Starting a new business can be fun and exciting, but can also be overwhelming at times. Use these step by step instructions to keep everything organized in your plan. If you follow some simple guidelines, do your research and take advice from experienced business owners, you can start up your own boutique and avoid many of the pitfalls that others fall into.
If you’ve decided to start a boutique, you probably already have the style in mind. Research your competitors to figure out what need you can fill and what makes you unique. Use these points to advertise, design around, and order your merchandise. Make your uniqueness known to your customers so that you can maintain your competitive edge. Research prices, lighting, sound levels, unique pieces and other details to make sure that your boutique stands out like a rare jewel in the marketplace.
Most boutiques need a loan around $100,000 to get started. If you are taking out a loan from the bank, your business plan will have to be very precise and convincing to get the money that you need. Don’t skip this step. You need to meet with a consultant to make sure your business plan rock solid before you ever step foot in the bank. If you don’t get the money that you need, consider starting an online boutique to raise the money to open your store. Raise awareness of your products using social networks. You can sell your items on auction sites as well as on your own site. Be creative in raising the money that you need!
Take care of the small things that you need to do.. Before you can have fun merchandising, setting up displays and decorating, you have to make sure that you have all the necessary permits to conduct business. Set up your business as a limited liability company, a corporation, a partnership or a sole proprietorship. If you are the only owner, then a limited liability company can be the most flexible option for you. Essentially, you are liable for the value of the business and are not responsible for huge claims. In a sole proprietorship, you are accepting personal responsibility for the business. If you form a corporation, then you have investors and management who are all responsible for the business losses or gains.
Keep track of your money and other finances. There are a number of programs for boutiques to keep track of inventory, sales, payroll and taxes. Choose one that works for you and helps you to easily keep up with your finances. If you are starting a consignment boutique, use software that keeps track of who owns what article of clothing, dates, sale prices, amounts agreed upon and more.
Decorate with your own personal style in mind. Use interesting garment racks, window displays and art to set yourself apart from your competitors. Have fun, be diligent, make smart choices and you will be on your way to running a successful boutique.