A boutique shop is a speciality retail store that sells unique and stylish clothing or apparels targetted at a niche market. A fashion boutique store is a very profitable investment opportunity. With strategic planning and retail expertise, you can start this business with moderate capital investment. Most of the boutique owners sell their own design. You can also accommodate some of the popular brands with your clothing line. Compared to a retail store, a boutique is a small retail having less variety of items. Opening a boutique shop is a wonderful opportunity for the professional designers.
Boutique Shop Business Plan
Market research is the first thing you must do. The apparel industry is bit crowded. Find out what are the products customers are missing. Or a better way you can offer something to them. Boutique stores are more focused on the community selling. Decide with what type of clothing items you will open the store. Evaluate the potential competition of your area. What are the other boutiques are operating with the same product line? What is their pricing strategy? How they promote etc. Determine how much space you need. A lot of thoughtful planning is required in starting this business. Calculate your startup budget including the cost of the venue, utilities, decoration, inventory and initial promotial budget. A detailed business plan will help you in getting finance from the bank or any other investors. Talk to a small business consultant about the licensing part of the retail business of your area. Choose a simple and memorable ‘Name’ and ‘logo’ of your brand that relates to the store’s design and style.
Starting A Boutique Shop
After getting the business plan, starting a boutique shop attract some of the operational steps.
Find a convenient location of your store. As any retail business, location plays the vital role in boutique business. According to your target demographic select the place carefully. make sure that you can accommodate parking facility for your customers. Either you can have an individual storefront or you can go for shop-in-shop option. Check whether the site is worth the rent.
After securing the place, next step is the decoration. Equally, pay attention to interior and exterior both. Ask an interior designer to help you in developing a floor plan. This will help you to get the perfect plan with some of trial and errors.
According to your plan gather the inventory. In boutique shop business, having a great product is the essential foundation of a great business. Price negotiation comes here. According to your plan procure the items. If you want to sell your own product, make sure that you have sufficient stocks.
Price your products carefully. In a boutique shop, the price is not only a reference to the nominal amount of money being charged for a product. It can also refer to the “value equation” that the brand creates in a consumer’s mind.
Finding and choosing the right person for your boutique shop is a tough challenge. Concentrate on getting good sales people. Procure other utilities like a computer and monitor, a point of sale software, a receipt printer and a cash drawer.
Promote Your Boutique Shop
Create your brand image. In store branding plays an important role in boutique business. Before marketing your brand, it is crucial to define what it is — and what it isn’t. In the most simple form, brands should think about key descriptions of any design or aesthetic features, define their pricing or market segments, and identify exactly who their customer is, factoring in elements like gender, age, geography, interests and anything else that helps describe their lifestyle and preferences.
Regardless of whether you sell online or offline, it’s important for every brand to have a website. This may only require a small investment of time and money, but will be a crucial way to capture the traffic that you generate when you create interest in your brand. Think of your website as the first window into your brand and your world. You can go for a soft launch before a physical opening.
Publish advertisement on fashion magazines. Ask your clients to give feedbacks at your site. Social media is one of the most wonderful places to get connected with your clients. You can also aware them about new products on social media. Starting your website, Facebook page, and Twitter can help you get your name out there even before you open. No matter which social media platform(s) you decide to use, choose carefully and make sure you have the resources to keep your accounts active and engage your followers. In today’s Internet-era consumers have more power than ever before and interact with the brands they deem worthy of their time via a number of new channels. A strong brand value will give you sustainable sale in boutique shop business consistently.