Studies show that 82% The millennial generation still prefers in-store shopping as their main retail channel, including those who shop online. These statistics make it clear that in-store shopping most likely is not going away anytime soon, and opening your own boutique might not be such a bad idea. Are you wondering how to get started? Below are some tips to get you started on your journey.
- Consider the sources of your business funds
Lots new business didn’t make much profit in the first few years; however, they start improving once that phase is over. With this in mind, you may want to consider accessing enough funds to get you through the early stages of your business. In addition to your personal expenses, you may need to budget for your initial deposit to rent space and funds to cover inventory and payroll.
You may additionally need to consider the money you’ll be spending on interior decorating to match your vision and lots of other expenses. After considering all of these factors, you’ll have a fair idea of the total amount you’ll need, and you can then choose the source. This will help you determine whether to take out a business loan, seek help from family or friends, or use your own funds.
However, before you decide to take any particular decision, make sure to consider all possible risks as a guide because business has risks. Also, develop a plan to put the money to good use once you earn it, without running into any losses.
- Decide how to get your fabrics and clothing items
You may need to decide whether you’ll get the product you want directly from the manufacturer or wholesalers and distributors. If you lean more towards the previous, you can go to their website and list the exact products you want to sell. Then you can request a sample of the product, so you can see it up close and feel it.
You can even contact well-known designers you have an interest in working with directly. To make it easier, you can ask other trusted people to vouch for you. That way, high-end designers will feel snug starting to do business with you. You have many options to learn more about different products, manufacturers, wholesalers, and distributors.
You can try an online search with ratings and reviews as your guide, and you can even talk to other boutique owners who are willing to share their sourcing information with you. If the supplier you want is based abroad, which requires you to import product, contact Livingston International, which just so happens 3rd largest customs broker in the country for all of your customs brokerage needs.
Another option is to attend fashion shows and other wholesale trade shows or visit a distributor near you. As time goes on as you progress in business, you may then decide to consider producing your own goods to have some control over quality and be self-sufficient. Until then, make sure to ask for a discount to reduce your business costs.
- Develop your marketing plan
There are many channel for marketing your business, including both traditional and more contemporary ways of marketing. Some of these marketing strategies include print advertising, social media marketing, tv and radio advertising, and blogging. You can even take advantage of various seasons and events like Valentine’s day and Christmas to run promotions and generate more sales. Discounts can lead to significant sales to help you create extra space in your store for fresh goods, too.
As time goes on, please keep track of all of your customers and save their contacts. That way, you can contact them anytime you have new stock and also find out what they’d like to see in your store. Your customers will feel special through constant communication and stay loyal to you while providing referrals.
