How To Setup Your Own Boutique

2019/07/15

Starting a business of your own, of any size, in any sector is no child’s play. It requires serious planning, a lot of effort, time, dedication, discipline and a whole lot of hard word. If you love fashion and the latest trends in the industry, then opening a boutique is the best bet for you.

You are full of questions about how much start up budget you need, how to find suppliers, and how to evaluate their credibility, which is the best place for your retail outlet, where to find the right workforce, and more often than not…how to make a start. Here we are going to give you a guide, to setting up a boutique in simple ways that will help you if you are willing to help your business. Setting up a boutique is one thing…staying focused and being successful is another ball game.

Background Study

Before you even take a step further, study the industry, the latest market trends, what is selling and what is not. Try to get hands on experience for a small duration wherein you can learn before you actually set shop. Try to pick up as many skills as you possibly can in a short span. Everything you learn from customer facing skills, selling skills, current trends, pricing details, etc. will only help you when you set sail.

Your Line of Interest

An important factor is to decide what line of clothing and/or accessories you wish to specialize in. Your options are almost in-exhaustive: sports wear, accessories, formal wear, footwear, business attire, men’s clothing, women’s clothing, children’s clothing, etc. Try not to spread your wings too wide, at least till you are doing good and want to expand your business.

Finances

Your wish to start a boutique looks oh so enticing until you face the hard truth of how much investment you need and from where to get the budget. List out all the factors that attract a fee – licenses, retail space rentals, interiors, staff salary, cost to buy products, etc. Add a cost to each of these items and add a buffer amount. You could meet your financial requirements by taking a bank loan, borrowing from a member of the family or using your savings. Keep in mind, that you don’t expect business from day one. Plan expenses wisely and carefully for the first few months, until you see the fruits of your labor.

Self Made or Vendors

You will have to decide whether you want to make your products yourself or do you want a vendor to supply the products for you. Making the products yourself will mean a lot of dedication, hard work and a very creative mind. While the efforts required are tremendous, the benefits are unmatched. A vendor who can supply at wholesale prices is an immediate solution for a startup, but your margin for profit can only be so much.

Location! Location Location!

The most important factor that decides the success of a boutique is its location. Choose a location that caters to the kind of people you wish to attract. You may think of a mall or a standalone unit, as long as you get the traffic you expect.
While the rentals for premium shopping district shops are high, the returns are proportional. You will have a niche clientele, and your earnings will only grow upwards.

Other Important Factors

    Now you have the right tools and the proper mindset. The rewards are plenty if you can live with long hours, wade your way through a dry season, handle “typical” customers and wear a smile all the time.

    Photo Credit: Thepleatedpoppy.com

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