Open a Boutique
Opening a boutique can be a great investment, as the general public is always on the lookout for new fashions and great deals on existing designer clothes. But there's more to running a successful boutique than having a sharp sense of style and a passion for fashion. You need to maintain your supply lines, reach your customers and price your wares just right to make a profit, as well as manage every other aspect of your business efficiently to maximize your profits. Keep reading for instructions on opening a boutique.
Steps
- Decide what type of boutique you want to open. There are high-end fashion boutiques that sell clothes from top designers, modern fashion boutiques that sell popular brands, and boutiques that sell children's clothes. You can even open a boutique to sell your own designs.
- Evaluate the competition in your area. Find out how many boutiques sell items similar to those you want to sell, what their price ranges are, and how they market themselves.
- Find out if there's a market for a new boutique in your area. This will mainly be determined by the demographics and shopping habits of people who live in the region.
- Draw up a business plan. Make sure you include the costs of your venue, utilities, taxes and business licenses, as well as inventory, business supplies, staff and marketing.
- Visit an accountant to determine the viability of your business plan. Make any necessary adjustments to make it as sound as can be.
- Acquire the investment capital you need to open a boutique. You can either speak to your bank about a small business loan, or speak to private investors about putting up the capital for your start up.
- Find the venue for your boutique. Make sure it's in an area that provides enough traffic to bring sufficient customers to your store.
- Design your boutique and furnish it. Make sure you pay attention to both the exterior and interior of the store to create a comprehensive look.
- Determine which suppliers you want and order your inventory. Even if you're selling your own designs, it's worth extending your selection to include 1 or 2 brand names.
- Interview and hire employees. Make sure they are representative of your boutique's style, as well as friendly and efficient.
- Advertise your fashion boutique online, in print magazines and papers, and on flyers.
- Open your fashion boutique for business.
Tips
- Always keep abreast of each season's fashion trends. Even if you're selling vintage clothing, advising customers on how to get a specific look is key to the success of your store.
Warnings
- Avoid buying too much inventory. It's better to ask a customer to wait for a week while you order that special item for her, than to find yourself selling a large amount of surplus inventory at discount prices.
Things You'll Need
- Business plan
- Furnishings
- Inventory
