Get All Access for $5/mo

I

By Tim Berry Edited by Dan Bova

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.

Editor's Pick

Productivity

6 Habits That Help Successful People Maximize Their Time

There aren't enough hours in the day, but these tips will make them feel slightly more productive.

Growing a Business

The Best Way to Run a Business Meeting

All too often, meetings run longer than they should and fail to keep attendees engaged. Here's how to run a meeting the right way.

Fundraising

Working Remote? These Are the Biggest Dos and Don'ts of Video Conferencing

As more and more businesses go remote, these are ways to be more effective and efficient on conference calls.

Business News

Taylor Swift Just Trolled Ryan Reynolds With a Hilarious Post That Gives a Masterclass in Social Media Promotion

The pop icon endorsed "Deadpool & Wolverine" with a post that provided a great lesson in connection.

Travel

Save Big on Business Travel with Matt's Flights Premium Plan

Access savings and custom travel support with lifetime access to Matt's Flights Premium Plan for Just $79.97.

Franchise

7-Eleven Stores in the U.S. Will Introduce Some Japanese-Inspired Changes. Here's What to Expect.

You'll soon be able to pick up some fresh sushi or a new type of snack at your local 7-Eleven — but the Big Gulp isn't going away.