My little Entrepreneurial Adventure, Need Advice

[Neil4Speed]

Well, I am really asking for some advice from people on how to approach something that I was looking at doing.

I have a connection to get authentic shirts from a very popular designer. These shirts are authentic, and legitimately purchased (to prevent any sort of backlash here). In Calgary, they are sold in an exclusive market, by only a few stores. At the price which I wish to sell them at to the store, I would make a 50% mark-up. If the store were to also make a 50% mark-up (correct me if i'm wrong, but thats much greater than they usually do on designer clothing), they still will be undercutting the other local stores by about $40!

This is a good opportunity for both the store and I to both do well.

In a nutshell, what would be the best way for me to market these to stores? I wouldn't be expecting to go directly at the big stores, but maybe the smaller privately owned ones? Any ideas? Walk right in, Call?

Any advice would really be appreciated.

Thanks in Advance

[2002civic]

get a kiosk at the mall and sell them on your own for a larger profit

[Def_3]

I would first of all have a contract drafted with the supplier giving you SOLE rights to the product and price for ditribution, once you have that, stores and retailers will feel much more confident in dealing with you, you could maybe open a company name as well, so your not an individual person "walking" off the street with "good deals"

best of luck, and maybe pass some savings on to us!

[Neil4Speed]

Originally posted by Def_3
I would first of all have a contract drafted with the supplier giving you SOLE rights to the product and price for ditribution, once you have that, stores and retailers will feel much more confident in dealing with you

Could you maybe expand on this? I am not totally famililar with what you are refering to here.

[Def_3]

well, my dads company was marketing some equipment, before they did, they had a contract drafted with the suppliers, this gave them the right to market the product(s), I know this can be drafted territory wise (ex. rights to all of western Canada etc), as well you should really have the agreed price the supplier will be giving you on a contract, as this protects you, lets say this does take off and your demands rise, the good ol supply and demand rules fall into effect, so ensure the supplier can't turn around and jack up the prices on you

as far as approaching a retailer, you can register a company for under $200 I beleive, for example ABC Marketeers (just an example), after this you can approach the retailer as a "business" who has the legal "rights" to market this product, and has the substantially lowest prices, I think you will find a business' would MUCH rather deal with other business' than a individual person, I find this would give you more credential as a reliable source

[BumpinTalon]

its all self promotion.. start small, expand slowly. every time you see an entrepeneur on CBC as a part of a newscast, they have started small, using word of mouth and privately owned shops to get their products out there, and worked their way from there. setting yourself up as a business is a very good idea, as well as getting the rights for distribution here, although getting the rights would be difficult and expensive.

[Def_3]

Originally posted by BumpinTalon
its all self promotion.. start small, expand slowly. every time you see an entrepeneur on CBC as a part of a newscast, they have started small, using word of mouth and privately owned shops to get their products out there, and worked their way from there. setting yourself up as a business is a very good idea, as well as getting the rights for distribution here, although getting the rights would be difficult and expensive.

how difficult it will be, will fall totally on the supplier, if you can assure them you will raise sales for them and move alot of their product, while marketing it at the same time, Im sure you can work something out, but then again like Bumpin Talon said, if this is a HIGHLY demanded and already well know brand, individual rights would be harder, if this is the case, draft a contract which will gaurantee your price along with an amount of product which you feel you can move

[BumpinTalon]

if you want businesses to take you even more seriously, it would help to have a few business courses under your belt... a business process course or the entrepeneurship courses offered by U of Lethbridge would be good ones to have.

[2002civic]

^^im pretty sure this kids still in h/s

[Importz]

Originally posted by 2002civic
^^im pretty sure this kids still in h/s

indeed

[Neil4Speed]

Yeah I am in high school right now so the buisness degree might not be very feasable right now, maybe after Eng? lol

I don't mind starting up an actual buisness name etc.

Keep the suggestions coming :-) All imput apprecaited.

[Z_Fan]

If you check out prices on Kiosks, you might just find that they are several thousands of dollars per month in rent, plus a portion of your sales goes to the mall. Plus you will likely be required to sign for a term much longer than you require.

(Depends on mall.)

So, the percentage of your profit will be seriously diminished utilizing that avenue.

You need to triple your costs (IMO). So, you'd be better off marketing these shirts to other stores. If you are confident about your presentation, I wouldn't hesitate whatsoever to sell your product yourself in scenarios where you can easily deal with the individual in charge of purchasing for the store. You secure your profit with each deal, and don't have to spend the time selling to the individual.

If you are a 'one person' team, you can not waste your valuable time selling in a small format retail scenario. You're much better off making fewer large volume sales.

Good luck.

[rockym20]

First of all, markup for this type of product at a retail store is usually 100% or more, so make sure you get your pricing right. It would probably be best to do up a pricing sheet, showing cost/unit, etc. Will you give volume discounts?

Second, how are you going to handle payment? Cash on delivery, give your clients credit, etc.? What's your lead time on shirts? If you talk to someone and they want to order 250 shirts, how long will it take to get it to them? What is your supplier's payment terms? If it is cash up-front, do you have enough cash to cover your orders and get the product to your clients?

Third (and the really big one), is that retail clothing stores purchase in bulk for a season, at tradeshows they attend. So, you may be SOL as far as marketing to any of the larger stores in your market. You might still have a chance with the mom-and-pop type stores. Given your age, you are going to have a major problem with getting anyone to take you seriously.

So you are still in HS...well why not sell the shirts out of the trunk of your car to start out? That way you maximize your profits and don't have to worry about marketing to stores, etc. There are a lot of big companies that started out this way (Roots, for example).

[izzoblitzo]

Would these be LACOSTE shirts? if so... I want some!! hehehe

You have to get a really good business plan going.. like somebody above said.. get all your assurances in order so you know you'll have the goods in stock, and they'll be X amount of dollars per shirt.. blah blah blah.

then you can approach little boutique stores say.. on 17th ave with them.. work with the small stores, and then work your way up eventually... most likely, the bigger stores will have a supplier already.. so you gotta work with a smaller company/store that doesnt have enough credit to work with a big supplier.

[Def_3]

Originally posted by BumpinTalon
if you want businesses to take you even more seriously, it would help to have a few business courses under your belt... a business process course or the entrepeneurship courses offered by U of Lethbridge would be good ones to have.

by no means do you need a business degree to start a company or to be successful, it is beneficial to help you ensure you will succeed

[Def_3]

Originally posted by izzoblitzo
Would these be LACOSTE shirts? if so... I want some!! hehehe

I wasnt gonna say it, but considering your other for sale thread.....I WANT SOME!!!

[Proyecto2000]

Originally posted by rockym20
So you are still in HS...well why not sell the shirts out of the trunk of your car to start out? That way you maximize your profits and don't have to worry about marketing to stores, etc. There are a lot of big companies that started out this way (Roots, for example).

thats not a bad idea except HS kids are cheap

[Neil4Speed]

hahah, well, first and formost, I must thank everyone for their advice, I really appreciate it.

Well, yes, they are Lacoste Shirts ;-). Not to diss the ones that I am selling right now, but, they are without a doubt muuuch better than the ones that are for sale right now. Being a Beyond sponser and selling wouldn't be the worst actually! Just kinda a pain in the ass! I will keep you guys posted.

My plan is to hit up 17th Ave soon and try to find some mom & pop stores. I have no problem paying for these up front, I don't expect any sort of store to give me their credit card etc.

Any more advice would be apprecaited, tahnks for everything guys!

[KAVIE]

All you need is one store Wal-Mart.. the king... the Category killer, probably impossible, but get them on your side and you have made it! LOL

[t-im]

Originally posted by Neil4Speed
hahah, well, first and formost, I must thank everyone for their advice, I really appreciate it.

Well, yes, they are Lacoste Shirts ;-). Not to diss the ones that I am selling right now, but, they are without a doubt muuuch better than the ones that are for sale right now. Being a Beyond sponser and selling wouldn't be the worst actually! Just kinda a pain in the ass! I will keep you guys posted.

My plan is to hit up 17th Ave soon and try to find some mom & pop stores. I have no problem paying for these up front, I don't expect any sort of store to give me their credit card etc.

Any more advice would be apprecaited, tahnks for everything guys!

Hook me up man, i want some Lacoste shirts

haha you could try starting an online store..(ebay store??), or who knows....but ya theres quite a few smaller shops on 17th who i'm sure would be quite interested.