easily tell where things are and love the organization of it.

Use a Project Management System

Invest in a good project management system. Cloud-based project management systems like Asana.com can make your life a lot easier. If you don’t want to keep a good filing system on your computer, you can keep everything organized on the project management system by client and date there. You can even set it up so that entries go directly into your calendar so that you know what to do on any given date.

Keep a Good, Updated Calendar

No matter which type of system you use, nothing can beat a good calendar. Many people use online calendaring systems now such as Google Calendar or even Outlook, and there are others that will sync with your phone and all your other devices. This way, you can see at a glance what you need to work on at any given date or time. You can easily look at it when talking to potential new clients and quickly determine whether you can take on a new project or not, and when.  Make sure to schedule your work day – don’t just wing it.  Winging it won’t work to keep you on task.

By prioritizing each project based on due date and how long it will take you to accomplish, you’ll be able to handle multiple small projects with ease. Don’t forget to schedule in the work you have to do for yourself, too – in other words, treat yourself as a client as well. This will help you avoid letting the ball drop when it comes to your own business needs.  You can do this with employees at your shop as well – create projects and let them have access so they can see what’s coming and what they need to do to get ready.  Then you can have them work on projects instead of you all the time.

Tell me about a time when you created or worked on a project and how did it feel to get it done?  Did it work smoothly or was it bumpy?

By Mathea Leave a Comment

Why Your Website Is More Valuable Than Your Social Media Sites

Why Your Website Is More ValuableSome small business owners are tossing their websites and creating social media pages instead to market their business and sell their items. They figure it’s easier, costs less, and will work just as well as having a website. The problem is, they couldn’t be more wrong. Social media isn’t enough to create real progress in a small business. You still need a website.

You Own Your Website

The fact is, you don’t own any social media account you have. You probably don’t even own the content on it. Take a look at the terms of service and you’ll discover that you have very little control over what they do. They can cancel you at any time. With a website you build on your own server space, you own the content and no matter what happens in the social media universe, you will still have that home on the net.  It’s also a place where your customers know how to find you, and makes you appear like a more serious business owner.

Your Website Should Be the Home of All Online Content

When using social media to promote your business, the truth is that you should be placing the content on your website and then pointing people to your website to read it. Your website is where you need to house all your content, information, resources, products and service descriptions so that your visitors, and future customers, have a place to go to learn more. Social media is only the means by which you build traffic.  Yes, social media is where the traffic and your audience is – but you can go where they are and bring them back to your “home” and get their email to keep them up to speed on the latest you have to offer.

Websites Are Taken More Seriously as a Business

You have little control over the appearance of any social media site. But you have 100 percent control over the appearance, mood and content of your website. Designing a quality website for your clients and future clients to visit says a lot about how seriously you take your business. Clients will take your business about as seriously as you do.  You can change things around, make it your colors, add your images, and choose what you want to show up on your website.  It’s an expectation that you will have a website, and when you don’t clients will probably not take you as seriously as you might want them to.

Your Email Address Will Be More Professional

Having an email @gmail.com or @yahoo.com or @comcast.com simply is not professional. If you want to be seen as professional and a real business owner you need to have a professional website email address such as @yourbusiness.com. You’ll automatically be viewed as more professional and you’ll feel more professional, too. That attitude will carry over.  Giving wholesalers your business email to show you have a serious business is important to how they see you.  You have customers and vendors who expect certain things, and one of them is a website.

You’ll Reach More People

Due to the fact that you’ll reach more people, you’ll have more customers. Your return on investment for a well-designed website will far outpace any time you spend on social media trying to drum up business. Yes, social media is great, but nothing can replace your website which should be the center of all your online marketing.

While social media is great for reaching out to customers, the biggest way that you’re going to get more traffic and more buyers is by placing content on your website. Your content will be keyword rich, written for your audience, and they can find you without social media. Social media is just an addition to your website efforts and part of the package of online marketing, but it’s not a replacement for your website.

Are you looking for a place to host your website?  We recommend: Site5

Let us know how you feel about this subject and if a customer has ever mentioned it.  Do you have your own website?

By Mathea Leave a Comment

Writing Business Letters Just Got Easier

Writing Business Letters Just Got Easier

Writing business letters of all kinds is a part of running a business and corresponding with potential business partners, customers and everyone else. If you are not good at writing or don’t know where to start with creating a professional business letter, try the Instant Business Letter Kit.

Just because you are a small business doesn’t mean that less is expected of you. If you ever hope to be a big business one day, it all begins with your professionalism and that extends to your correspondence. Instant Business Letter Kit is here to help. In the kit you will receive over 149 business templates for just about every letter imaginable that you will have to ever write. Read the 288 page manual and style guide on business letters for any situation. There is a 42-page bonus book that contains common business forms and templates (like meeting minutes and invoices) that you can download, modify and print as needed. There is a 17-page bonus chapter on writing business reports. In addition, there are tips and tricks and other information found in a special bonus eBook to assist you in your business writing process.

You have to write letters for all sorts of things in business, and it’s great to have somewhere to start instead of a blank page.  These are customizable and ready to use for your needs.  These are first class business letters that you can use for a fraction of the cost of hiring a person to write and edit them.  You have the correct grammar in these as well as statements that make sense.  If English is not your first language, you absolutely need these.

Templates included that I think are the most valuable are ones for employee letters such as rejecting job applicants or welcome letters, and ones for the marketing that you will be doing.  See all the templates here: Instant Business Letter Kit.

It’s very inexpensive and you can use them over and over for a long time.  Don’t wait any longer, go there now and pick them up.  Click Here!

 

 

By Mathea Leave a Comment

Components of a Business Plan For The Small Business Owner

Components of a Business Plan For The Small Business OwnerComponents of a Business Plan

Business plans are an essential element to starting and running a successful business. It doesn’t matter if your business is large, small, online or offline – having a solid business plan is a key indicator of future success. The part of the business plan that is helpful is that a business owner is forced to study the market, develop products and/or services for that market, and then use the figures discovered to determine in advance whether or not the idea has a chance of success.  Many of the components of a business plan are easy to fit together once you know where they fit.

Believe it or not, for some small sole proprietor businesses you can write a one-page business plan that will be effective. A larger business will need more pages, but what’s important about your business plan is that it includes the following components and covers 3 to 5 years of projections:

* Executive Summary – This is first, but it’s written last because it is simply a summary of all the major points below. This usually covers less than two pages. For some small businesses, this one page is enough to help you get started on the right foot.  You just summarize the highlights, like your projections and results.

* Company Overview and Description – Describe your company’s mission, unique differentiators, and the opportunity you are filling. Describe what gives your company an advantage, include the names and resumes of each person involved in your business, and describe everything you can about management and operations.  This doesn’t have to be really long, but it needs to show why you are qualified to run the business.

* Market Analysis – Include a study of your competition, describe your customers and your industry as a whole, and how your business will measure up to each area that you cover. This is where you identify your target audience down to a specific persona.  This is an important part of business to make sure you know your audience and their needs.

* Service or Product Descriptions – Detailed descriptions and samples of your products and services should go in this area. Describe your products and/or services and who exactly will be using them.  This will be a starting point for where you are going, and shows your business is not just a one “dimensional” design, but that you understand that there are layers to your shop.  Perhaps you talk about seasonal merchandise, or how you are going to bring in matching accessories and complimentary merchandise.

* Sales and Marketing Strategy – How will you get the word out to your market? Describe in detail each and every aspect of sales and marketing, including what type of shopping cart you will use on your website or in your store. Also describe how you will market, such as via social media, print advertising, television and more. The small details matter and show that you understand the way your market finds information.

* Financial Review and Projections – Your current finances should be included, such as your income statement, balance sheet, cash flow statement, and budget. You should also include probable income projections based on projected future sales.  Consider setting up a budget proforma in QuickBooks to help you show the cash flows.  Cash flow is the important part of your business – you will need to pay for inventory and staff before you get paid by customers.  You don’t want to be short, so it’s necessary to know how much of a shortfall you anticipate.

* Plan of Action – Include a step-by-step plan of action to make each of your objectives and goals come to fruition. Including a time line of actions is helpful. Start from the projected date of opening and work your way backwards until today to create a realistic plan.  This helps you and your investors to understand how long the process will take.

Taking the time to prepare a business plan will save you a lot of work later down the road. You might even avoid serious problems through analyzing the marketplace on paper, creating an environment where your business will be able to overcome serious errors before actually committing them. By doing your due diligence you’ll set yourself up for success. You know the saying, “Failing to plan is planning to fail.”

Did you make a business plan for your shop or are you “flying by the seat of your pants”?  I’ve done both and I prefer to at least make a budget using YNAB – you need a budget.  What about you?

By Mathea Leave a Comment

Starting a Retail Fashion Shop in Oklahoma

Starting a Retail Fashion Shop in OklahomaOklahoma, also commonly referred to as the Sooner State, is the 28th most populous and 20th most extensive state of the United States. Spread over an area of 69,898 square miles, the state has an estimated population of over 3.8 million residents and is home to the 27th and 47th largest cities of the country, Oklahoma City and Tulsa. Other prominent cities include Norman, Lawton, Edmond and Stillwater.

With a GDP of more than $139.3 million, Oklahoma’s economy is the 29th largest and the 10th fastest growing among all states. An important producer of food and natural gas, the state is home to a variety of sectors, including telecommunications, aviation, electronics, energy, food processing, and transportation equipment. Rated as one of the most business-friendly states in the country, Oklahoma is an ideal location to set up your fashion shop.

Location Spotting

Choosing an appropriate business location is one of the most important decisions an entrepreneur has to make. After all, location is still everything in business and that is no different for a fashion shop. Ideally, you should look for properties in areas with high customer traffic. Also, the surrounding businesses and amenities should be somewhat related to what you are selling. Stores located in these areas attract a huge number of walk-in prospects, reducing marketing and advertising costs by some margin.

The Sooner State is home to several shopping and commercial districts, including, Utica Square, Uptown, Spring Creek, Peoria Street, Park Avenue, Broadway, Campus Corner, Plaza District, Automobile Alley, Western Avenue and Classen Curve, among others. Oklahoma, more particularly Oklahoma City, has several options for a distinctive shopping experience, including 50 Penn Place, Penn Square Mall, Quail Springs Mall as well as Sooner Mall.

These places attract a huge number of shoppers on a daily basis. To cash in on this large pool of customers, you must choose a property in any one of these areas.  However, the retail industry is highly competitive and it’s still recommended you conduct some research to determine which areas will help you attain maximum traffic and repeat business. Once you come across a suitable location to set up your fashion shop, hire a professional to inspect the premises carefully before you sign the lease papers.

Business Operations

Choosing a Legal Status

The following are the most common types of business structures in Oklahoma:

  • Sole Proprietorship
  • Limited Liability Company
  • General Partnership
  • Limited Liability Partnership
  • Corporation
  • Limited Partnership

Although you may want to operate your fashion shop as a sole proprietor or in partnership with another individual due to the simplicity of these business structures, note that neither can protect you from personal liability. A successful fashion shop will receive a large number of customers every day, which increases the risk of damage or injuries.

When you choose a business structure that protects you from personal liability, such as a Limited Liability Company, your business compensates any losses and damages, not you! This means that your personal assets will stay protected no matter what. Need help with choosing a legal status that suits your business needs? Consider hiring a tax advisor or private attorney.

Tax Rates

When you start a clothing business (or any other business for that matter) in Oklahoma, you may be required to pay the following taxes:

  • Corporate Income Tax
  • Business Sales Tax
  • Unemployment Tax
  • Worker’s Compensation Insurance

State & Municipal Licenses and Obligations

All sole proprietorships must obtain a federal tax ID number. For other forms of business, if you are looking to hire employees, you have to acquire an Employee Identification Number. This can easily be done by visiting the IRS website. State laws require businesses to obtain a sales tax permit from the Oklahoma Tax Commission. Other licenses and obligations may also be required, depending on the details of your business.

Labor Costs

You will require some employees, such as salespersons and front-line staff, to manage your fashion shop. Salespersons earn an average salary of $16,400 – $41,480, while customer representatives make $18,940 – $45,350. The minimum wage threshold in Oklahoma is $7.25 per hour.

Hiring Procedures

The hiring process in Oklahoma is similar to any other state. The Oklahoma Anti-Discrimination Act prevents employers from discriminating candidates on the basis of handicap, age, race, national origin, color, sex and religion. While the application process is pretty much the same, discrimination laws prevent you from asking certain questions that aren’t job related. Learn more here.

Product

Popular Clothing Styles

Now, to the most important question: What should you stock your clothing store with? One of the best ways to find out is to look at what your competition is selling!  Many shop owners carry local college gear – two of the best teams in the Big 12 are located in the state!  It’s also a huge rodeo and cowboy clothing market, so consider some western wear if you want to!

Inventory Ordering and Management

You wouldn’t want a potential customer to leave your store just because you are out of stock for a particular clothing option! Hence, having a proper inventory ordering and management system in place is crucial! You should consider hiring an experienced inventory manager and invest in good software to streamline the entire process.

By Mathea Leave a Comment

Starting a Retail Fashion Shop in Florida

Starting a Retail Fashion Shop in FloridaFlorida, also widely known as The Sunshine State, is the 3rd most populous and 22nd most extensive state of the United States. Spread over an area of 65,757 square miles, the state has an estimated population of over 20 million and is home to some of the most beautiful cities of the country, including Orlando, Miami, Tampa, St. Petersburg, Fort Lauderdale and Jacksonville, the most populous city in Florida.

With a GDP of more than $748 million, Florida’s economy is the fourth largest in the United States. Tourism, healthcare research, international banking, construction, simulation training, commercial space travel, biomedical and life sciences as well as aerospace and defense are major contributors to the state’s economy. Being one of the most populous states of the country, with an annual average income of over $50,000, Florida is the ideal location for a fashion shop.

Location Spotting

Florida has a diverse group of potential customers. However, to ensure you cash in on this large pool of customers effectively, it’s imperative that your fashion shop is located in the right area. Ideally, you should be looking for properties in high-traffic areas and in close proximity to other businesses that are somewhat related to yours. Stores located in these areas enjoy walk-in prospects, reducing the cost of advertising and marketing to some degree.

The state of Florida is home to several commercial and shopping districts, including Park Avenue, Lemon Street, The Galleria, Soho, Worth Avenue, Third Street South, 5th Avenue South, Coconut Grove, Flagler Street, Miami Design District, International Drive, Washington Avenue, Lincoln Road, Miracle Mile and Ocean Drive, among others. The 3rd largest shopping mall in the United States, Aventura Mall, is also located in Florida.

Since these places attract a huge number of shoppers every day of the week, which includes both locals and tourists, selecting a property in any one of them could work out well for your startup. However, even so, it’s best if you conduct some research to determine where you can draw in maximum customer traffic. Once you have found a property you are interested in, inspect it carefully before signing the lease papers.

Business Operations

Choosing a Legal Status

The following are the most common types of business structures in Florida:

  • Sole Proprietorship
  • General Partnership
  • Limited Liability Company
  • Corporation

Running your fashion shop as a sole proprietor or in partnership with another individual may seem like the right thing. However, neither of the business structures will protect your assets from personal liability. Remember, the most successful fashion shops will have a large number of customers coming through the door on a daily basis, bringing the risk of damage or injuries.

By choosing a legal status that protects you from personal liability, any losses or damages will be compensated by your business and not you, which means that your assets are protected. You should consider hiring a private attorney or tax advisor to help you choose a legal status that suits your business needs.

Tax Rates

When starting a clothing business (or any other business for that matter) in Florida, you may be required to pay the following taxes:

  • Sales and Use Tax
  • Reemployment Tax
  • Corporate Income Tax
  • Other Taxes

State & Municipal Licenses and Obligations

If you are the sole owner of your business, you must obtain a federal tax ID number. For all other forms of business, it’s necessary to acquire an Employee Identification Number as you will obviously need employees to manage your store. You can easily apply for it by visiting the Internal Revenue Service (IRS) website. Most counties in the State of Florida also require businesses to obtain a business/occupational license. Depending on the details of your business, other licenses and obligations may also be required. Visit this guide for more information.

Labor Costs

If you are looking to hire employees, such as front-line staff and salespersons, you should be aware of how much they will cost you. The average salary of a sales representative in Florida is around $42,000, while customer representatives earn around $29,000 to $37,000. The minimum wage threshold is $8.05 per hour.

Hiring Procedures

The hiring process in Florida is similar to any other. You receive and review applications, interview potential candidates, and ultimately select the most qualified and successful candidate as your employee. However, several state and federal laws may limit what you can ask candidates during the hiring process. Learn more about it here.

Product

Popular Clothing Styles

Fashion in Florida is a big deal and is different from other areas of the country, particularly because of the severe weather. A great way to find out what’s in is to look at other clothing shops and see what they are stocking!

Inventory Ordering and Management

Having proper inventory ordering and management system is crucial. After all, you wouldn’t want a potential customer to leave just because you are out of stock for a particular clothing option. So, hire an inventory manager and purchase software to ensure your fashion shop is well stocked throughout the day.  You can also go to the fun gift markets and beef up your inventory with a lot of fun ideas for the next season.

By Mathea Leave a Comment

Starting A Fashion Boutique in California

Starting A Fashion Boutique in CaliforniaCalifornia, also commonly referred to as Cali, is the most populous state in the United States and the third largest by area (after Texas and Alaska). Spread over an area of 163,696 square miles, the state has an estimated population of over 39 million residents and is home to 8 of the most populous cities of the country, including Oakland, Los Angeles, Long Beach, San Diego, Sacramento, San Jose, Fresno and San Francisco.

With a gross state product of more than $2.3 trillion, California’s economy is the largest in the US. Technology, real estate, government, finance, scientific, technical and professional business services account for majority of the state’s economy. The agricultural industry, though just 1.5% of California’s economy, has the highest output of any U.S state. Being the birth place of the film industry, the state has a massive influence on global popular culture, making it an ideal for your clothing startup.

Location Spotting

As an entrepreneur, one of the most critical decisions you will have to make is choosing the location of your business. For maximum customer traffic, you should consider choosing a property in populous metropolitan areas and in close proximity to other amenities that are somewhat related to your business.

California is home to several commercial and shopping districts, including Solano Avenue, Newport Center, Shattuck Avenue, Telegraph Avenue, Montana Avenue, Wilshire Boulevard, Sunset Strip, Robertson Boulevard as well as Piedmont Avenue. Some of the country’s largest shopping malls are also located in California, such as the South Coast Plaza and Del Amo Fashion Center.

Since these areas attract huge number of shoppers, choosing a conveniently located property in any one of them could do wonders for your fashion shop. However, it’s recommended that you conduct your own research to determine where you can attain maximum customer traffic. Once you find an interesting property, make sure you inspect it carefully before signing any papers.

Business Operations

Choosing a Legal Status

The following are the most common types of business structures in California:

  • Sole Proprietorship
  • Corporation
  • Limited Liability Partnership
  • General Partnership
  • Limited Partnership

Although running your fashion shop as a sole proprietor or partnership may seem like an attractive option, neither can protect you from personal liability. If you are fashion enthusiast, managing your startup shouldn’t be much of a problem. However, a successful fashion shop will have hundreds of customers coming through every day, and this brings with it the risk of injury or damages.

By opting for a business entity that can protect you from personal liability, you can rest assured that losses or damages are compensated by your business and not you personally. Consider consulting a tax advisor or private attorney to help you choose a legal status that will meet your business needs, and find out what your legal obligations will be.

Tax Rates

California imposes higher-than-average income taxes on business incomes. However, if you think that is the worst part, think again! The state also levies both business and personal taxes (known as double taxation) on small business owners who have set up their business as pass through entities, such as limited liability companies or S corporations. Other types of taxes you should expect to pay include:

  • Alternative minimum tax
  • Corporate tax
  • Franchise tax
  • Sales tax

State & Municipal Licenses and Obligations

If you are operating your business solely, you will need to obtain a federal tax ID number. All other forms of business, acquiring an Employee Identification Number (EIN) is necessary. To collect sales tax on the clothes you sell, the state requires businesses to obtain a seller’s permit through the Board of Equalization. Depending upon the details of your business, other licenses and permits may also be required. Visit the CalGold website for more information.

Labor Costs

Most fashion shops have employees. To ensure your business is operated efficiently and smoothly, you should hire your own sales persons and front-line staff. The average salary of sales representatives in California is $54,410. Customer representatives, on the other hand, earn an average of $47,000. The minimum wage is $9.00 per hour, so make sure you don’t go below that threshold.

Hiring Procedures

The hiring process in California is like any other. You invite and review applications, interview and check references for potential candidates and finally offer the job to the most qualified and successful candidate. However, state and federal laws may limit what you can ask and require of your candidate. Learn more about it here.

Product

Popular Clothing Styles

California is the birthplace of the largest film industry in the world: Hollywood! So, it doesn’t come as a surprise that people stay modern with their threads and clothing choices. You should stock your store with both traditional and latest outfits.  Many vendors are located in the LA area, and a large tradeshow in the area a couple of times a year for your shopping pleasure.

Inventory Ordering and Management

To ensure your fashion shop is well stocked throughout the day, having a proper inventory ordering and management system is crucial. Consider hiring an inventory manager and invest in good quality software to streamline this process!

By Mathea 1 Comment

Starting a Fashion Shop in New York

Starting a Fashion Shop in New York

New York State is the seventh-most densely populated and fourth-most populous state in the US. Spread over an area of 54,555 square miles, New York has an estimated population of over 8.5 million residents and is home to the country’s most populous city: New York City. The State of New York consists of major cities, which include Albany, Buffalo, Syracuse, Yonkers and Rochester.

New York State is a hub for international business and houses several multinational institutions, including partnerships, corporations and limited liability companies. New York City is the leading financial centre of the world and has a thriving digital media, information technology, software development, biotechnology, architecture, game design, tourism, as well as film and television industry. It’s also a renowned fashion capital, making it an ideal location for your clothing startup.

Location Spotting

The location of your fashion shop can either make or break your business. Hence, it’s extremely important to choose a property that is located in a populous area, with access to similar businesses.

New York is home to several shopping and commercial districts, including Columbus Circle, Fifth Avenue, South Street Seaport, Armory Square, Wolf Road, Colonie Center, Franklin Avenue as well as Park Avenue. Some of the largest shopping malls are also located in the state, particularly in New York City, such as the Westfield Garden State Plaza and Roosevelt Field.

Since these areas are convenient to shoppers, setting up your startup in any one of them may work for your fashion shop. However, even so, you should conduct your research to find out where you can attract maximum customer traffic. Once you have found an interesting spot, don’t forget to inspect it thoroughly before signing any papers.

Business Operations

Obtaining a Legal Status

The legal business structures in New York State are as follows:

  • Limited Liability Company
  • Sole Proprietorship
  • Cooperatives
  • Corporation
  • Limited Partnership
  • General Partnership

People today still prefer sole proprietorship over other forms of organization. However, it’s important to note that there are limitations of resources and size, which could prevent your fashion shop from growing to its full potential. Although you won’t face these issues with a partnership, neither of them will protect you from personal liability.

If you’re fashion savvy individual yourself, running a fashion business shouldn’t be much of a problem, but let’s not rule out the probability of a customer getting hurt, or their belongings getting damaged on your premises. By choosing a legal status that can protect you from personal liability, you won’t have to pay compensation from your own pocket. Learn more about choosing a business structure here.

Tax Rates

Income tax doesn’t apply to professional corporations in New York State. However, owners of partnerships, sole proprietorships and Limited Liability Companies are required to pay taxes on all profits made by their business at their individual income tax rates. Other taxes you will have to pay include:

  • Disability Insurance
  • Worker’s Compensation Insurance
  • Unemployment Insurance Tax
  • Employment Tax
  • Sales Tax

State & Municipal Licenses and Obligations

Even if you are operating as a sole proprietor, it’s recommended that you obtain a federal tax ID number. For other forms of business, getting an Employee Identification Number is a requirement. This process can be easily completed online by visiting the IRS website. You will also have to register for sales tax. Note that other permits or licenses may also be necessary, depending upon the details of your business.

Labor Costs

For the smooth and efficient operation of your business, you will have to hire sales persons and front-line staff. The average salary of sales representatives in New York is $66,000. Customer representative earn from $22,433 to $48,455. In addition, make sure you don’t go below the minimum wage threshold, which is $8.75 per hour.

Hiring Procedures

The hiring procedure is just like any other, where you receive and review applications, interview potential candidates, and finally select the employee. However, several laws limit what you can ask during the hiring process. Learn more about it here.

Product

Popular Clothing Styles

Now, you must decide the kind of clothes you want to offer your customers. Remember, New York is the fashion capital of the world. People love to stay up-to-date with their threads, and you should stock your store with the same in mind.

Inventory Ordering and Management

Having a proper inventory have a proper inventory ordering and management system in place is essential to ensure your fashion shop is always well stocked.  You can streamline this process by hiring an inventory manager and investing in good software.

By Mathea 3 Comments

Starting a Fashion Shop in Texas

Fashion Shop in Texas

Texas is the second largest and second most populous state in the US. Spread over an area of 268,820 square miles, the state has a population of more than 26.9 million residents and is home to some of the largest cities in the country, including San Antonio, Houston, Austin, Dallas–Fort Worth, Greater Houston and El Paso.

While cattle is a thriving industry in Texas, the state also leads in several other industries, such as aerospace, agriculture, electronics, energy and computers. The US fashion industry is the largest in the world and is worth more than $311 billion (28% of the global total). As one of the largest states, Texas proves to be an ideal location for entrepreneurs to start a fashion shop.

Location Spotting

The location of your business can play a huge role in its failure or success. Ideally, the property you choose should be located in a larger area and the surrounding businesses have to be somewhat related to what you are selling.

Texas is home to several major commercial districts, especially when it comes to Houston and Austin, where various financial institutions and multinational businesses are headquartered. The country’s second shopping mall is located in the Dallas–Fort Worth area, which houses several high-end fashion stores for both women and men.

Remember you should aim to be convenient to your customers, so that you can maximize customer traffic. Hence, spend time in areas you think could work for your fashion store. This will give you the opportunity to observe the number of people that shop in the area. Once you have found a location that interests you, investigate the space thoroughly before leasing or renting it.

Business Operations

Obtaining a Legal Status

The legal business structures in Texas are as follows:

  • Corporation
  • Sole Proprietorship
  • Limited Liability Company
  • General Partnership
  • Registered Limited Liability Partnership
  • Limited Partnership

While you would prefer operating your fashion shop as a partnership or sole proprietorship, you should consider a limited liability company or corporation instead as it protects you from personal liability. Running a fashion shop isn’t a dangerous business, but there is always the possibility of a person getting injured, or their property getting damaged on your premises. In this case, you would want the business, and not you, to take responsibility for the liabilities.

Tax Rates

Although there is no state income tax levied in Texas, there are a number of business taxes that you will have to pay. These include:

  • Federal Tax
  • Employment Tax
  • State Tax
  • Sales Permit Tax

State & Municipal Licenses and Obligations

A general business license is not required by the state of Texas. However, a number of regulatory agencies have permitting and licensing requirements based on the products, or service associated with your business venture. To ensure that you meet all the permitting requirements, consider contacting the city and local county governments to determine if there are any additional requirements that need to be met.

Labor Costs

It’s obvious that you will need to hire some front-line staff and sales persons to keep your fashion shop running smoothly and efficiently. Sales representatives earn an average of $43,126 annually, making Texas the highest-paying state for a sales job. Customer representatives, on the other hand, earn an average of around $43,000. Moreover, it’s important to note that minimum wage rate of Texas is $7.25 per hour, so make sure you don’t go below that threshold.

Hiring Procedures

There are a number of laws in Texas that have an impact on the hiring procedures. It’s important that you keep these laws in mind while developing and implementing an effective hiring process, so that you don’t have to encounter any problems. Learn more about these laws here.

Product

Popular Clothing Styles

Once you have managed to pass all these hurdles, it’s time to decide the kind of clothes you want to offer to your customers. While Texas is renowned for its cowboy image, it’s also very modern and up-to-date with the latest fashion trends and styles.

Inventory Ordering & Management

To ensure your fashion shop is well-stocked throughout its operating hours, it’s imperative that you have a proper inventory ordering and management system in place. Though this can be done manually, with the help of an inventory manager, you should consider getting advanced software to streamline this process.

By Mathea 4 Comments

Small Business Start-Up Legal Concerns For Your Shop

Small Business Start-Up Legal Concerns For Your Shop

As the saying goes, nothing is done until the paperwork is complete. A lot of people jump into starting a business without giving much thought to the small business start-up legal concerns for your shop. This can become a problem. While each country, state, city or province has its own rules, there are some basics to consider. It’s important to at least know where to look for the information.

Small Business Start-Up Legal Concerns For Your ShopDecide the Type of Business Entity

Starting a sole proprietorship is the simplest, and no paperwork needs to be filed that is special. However, if you want to start any other type of business entity such as an LLC or Inc., you will need to file special paperwork. There are websites today that will help you file the paperwork if you don’t want to hire an attorney. However, it is highly recommended that you hire a business attorney in your area to handle these issues.  Most of the time you go to your state’s Secretary of State office, but you can use a book like: Legal Guide For Starting A Small Business

Choose a Business Name

If you’re not using your own name as part of your business name, you’ll need to find out if the name you want to use is available. Depending on the type of business entity you choose, such as sole proprietorship or LLC, there are different rules regarding business names. You may need to file a DBA (doing business as) in order to conduct business using that name. If you have a corporation and you want several different businesses under the corporation, you’ll need to file several DBAs.  Most states have a search function to use to see if that name is taken in your state, but you also need to consider how it will work nationally if you are doing a website or other cross-border business.  You can research your business name via google to start and if you find some issues, it is recommended that you hire someone to do it for you professionally.

Obtain a Federal Employee Identification Number (EIN) (USA)

Even if you have no intentions of ever hiring employees, this is something that is important. You can do it right on line and you don’t even need to have a business license yet to do it. In fact, you should do this prior to getting a business license so that this number can be on your business license. Use this number instead of your social security number anytime you do business with anyone. It’s safer because you can avoid the problems with identity theft, and in some cases it is required to have this number to be seen as a real business.  Most of the time, your business bank account will require this number as well, so plan on getting it early at the IRS.gov website: Get an EIN Number  This is not something you should have to pay for – you can get it for free at that link.

Get a Business License

Each country, state, province and city has its own rules regarding business licenses. Most cities and counties require even a home business to be licensed. In some cases you will need state license. The best place to find out what you need is to go down to your local court house and ask or look up the search terms, “Getting a business license in Your City, State”. It’s usually a very simple process which requires a small fee.  In most states this will also allow you to get your “Resale Certificate” to allow you to purchase wholesale products without paying taxes on the initial purchase and collect taxes when you sell items.

You will need to renew this license each year. Depending on your type of business, you may need other permits and licenses to be legal. You can go to your local SCORE office for more information and help.

Open a Business Bank Account

Depending on your type of business, you may only need a separate personal account but it’s really recommended that you take the step to separate your business and personal money. Business accounts can be expensive but don’t have to be. But, you do need to open a separate account. In many cases if you don’t have a business account you won’t be able to get a merchant account enabling you to take credit cards. If you plan to use PayPal, check the current rules and terms of service to ensure that you can be compliant. You will need your EIN and your business license to open a business bank account.  Call around to your local banks and see what the rates are – I have an account with no fees and only charges if I go over a certain amount of checks every month.  I solve that by using a business credit card and just paying it off every month.

Get A Lease On Your Space

Let’s not forget that you need to shop for space and get your place put in.  You will need all of the above ready, then able to sign a contract with first and last month’s rent usually.  You can find great spaces, just look around and see where new commercial buildings are being built, then contact the lessor and they may have other sites as well.

These are just a few of the legalities of opening a business. Depending upon your type of business, it may be more or less complicated. However, don’t ever shy away from making sure the paperwork is done, and done right, when embarking on business ownership. Doing it right from the start will ensure your continued success.  You will be very appreciative when tax season comes that you kept it all separate!

Did you set up a new bank account and get your ducks in a row before you opened shop?  It doesn’t have to cost a lot to do that.  Let me know in the comments.

 

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