Creative Steps To Starting Your Fashion Boutique
Opening a boutique selling unique fashion pieces may be a dream for many fashion-conscious entrepreneurs.
Owning your own business, if profitable, gives the freedom of standing on one’s own feet, along with the joy of doing what one truly loves to do.
Running a fashion boutique is no different. Like any other business, however, it takes a lot of hard work to get up and running.
Here are some steps to follow, from finding your business, shop fitout design to marketing your business- this simple guide should help any budding fashion entrepreneur enter into the world of selling their own goods.
Decide on the type of boutique you want to open
There are two main ways to sell clothing: Buy and Sell, and Franchisee boutique.
Buy and Sell Boutiques buy goods at wholesale prices from manufacturers and distributors, selling them at a marked up price for customers.
This type of boutiques generally makes a much higher profit but will require a higher investment initially to buy the merchandise.
The Franchisee Boutique is operated under a larger brand name, exclusively selling that brand. In order to run this type of boutique, a yearly franchise fee will need to be paid to the parent company, which gives them the right to use their brand name, logo, and to sell their products.
Understanding the business
It is important to gain an understanding of business management, and in fashion in particular.
Make sure to be knowledgeable about how to run a successful business, in addition to understanding the latest trends for the area in which the store will be operated.
Having the correct level of understanding will mean not having to rely on others for success.
Make potential customers a part of the business plan
Starting a boutique requires a lot of initial investment, and understanding the target market of potential customers will make the business as profitable as possible.
Understand the demographic of the local area to gain a greater understanding of their wants and needs for a fashion retailer. Having a high-priced designer boutique in an area with a high unemployment rate may not be the wisest place to set up home for a business.
Do some research and begin to identify where a new business could bring something different to a local area that addresses need at the same time.It will be impossible to please everybody, so that should not be the aim. Try to stay loyal to the company’s aim without reinventing the wheel – after all, some places are worth making the trip for a reason.
Think: Location
Where the boutique is situated will impact on its overall success due to the reasons stated above.
Deciding on a location will not only require research into the area it will be based in, but the type of retail unit required for the store. It is arguably one of the biggest factors in its success, so it will take careful consideration.
A franchisee boutique with an already popular brand could be located almost anywhere in a town and still manage to be profitable. However, independent boutiques may require a higher-priced unit to reach a certain level of footfall.
