Deciding to start your own boutique can be a very exciting moment. However, it can also be a bit intimidating when it comes to figuring out where to begin. The good news is it does not have to be a complicated endeavor. It is small enough that it can be managed by one person and only needs a low amount of capital to start up. Get the information you need here, with these tips for starting your first boutique.
Choose the Type of Boutique You Want To Start
There are generally three different kinds of boutiques. A consignment boutique could be a good choice if you are looking for a very inexpensive start. It operates by stocking other manufacturers’ goods, which will mean no cost for the inventory. This will, however, lessen your profit share. A buy and sell boutique will involve having to make a large investment to buy goods from a distributor at a wholesale price. The benefit is you can sell the products at a higher price, vastly increasing your profit over time. The third option is the franchisee boutique, which will operate under a bigger brand name, selling only that brand. You will also need to invest a large amount of capital for brand and merchandise fees.
Decide on Your Product and Target Audience
One of the most important tips for starting your first boutique is deciding what clothes and products you want to carry and what kind of customer you want to sell them to. It is important to think about the purpose of your boutique. Do a bit of research on what is trending in the current market. Once you have some ideas, choose a specific niche market.
Look for a Good Location
Choosing a good location will have a huge impact on your store’s success. Picking a spot in a busy mall or a well-populated shopping district will guarantee heavier traffic. It will also depend on what you find affordable. Looking into how to find retail space for lease can be a good way to help guide you; that way, you don’t miss any important details to consider.
Pick a Distributor for Your Products
It will be imperative to find a manufacturer that works well for you. This is where knowing your target audience will be important. Look at various manufacturers that are producing products along the lines you have in mind. This will involve some research including asking for samples, pictures, and catalogs. Make sure you are choosing the quality products that your audience expects.
Decide on Your Prices
Choose your pricing wisely. This can lead your store to success or make it struggle easily. Prices need to reflect what your target audience is willing to spend. The amount you mark up your products will depend on the market you have chosen for your boutique. Boutiques generally markup products twice the amount of wholesale.
