The fashion industry is one line of work that will always be in business; however, there are several where to buy clothes to start a boutique. Flexibility in establishing your target consumer is also present in retail clothing, as people of all ages, sizes, and style preferences will always need clothes. If you have a solid background in retail sales and a passion for fashion, you might find lucrative opportunities as a clothing boutique owner.
Business Plan
Your business plan is priority one, as it represents your goals and documents your angle and strategy; essentially your road map to achievement. The business plan should include an executive summary, financial aspects of the company, operational procedures, and future projections for at least five years. You should also include any applicable investor information, details about products and services you intend to offer, and marketing information.
Marketing Plan
A significant amount of competition exists in the retail clothing industry and you’ll need to organize an expansive marketing campaign to execute a successful clothing boutique start-up. Draw up a detailed account of what marketing and advertising techniques you plan to use.
This may include Internet marketing techniques, such as article, email, and pay-per-click marketing, using social media tools or old-fashioned TV and radio ads. Even marketing methods as simple as flier distribution and in-store specials should be included in your marketing plan.
Requirements
Clothing boutique owners estimate the cost of starting a clothing store to be anywhere from $50,000 to $150,000. Of course, the actual amount may vary by location, products, and individual facility. In any scenario, you’ll need a sufficient amount of financing to bankroll your business plan. To calculate your individual capital needs, take into account the number of funds needed to satisfy your inventory, payroll, lease, insurance, and equipment.
Find the Inventory
Your inventory should reflect current fashion trends and include brand names that are in popular demand. Research styles and designs that appeal to your target consumer. Research wholesalers and clothing designers that meet with your consumer demands and fit your initial budget plan. Attend trade shows to find up-and-coming garment designs and secure discount prices. You’ll also need a variety of sizes to accommodate your clientele.
Supplies, Materials, and Equipment
Boutique start-ups require a considerable amount of initial supply, material, and equipment purchases. On the bright side – unlike inventory purchases and payroll – many of these expenses are one-time-only. To open your clothing boutique, you’ll need the appropriate amounts of hangers, mannequins, window dressing materials, jewelry and accessory cases, and item showcase structures. You’ll also need office and sales equipment, like computers, telephones, office furniture, cash registers, and POS systems.
Set Up a Merchant Account
If you are planning to engage in Internet retailing and eCommerce activities, a merchant account is essential. In fact, in today’s world of credit and debit cards where cash is almost obsolete, a merchant services account is almost always required to process credit card sales on-site and complete online transactions. Many consumers prefer to pay with “plastic” and accepting all major credit and debit cards can be imperative to your boutique’s earning potential.
Hire Qualified Staff
To efficiently operate a boutique, you need at least one experienced and qualified salesperson to help your customers. In fact, depending on the size of your boutique and the volume of consumer traffic, you may even need a few of them. Be selective about who you hire. Preference should be given to applicants with extensive backgrounds in retail and fashion.
