In this episode Nache and Astral discuss the advantages and disadvantages of starting a fashion truck, brick & mortar store or an online store.
IN THIS EPISODE YOU WILL FIND OUT ABOUT:
Below you’re find some of the topics we discussed. This isn’t an exhaustive list of everything you need to think about, but it will provide you with a starting point. Be sure to do your own research and then decide what makes sense for you.
Fashion Truck: Still new to society and may take some time for people to understand what you’re doing.
Brick and Mortar: People will take you more seriously by having a physical store becuase they are more familiar with it.
Online: Takes a while to build credibility.
Fashion Truck: 5-50k
Brick and Mortar: 15-50k
Online: Under 1k (depends on if you self host or not)
Fashion Truck: Depending on location and initial start up cost, you might be able to make profit in year one.
Brick and Mortar: Not a huge profit generator (initially). You have to pay for staff, rent, insurance and product.
Online: Quickest way to gain profit becuase start up cost is so low.
Fashion Truck: Research the laws in your city so you know what licenses to get and where to park. May be more difficult in cities that have no or only a few fashion trucks.
Brick and Mortar: Lots of paper work must get business licenses and other relevant legal matters taken care of.
Online: Need to have at the very least terms and agreement page and a policy page.
Fashion Truck: Mobile – Can travel to various events and locations. You can also make your own hours.
Brick and Mortar: Stationary – Customers will have an expectation of days and hours open.
Online: No geographic boundaries.
Fashion Truck: Most likely will have to close. Sales will be effected.
Brick and Mortar: May have to close for severe weather, but you are expected to come in for mild weather. Sales will be effected.
Online: Store can still run, but shipping may be effected.
Fashion Truck: Make your own hours.
Brick and Mortar: Set store hours.
Online: Always open. You can make money while you sleep.
Fashion Truck: No shipping – buy an item and bring it home immediately.
Brick and Mortar: No shipping – buy an item and bring it home immediately.
Online: Yes, could deter customers.
For all of them you will have to determine your policy.
Fashion Truck: Trickier since you’re mobile.
Brick and Mortar: Easier becuase people have a set location to go back to.
Online: Costlier becuase the customer or you have to pay for return shipping depending on your policy. Things also might get damaged in transit.
Support Local Merchants
Fashion Truck: Yes
Brick and Mortar: Yes
Fashion Truck: Can hire help when needed, but not required.
Brick and Mortar: In most cases you will need a staff.
Online: Can hire help when needed, but not required.
Fashion Truck: Location based marketing; have to make sure people know where to find you.
Brick and Mortar: Location based marketing; have to make sure people know where to find you.
Online: Have to find niche market in the country you reside.
Merchant Stores (big box)
Fashion Truck: Make sure you don’t sell similar items. Have the ability to cover areas that don’t have big box stores or malls.
Brick and Mortar: Could come to your location and force you out of business.
Online: Be mindful of the products you carry and price; Amazon will eat you alive.
Fashion Truck: Have to work to get media expose and to grow your following.
Brick and Mortar: Having a storefront you may have consistent foot traffic depending on location.
Online: Have to work to get media expose and to grow your following.
Fashion Truck: May pose a challenge to handicapped individuals.
Brick and Mortar: Make sure your store is set up for handicapped individuals.
Online: Easier for some handicapped individuals to shop, make sure your site is accessible.
ASK FFT (Leave us a voice-recorded question and we will answer it on the next episode)
FIND A FASHION TRUCK:
Web: Find A Fashion Truck
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