📺 Stream EntrepreneurTV for Free 📺

I

By Tim Berry Edited by Dan Bova

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

You're going to have to do a lot of educated guessing because there's no hard and fast source for this kind of information. I searched around and found patches of information here and there, like for example that Forrester Research said Americans spent $18.3 billion online for apparel, accessories and footwear in 2006, and Forrester was expecting that to go to $22.1 billion in 2007. That came from a google search for "online clothing sales statistics."

You might also try to find out how much sales online are for some of the major publicly traded companies, like Gap for example, and see if you can find out how much they've grown.

You're going to end up finding related pieces of information and trying to put them together. And remember that what you're really interested in isn't just general market statistics, but a realistic way to estimate how much traffic your online site can attract and how much of that traffic will buy something. You're not going to find that in general market statistics.

Make sure to study successful online clothing businesses. Read their blogs, if they have them. Try to find out what makes them go. How much traffic do they get, and how do they generate traffic? How big are their sales?

I searched around and found http://www.plunkettresearch.com, which seems to do statistics and trends on the apparel industry in general, but nothing specifically online.

For more on methods and how to gather this kind of information, try the "Know Your Market" chapter at the (free online) www.hurdlebook.com; and the Supporting Information section of my plan-as-you-go book, which is also free online.

Tim Berry

Entrepreneur, Business Planner and Angel Investor

Tim Berry is the chairman of Eugene, Ore.-Palo Alto Software, which produces business-planning software. He founded Bplans.com and wrote The Plan-As-You-Go Business Plan, published by Entrepreneur Press. Berry is also a co-founder of HavePresence.com, a leader in a local angel-investment group and a judge of international business-plan competitions.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Side Hustle

These Coworkers-Turned-Friends Started a Side Hustle on Amazon — Now It's a 'Full Hustle' Earning Over $20 Million a Year: 'Jump in With Both Feet'

Achal Patel and Russell Gong met at a large consulting firm and "bonded over a shared vision to create a mission-led company."

Productivity

Want to Be More Productive? Here's How Google Executives Structure Their Schedules

These five tactics from inside Google will help you focus and protect your time.

Business News

These Are the 10 Most Profitable Cities for Airbnb Hosts, According to a New Report

Here's where Airbnb property owners and hosts are making the most money.

Side Hustle

How to Turn Your Hobby Into a Successful Business

A hobby, interest or charity project can turn into a money-making business if you know the right steps to take.

Business Ideas

63 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Starting a Business

This Couple Turned Their Startup Into a $150 Million Food Delivery Company. Here's What They Did Early On to Make It Happen.

Selling only online to your customers has many perks. But the founders of Little Spoon want you to know four things if you want to see accelerated growth.