For example, if you love piling on costume jewelry and scarves when you go out, you might enjoy running an accessories boutique. Be careful about choosing too narrow of a niche. Appeal to as many customers as possible by keeping it more broad. So instead of a store that sells exclusively cat T-shirts, open one that sells a range of quirky tees and tops. You can even sell your own designs if you have dreams of becoming a jewelry or fashion designer.
Think about the kind of customers you want. If you’re selling to college students, find a spot within walking distance of campus, for instance. Keep in mind that trendier, downtown areas will come with much larger price tags. Consider opening in an up-and-coming area that may be slightly cheaper but still have potential. Get a second opinion from a real estate professional. They can provide valuable insight into which areas are the best bang for your buck and which ones to avoid.
For example, if they have a successful social media giveaway campaign, think about making social media a big part of your marketing strategy. If you see comments online ranting about a nearby boutique’s outrageous prices, consider setting yours a little lower. Use their mistakes to make your business better. Studying the competition will also help you understand your target customer. Spend a day browsing your competitors’ stores and analyze the type of people shopping there along with their shopping habits.
The more detailed and granular you get with your plan, the better prepared you’ll be moving forward.
An accountant will also be able to explain what taxes you’ll be responsible for, how different decisions will affect your bottom line, and any accounting issues unique to your industry. Choose a certified public accountant (CPA) who is skilled at generally accepted accounting principles (GAAP).
Having a good credit score of 680 or higher will improve your chances of getting approved. Loans are risky because you’ll have to take on the repayment debt yourself if your boutique fails.
Look for investors online or ask friends and family if they know of anyone. If you’re working with an accountant, they also might have recommendations. Do your research first. Since you’re just starting out, look for smaller, local investors who have been involved in ventures similar to your own in the past.
Consider taking a part-time job to bank a few extra bucks if you have time during the early stages of planning your boutique. You might have to forgo taking a salary for yourself during the first few months of your boutique so having enough savings to live off of is important.
Always run a background check and check a potential employee’s references before extending an offer.
Ask the company you’re ordering from if they have a suggestion. They’ll often have industry knowledge that they’re willing to share with newcomers. Find out if the supplier has a return policy in case you over-order. Err on the side of ordering too much. After all, if you sell out, you’ll be turning away potential customers!
Place your most expensive pieces or the pieces you think will sell best to the right of the entrance. Add a “decompression area” just inside the door as a transition space. It should be inviting, free of clutter, and give customers a chance to survey the entire store. When it comes to furnishings, don’t forget the staples like a cash register and sales counter.
Change up window displays once every 2 weeks to create visual interest and attract new customers. Check your local regulations before adding any permanent structures like awnings or changing the front of the building with paint or other repairs.
Choose an easy-to-remember domain name, preferably using your boutique name. For example, if your earring boutique is named “All Ears,” register your domain as www. allearsboutique. com. You can check if a domain name is available by visiting any domain registry website. Hire a graphic designer or web developer to build your website for you or design it yourself. Make sure your website is mobile-friendly since most people access the internet through their phones or tablets these days.
Twitter is good if you have a younger demographic and YouTube makes sense if you want to post longer-form videos like of fashion shows, events, or tutorials on how to wear your products. Put links to your boutique’s social media accounts on your website and all advertising. For example, a flyer might have the Instagram logo and your handle at the bottom with “Follow us!”.
Don’t be shy. Talk to everyone about your boutique, whether it’s your next-door neighbor or the stranger you meet at a cocktail party. Network, network, network! Say something like, “I’m starting this awesome new boutique that sells super cute yoga apparel. You and your friends from Bikram class should come check it out!” If you have business cards, pass those out when you’re spreading the word of your boutique so people have your contact information.
Other creative advertising ideas include passing out car magnets or window decals, designing online ads, or sponsoring a local event like a charity race or fundraiser.
