How to Start a Big and Tall Store

Start a Big and Tall Store by following these 10 steps:

1. Plan your Big and Tall Store
2. Form your Big and Tall Store into a Legal Entity
3. Register your Big and Tall Store for Taxes
4. Open a Business Bank Account & Credit Card
5. Set up Accounting for your Big and Tall Store
6. Get the Necessary Permits & Licenses for your Big and Tall Store
7. Get Big and Tall Store Insurance
8. Define your Big and Tall Store Brand
9. Create your Big and Tall Store Website
10. Set up your Business Phone System

We have put together this simple guide to starting your Big and Tall Store. These steps will ensure that your new business is well planned out, registered properly and legally compliant.

Exploring your options? Check out other small business ideas.

STEP 1: Plan your business

A clear plan is essential for success as an entrepreneur. It will help you map out the specifics of your business and discover some unknowns. A few important topics to consider are:

• What will you name your business?
• What are the startup and ongoing costs?
• Who is your target market?
• How much can you charge customers?

Luckily we have done a lot of this research for you.

What will you name your business?

Choosing the right name is very important. Read our detailed guide on how to name your business. We recommend checking if the business name you choose is available as a web domain and securing it early so no one else can take it.

What are the costs involved in opening a Big and Tall Store?

Opening any form of retail store takes some initial investments to get going. Once established, operating costs will recede. Here are some costs to keep in mind:

• You’ll need to establish your business either as an LLC or other corporate entity. You’ll also need to pay any licensing and operational costs through state and local governments.
• Business insurance, both for you and your employees, is also necessary.
• Factor in the rent or mortgage for your storefront as well. You’ll need to include money for a store build-out, which includes racks and shelving for clothes, displays, a register counter, and business office space in the back.

What are the ongoing expenses for a Big and Tall Store?

Ongoing expenses often include rent, insurance, utilities, phone/internet, and merchandise stocking costs. Employee salaries and advertising will also factor into your monthly bills.

Who is the target market?

Your target market is men and women proportionately larger than standard clothing measurements, often within the 35-65 age range.

How does a Big and Tall Store make money?

Big and tall stores make their money from the sales of clothing to their customers.

How much can you charge customers?

Most retail markup is around 50%. You may have to price some items higher if they’re harder to procure. Most clients are primarily looking for clothes which accentuate their positives. Pricing will sometimes play second fiddle.

How much profit can a Big and Tall Store make?

A big and tall store, with a steady clientele, can earn $50,000 to $75,000 annually, depending on your market.

How can you make your business more profitable?

Consider big and tall young adults. These consumers are often underrepresented.

Also, consider clothing for sports, such as golf or tennis since these niche markets can be underrepresented in your area.

STEP 2: Form a legal entity

The most common business structure types are the sole proprietorship, partnership, limited liability company (LLC), and corporation.

Establishing a legal business entity such as an LLC or corporation protects you from being held personally liable if your Big and Tall Store is sued.

You can form an LLC yourself and pay only the minimal state LLC costs or hire one of the Best LLC Services for a small, additional fee.

STEP 3: Register for taxes

You will need to register for a variety of state and federal taxes before you can open for business.

In order to register for taxes you will need to apply for an EIN. It's really easy and free!

There are specific state taxes that might apply to your business. Learn more about state sales tax and franchise taxes in our state sales tax guides.

STEP 4: Open a business bank account & credit card

Using dedicated business banking and credit accounts is essential for personal asset protection.

When your personal and business accounts are mixed, your personal assets (your home, car, and other valuables) are at risk in the event your business is sued. In business law, this is referred to as piercing your corporate veil.

Open a business bank account

Besides being a requirement when applying for business loans, opening a business bank account:

• Separates your personal assets from your company's assets, which is necessary for personal asset protection.
• Makes accounting and tax filing easier.

Get a business credit card

Getting a business credit card helps you:

• Separate personal and business expenses by putting your business' expenses all in one place.
• Build your company's credit history, which can be useful to raise money later on.

STEP 5: Set up business accounting

Recording your various expenses and sources of income is critical to understanding the financial performance of your business. Keeping accurate and detailed accounts also greatly simplifies your annual tax filing.

Make LLC accounting easy with our LLC Expenses Cheat Sheet.

STEP 6: Obtain necessary permits and licenses

Failure to acquire necessary permits and licenses can result in hefty fines, or even cause your business to be shut down.

STEP 7: Get business insurance

Just as with licenses and permits, your business needs insurance in order to operate safely and lawfully. Business Insurance protects your company’s financial wellbeing in the event of a covered loss.

There are several types of insurance policies created for different types of businesses with different risks. If you’re unsure of the types of risks that your business may face, begin with General Liability Insurance. This is the most common coverage that small businesses need, so it’s a great place to start for your business.

Another notable insurance policy that many businesses need is Workers’ Compensation Insurance. If your business will have employees, it’s a good chance that your state will require you to carry Workers' Compensation Coverage.

Is this Business Right For You?

Individuals with experience in retail, especially with clothing, are good fits for this business. You should also possess general knowledge of running a small business.

What happens during a typical day at a Big and Tall Store?

Since many of your customers come to you for the majority of their clothing, most days revolve around catering to the specific clientele of a big and tall store. Some days you will be focusing on measuring clients, creating special orders, sending items to be tailored, or finding vendors who specialize in big and tall items.

What are some skills and experiences that will help you build a successful Big and Tall Store?

Customers shopping in big and tall stores understand that their proportions are not average. Many embrace this, but some may be less than thrilled. One of your biggest jobs is to assist customers by making them feel comfortable, both in the clothes and with the shopping experience. Learn to talk to and listen to what your customers are asking for.

If you are a big and tall person yourself, your own experiences will translate well to what your customers need. Think about how you would want someone to present options to you. Your thoughts on style and flattering fits should translate to your customer service.

It’s also important to understand retail business plans and create a business model. Business management helps startups become successful, long-term businesses.

What is the growth potential for a Big and Tall Store?

Big and tall stores have a niche. There will always be people who need specialty fit clothing, so there will always be a need for the store. Make sure you don’t have too much competition, and create relationships with your customers so that your growth potential is significant.