How to Start a Sunglasses Store Business in 2024
Last Updated: 12/17/2023
How to Start Your Own Sunglasses Business
Sunglasses are a fun, fashionable product that many people are passionate about. If you’ve dreamed of opening your own sunglasses shop, it’s an achievable goal with proper planning and preparation. Here are some tips to get your stylish small business off the ground.
Pick a Business Structure
First, decide how you want to structure your business. Popular options include sole proprietorship, partnership, LLC, or incorporation. An LLC combines tax perks with liability protection, so it’s a common choice. Consult an attorney or accountant to determine the best structure for your needs.
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Make a Business Plan
Creating a detailed business plan is key to map out your strategy and get funding if needed. Include an overview of your company, analysis of competitors, description of your products and services, location details, financial projections, and more. A solid plan proves your concept and helps secure loans.
Select the Right Location
Picking an ideal spot is critical for retail success. Look for high foot traffic areas in shopping districts or malls. Proximity to fashion boutiques helps draw shoppers. Ensure adequate space to display your sunglasses selection and creative branding. Consider lease terms, visibility, parking, and accessibility.
Get Licensed and Permitted
Register your business name and establish any required licenses or permits. Acquire a tax ID number, reseller permit, and local business license. Understand your state’s sales tax policies, especially if selling online. Staying legally compliant from the start avoids headaches.
Stock Stylish Inventory
Curate a well-rounded mix of sunglass styles, lens types, brands, and price points. Carry popular models like aviators, wayfarers, and cat-eye alongside your own designs. Start with core inventory then expand over time. Use organization systems to track stock levels.
Market Your Business
Spread the word about your super cool new sunglasses shop! Share teasers and special offers on social media. Run local ads and offer grand opening promotions. Host fun in-store events to draw customers. Partner with relevant brands for cross-promotion. Ongoing marketing keeps momentum.
Price Products Right
Study competitors’ rates both locally and online so you can price accordingly. Aim for 100–200% markup from your wholesale cost. Offer deals on multi-item purchases and bundles. Avoid devaluing products with discounts that are too deep. Keep prices consistent across channels.
Focus on Customer Service
Make excellent service a priority from day one. Greet everyone warmly, answer questions, and provide recommendations. Keep the store clean, organized, and easy to shop. Train staff to assist customers politely. Listen to feedback and address any concerns quickly. Going above and beyond builds loyalty.
With careful preparation, you can make your sunglasses shop vision a reality. Develop a unique brand identity and stellar selection. Choose a prime spot and spread awareness. Deliver exceptional service and adapt to trends. By following your business plan while staying agile, your stylish store can thrive for years to come!
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Sunglasses Store Financial Forecasts
Startup Expenses
Monthly Operating Expenses
Revenue Forecast
Frequently Asked Questions
If you’re considering opening your own sunglasses store, you probably have some questions about getting started. Here are answers to some of the most common FAQs:
How much inventory should I carry?
When first starting out, it’s smart to rein in your inventory to reduce startup costs. Carry a curated mix of around 50–100 SKUs to test demand before expanding your product selection. Focus on carrying the most popular styles first.
What are the average startup costs?
With licensing, inventory, store furnishings, marketing expenses, and more, plan on budgeting $50,000 — $100,000 to launch your sunglasses shop. This number varies widely though based on your location and other factors.
Should I sell online too?
Creating an online store can greatly expand your reach and sales. Allow online ordering for pickup or delivery. List your products on marketplaces like Amazon and eBay too. Sync your website inventory with in-store stock levels.
How do I set my prices?
Research competitor pricing then aim for a 100% — 200% markup from your wholesale cost when setting retail prices. So if you purchase sunglasses for $10 each, sell them for $20 — $30. Consider your location and target audience when pricing.
What discounts should I offer?
Run occasional sales around peak seasons like summer or holidays. Bundle deals and bulk purchase discounts also incentivize customers. A student or military discount is a nice ten percent off gesture. Just avoid steep discounting that devalues your brand.
How do I spread awareness?
Use social media, local PR, in-store events, partnerships, digital ads, and word-of-mouth to market your new store. Email marketing to an opt-in list can be very powerful too. Activate multiple channels for the best exposure.
