Starting a boutique is a desire of countless of us. However, the more important part is how to start a boutique business?
Moreover, we want to endure the joy of owning a business and making our name in the community.
There are two ways
Starting a boutique costs at least rs. 2 lacs - rs. 5 lacs as it depends on the scale of the boutique and the quality of clothes.
A boutique store can sell trendy and designer clothes, a variety of fabrics, customized dresses and accessories.
In other words, a boutique can be a little shop or a huge showroom retailing fashionable dresses.
On the contrary, it is simple to get started, smoothly handled by one person, demands a pretty small sum of money, to begin with.
Things to plan before starting a boutique
Determine why you want to start a boutique business and what you will provide. Most importantly, you will need to understand what level of colors is currently attracting the demand.
Firstly, you are in this market to earn a profit. Secondly, without gaining interest from your investment your business cannot survive. In other words, always think of profit and reduction
Find out the shoppers who are interested to purchase your clothes moreover, ready to pay the price. Most importantly, determine what your customers want secondly, what is the trend these days and finally what is the rough amount they are ready to pay. You can conduct a market survey to learn about the latest demands and pricing policy.
Most importantly, learn what your expenses will be for instance rent for space (including security deposit), inventory, interior, the salary of employees, other expenses.
It is not obvious to turn a profit in the first few months therefore have enough funds to run a business and bear your expense for a year. Most importantly, you have to give your business a chance to make its name in the market. List of sources for funding your boutique:
It is one of the most important factors in determining the success of your store. On one hand boutique in a suburban area will have less rent and consequently fewer shoppers, on the other hand, a boutique located in the main market will have more buyers and accordingly will be more expensive moreover the success rate will be higher.
Firstly, always choose the good quality of materials to maintain reliability with your clients. Secondly, shortlist the manufacturer and wholesalers then ask for a catalogue. Next, verify the quality of the product and finally negotiate the budget according to your quantity. Also choose name ideas for clothing store or boutique accordingly.
Now, the important question is how to find suppliers. Below is a list of few suppliers:
Decide on the price your shopper is willing to pay and give you the best value. If you want to make a profit you will have to have enough margin on every selling price.
The interior of a store is the first thing that attracts a customer. The colors, ambiance, bright lights, storage layout and storefront play an important role in the buying decision. Search designs on the internet, visit popular stores, create a concept board and finalize the store design. For instance, you can make it spacious for your shopper to walk around to see clothes or you can present them yourself. Mannequins as well attractively show your collection. Most importantly, you should have a fitting room surrounded by mirrors. Similarly, you need a break room for your employees to rest and have food.
Record-keeping must be well assigned. Hire professional to manage your tax and accounts. Most importantly, buy accounting software to record the transactions without any error. Keep all the contact information of your shoppers and always inform them of the sale events and discounts in your store. Above all, pre-plan your refund policy and keep it transparent to your customers.
Firstly, decide on a unique name for your boutique and register it. Secondly, open a current account for your boutique that allows credit/debit transactions. Thirdly, have documents with company ownership and other details such as business license, tax,tax, shop act if its a shop, business insurance. If you want your boutique to have an identity and goodwill, you should go for trademark registration online.
You can start without any employees as many businesses start hiring after they make a profit but eventually you will need someone to manage the cash, cleaning and other stuff so always have a backup. After that, make sure the employees follow all the rules of your store. Do not compromise any policies as if the owner is violating the rules, he expects the employees to break those too.
Run promotional events at the festival and do small sales every month. Use marketing tactics such as TV, newspaper ads, instagram, facebook to promote your business.
You'll need a computer, some trendy furniture, good lighting, credit card machine, an inventory management software for barcodes (optional), telephone, printed stationery like bills and receipts, hangers (preferably wooden), mannequins, carry bags, labels for clothes, CCTV camera for security.
If you are taking a bank loan it is important to have a business plan to convince the officials that you will make it a success. You also need to register your boutique business. You'll need a GST registration. If you are starting small register a sole proprietorship. If you are starting big register a company.
Spread the word about the opening through friends, family and relatives. Also, post on social media and advertise in the newspaper about the inaugural ceremony of your boutique
Boutique businesses need creativity and a sense of patience to develop based on the quality of work they produce. In this article we try to cover most of the basics on how to start a boutique business. You can also check name ideas for clothing store.