So, what does this have to do with opening a boutique? Mostly it's about defining a destination. The first actual step in opening a boutique is desire. Many of us work a weekly job, full time in and full time out under the direction of someone else. For some people it's not a lifestyle they prefer, but one that pays the bills. Sooner or later many people hit on the idea that it would be great to run their own business, which would still provide financial security, but would give them the flexibility to live their lives to the fullest while still pulling in a pay check, and even doing work that they love. With a strong market demand and fairly straight forward methods of operation boutique ownership appeals to many and creates that opportunity to get out of a dead-end job and start doing something you love.
Once you've made
the decision to start a boutique there are many initial questions that you may
be asking yourself on how to begin.
Taken all at once these questions can be overwhelming, enough so that
many people return to their jobs and just dream about what they could have done
instead of venturing onward. Instead of
giving up take the time to sit down and write down your questions. This way you can decide which aspects are
most important and focus on those first.
These may be questions such as:
1. What kind of
boutique do I want to run?
2. What will I sell
and where will I get it?
3. Where will I
locate my boutique?
4. How will I
finance my boutique?
5. How will I get
customers?
These five are some
of the biggest questions and the ones that will be discussed here.
What kind of boutique?
This is one of the
most important questions to answer as it will determine the answers or at least
the right direction to look for answers for the other questions. In order for a boutique to be successful it
needs to fill a niche in the community where it is being opened. This does not mean that it has to be the
strangest idea that you can think of, but that you need to take a moment and
look around the area where you are thinking of starting your boutique. What kinds of shops already exist there? What is missing? Your niche is in that space of what is
missing where you will provide the best customer service and prices for what
you choose to sell. For example, there
may be many clothing stores in your area, but nothing specifically for
teenagers interested in reasonably priced hip hop clothing. This is a niche you can fill.
Once you determine
your niche write it down on a piece of paper.
This will be the start of your business plan.
What will I sell?
Having determined
the niche you wish to fill it make take a little research to decide what
inventory belongs in that niche. Check
out websites and, if possible, talk to some of your potential customer base and
see what items they are looking for. In
our Hip Hop example some of the items might be the following:
Nike Air Jordan
shoes
Fleece Hoodies
Military style
jackets
Multi pocketed jeans
Multi finger rings
Head rags or
bandanas
You may not choose
to carry everything that goes on this initial list but it will give you an idea
of what you are looking for.
Where do I get it?
There are many
options for where you will acquire your inventory. You will need to research your local
wholesalers and manufacturers to see what they carry that you can invest
in. As well in most major cities there
are markets that are designed to bring together manufacturers and small
business owners. A little research will
help you determine what cities near you have such markets and when they are
open. Cities like Los Angeles may have
consistently open markets while other cities may only have a specific weeklong
show. Get on the lists for these shows
and attend. While you are at the show
take your time to make sure you've looked over all the possibilities at that
show before you put in orders and begin to acquire your beginning inventory. Think about colours and cuts that you want
and order in appropriate quantities.
Most manufacturers will require that you buy at least four pieces in any
given style per colour. Do not buy more
than this as it will be too much for an opening shop and keep your options
simple the first time out. You want to
have a full boutique, but not break the bank on your first shopping trip.
Where to put your boutique?
When deciding where
to locate your boutique you will want to consider several things. First of all, you will need to decide if you
want your boutique in a mall or a shopping centre. A mall guarantees a certain amount of traffic
because of the location, but also requires that you work within the rules of
the mall including hours of operation, pricing and possibly shop design. A shopping centre gives you more flexibility
but requires more work in advertising to drive business to your store. If you want to be in a mall you will need to
contact the mall in question and get from them leasing information and mall
requirements. The same is true in the
case of a shopping centre, but you will be inquiring of the Landlord for lease
information. It takes approximately
30-90 days to prepare a shop for opening so you will want to negotiate for at
least 30 days of
Disclaimer:
This article is presented solely as an example and is not meant to replace
qualified financial advice. If you or someone you know require up to date
financial or legal help, seek qualified assistance. No content on this site
should ever be used as a substitute for direct legal counsel from your lawyer
or a qualified attorney.
Comments