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Key points for success in the booming eyewear business

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A pair of glasses isn’t just used for practical reasons; they’re a lot more than that. Nowadays, eyewear is considered a statement piece that says a lot about the person in terms of style, fashion, and personality. With so much more interest and design going into eyewear, starting a business in this field could be a great idea. But before you open your eyewear store, here are some key points to keep in mind to make sure you’re ready.

Making a business plan

Before you get all excited and start thinking of store locations, you should start by creating a business plan. You’ll need to decide the size, structure, and equipment you’ll be needing in order to get your business up and running. You’ll also need to research suppliers to stock up on wholesale sunglasses as well as eyeglasses in order to determine the costs beforehand. This will also help you assess the costs and ensure that you’re comfortable doing business with the supplier by checking their reliability and the quality of the products and the collection they have. Another important aspect to consider is whether or not you’ll be selling prescription glasses as they not only need a license, but also certain equipment, which will add another cost you’ll need to factor in your business plan.

Conduct market research

In order to get the most out of your business, you need to conduct thorough market research. This will help you identify your competitors and their key factors of success, as well as helping you build a marketing strategy different than theirs. It will also facilitate your decision on what the best possible location is after you’ve narrowed down the market you want to tap into. Moreover, you’ll need to come up with different suppliers, know what sells best, and think of how to get the best possible variety for your customers at the lowest prices.

Pick a location

The location you decide is one of the key factors that determine the success of your store. Consider your target audience and where they’ll most likely want your store to be located in order to be easily accessible. It is also best to be situated in an area either next to an eye doctor if you’re resorting to selling prescription eyeglasses so you can make deals with them, or in a busy high street or mall where your customers will already be around and therefore be inclined to pop into your store and take a look at what you have to offer.

Assess your budget and expenses

Another factor to consider is your budget and your overall expenses. While busy areas generate more business, the costs of maintaining a monthly rent are quite high, which could mean that your products will be more expensive than the average market price. After calculating your costs and having an estimated budget as well as possible selling prices, make sure that you’ll still be within the same range as your competitors in order not to lose customers. The alternative would be to find a cheaper location that will allow you to sell at the required price without it being too tight. When it comes to expenses, it is important to factor in every little detail. There are so many running costs that are easy to forget and could result in you paying a lot more than you initially anticipated. List down every little aspect and do your research thoroughly to make sure you haven’t left anything out. Don’t forget items such as salaries of employees you’ll be hiring for the store, cleaning expenses, electricity costs as well as delivery costs and insurance. Things like these can really add up and are crucial in determining the right budget for your business.

Make a deal with suppliers

Based on your budget and calculations, you’ll know the number of supplies you can afford. As most suppliers sell wholesale, the more you buy, the less you’ll pay per item, giving you the ability to generate more profit in the long run. It all depends on what you can afford, and it’s always better to be certain that your business has a wide variety of good quality options that your customers will love. Check how long it will take for the supplies to be delivered, so you can start planning accordingly.

Marketing

When opening a new store, marketing is key to getting people to know that your store has opened and displaying what you have to offer. Depending on your budget, there are many different ways you can market for your store. You can invest in marketing in magazines, newspapers, billboards, or even flyers. Since most people are available online for a large portion of their day, it is also a great idea to start setting up social media accounts for your store and making social media campaigns. Whether it’s using sponsored advertisements or creating an interesting campaign that people will want to take part in depends on the budget and resources you have.

Creating a website for your store where people will be able to browse out of the comfort of their own home can be a great idea, once your budget allows that. Most people have become quite lazy and have taken advantage of online stores instead of having to visit stores personally. While glasses have to be tried to see if they look good, many customers will still prefer to browse different shapes online and come to the store to try specific items instead of wasting a valuable amount of time in-store.

Eyewear has become an important accessory and a fashion statement for many people. So it is essential to stay up to date with the latest fashion trends and check that your suppliers are providing you with the variety and designs that will appeal to your consumers. Once you’ve set up your business plan, made a list of your expenses, chosen your location, and decided on where your store will be located, it will all depend on your marketing strategy to get the word out.

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