Politics and Business
3 Things to Consider Before Starting a Boutique Business
Studies show that 82% of millennials still prefer in-store shopping as their main retail channel, including those who shop online. These statistics make it clear that in-store shopping may not be fading away any time soon, and opening up your own boutique may not be a bad idea. Are you wondering how to get started? Below are a few tips to help you begin your journey.
- Consider the source of your business funds
Many new businesses don’t make much profit in the first couple of years; however, they begin to pick up after that phase is complete. With this in mind, you may want to consider accessing enough funds to take you through those initial stages of your business. Besides your personal expenditure, you may need to budget for your initial deposit for renting space and funds to cover inventory and salary payments.
You may also need to consider the money you’ll use for interior decorations to match your vision and many other expenses. Upon considering all these factors, you’ll have a fair idea of the total amount you’ll need, and you can then decide on the source. This will help you determine whether you’ll take a business loan, seek assistance from family or friends or go all-in with your own funds.
However, before you decide to settle on any particular decision, be sure to factor in all possible risks for guidance since business comes with risks. Additionally, develop a plan on making good use of the money after getting it, without running into losses.
- Decide on ways to get your fabrics and clothing items
You may need to decide whether you’ll get your desired products directly from manufacturers or wholesalers and distributors. If you happen to lean more towards the former, you can visit their websites and make a list of the specific products you’d want to sell. Then you can ask for samples of these products, so you get to see them up close and have a feel of them.
You can also contact well-known designers that you’re interested in working with directly. To make this easier, you can have another trusted person vouch for you. That way, high-grade designers will be at ease to begin doing business with you. You have many options at your disposal to learn more about various products, manufacturers, wholesalers and distributors.
You can try online searches with ratings and reviews as your guide, and you can also speak with other boutique owners who are willing to share their source information with you. If your desired suppliers are based overseas, which requires you to import products, contact Livingston International, which happens to be the 3rd-largest customs broker in the country for all your customs brokerage needs.
Another option is to attend fashion shows and other wholesale trade shows or visit distributors close to you. With time as you progress in the business, you can then decide to consider producing your own goods to have control over quality and become independent. Until then, be sure to ask for discounts to cut down your business cost.
- Develop your marketing plan
There are many channels for marketing your business, including traditional marketing means and more contemporary ones. Some of these marketing strategies include print ads, social media marketing, tv and radio ads, and blogging. You can also take advantage of different seasons and occasions such as Valentine’s day and Christmas to run promotions and make more sales. Discounts can bring about significant sales to help you create more space in your store for fresh goods as well.
As time goes by, please take note of all your customers and keep their contacts. That way, you can reach out to them whenever you have new stock and also find out what they’d like to see at your store. Your customers will feel special through constant communication and remain loyal to you while giving out referrals.