A boutique shop is a specialty retail store that sells unique and stylish clothing or apparel targeted 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 designs. 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 professional designers.
Clothing Boutique Shop Business Plan for Beginners
Here are the steps to start a profitable clothing boutique shop business:
1. Understand the Market
Market research is the first thing you must do. The apparel industry is a bit crowded. Find out what are products customers are missing. Or a better way you can offer something to them. Boutique stores are more focused on community selling. Decide with what type of clothing items you will open the store.
Evaluate the potential competition in 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.
2. Create a Business Plan
Calculate your startup budget including the cost of the venue, utilities, decoration, inventory, and initial promotional 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.
After getting the business plan, starting a boutique shop attracts some of the operational steps.
3. Make your Clothing Boutique Legal
To make your clothing boutique legally compliant, it is essential to register your business. Talk to a local attorney and select a business structure that suits you best.
In addition, you also need to procure specific licenses and permits required to run a shop business in your locality.
4. Fix Location
Find a convenient location for your store. Like any retail business, location plays a vital role in a boutique business. According to your target demographic select the place carefully. make sure that you can accommodate the parking facility for your customers. Either you can have an individual storefront or you can go for the shop-in-shop option. Check whether the site is worth the rent.
5. Set up the Shop
After securing the place, the next step is the decoration. Equally, pay attention to both the interior and exterior. Ask an interior designer to help you in developing a floor plan. This will help you to get the perfect plan with some trials and errors.
6. Stock Items
According to your plan gather the inventory. In the 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.
7. Price your Clothing Products
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.
8. Hire Manpower
Finding and choosing the right person for your boutique shop is a tough challenge. Concentrate on getting good salespeople. Procure other utilities like a computer and monitor, a point of sale software, a receipt printer, and a cash drawer.
9. Have a Promotional Plan
Create your brand image. In-store branding plays an important role in a 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 advertisements in fashion magazines. Ask your clients to give feedback at your site. Social media is one of the most wonderful places to get connected with your clients. You can also be aware of new products on social media. Starting your website, Facebook page, and Twitter can help you get your name out there even before you open it.
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. The strong brand value will give you sustainable sales in a boutique shop business consistently.
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their business. Our aim is to educate the entrepreneur on the various stages of entrepreneurship.