Fashion Boutique Business is among the top lucrative business anyone who wants financial freedom can do. You don’t need a certificate before you can delve into this business. The only thing required is your passion, finance and a detailed business plan. With all that in place, you’ll be heading directly to wealth.
I have written two articles so far on fashion business. The first was “How To start an online sewing business” and “How To Start A Fashion Business ” This means that if you’re in the fashion industry, setting up a boutique is an added benefit and a must do in other to attain the pinnacle.
Currently, fashion is always in the news. As of the time of writing this article, Gucci label is making waves that I’m considering getting my own Gucci product. Lots of fashion designers, especially in Aba are making a fortune from Gucci.. All they need to do is get a Gucci label and sow it into any product of their choice. A friend of mine, who’s into footwear making have been making money just by incorporating Gucci labels on them.
Starting a fashion boutique business where you can display your fashion wears for sale should be the dream of everyone who’s in the fashion business. In this article, I’m going to guide you on how to begin. Fashion Boutique Business is a profitable business if done well.
THINGS TO CONSIDER BEFORE STARTING A FASHION BOUTIQUE BUSINESS
1. HAVE A BUSINESS PLAN
This is the first step when trying to establish a successful startup, no matter how small or big.. As a prospective business owner, you have to draw a detailed business plan or perhaps, hire a professional who can. Conducting a fashion boutique business feasibility study is also a must do cause it will help you draw a better business plan.
2. BOUTIQUE LOCATION
Boutique business is a location base business. Not situating your business on a good location will drastically affect sales, even to the extent of frustrating you as an entrepreneur. Before you settle down for that location, make sure the roads are accessible. Make sure there’s human traffic. The best place for this type of business is an open busy place.
3. CHOOSE A BRAND NAME
What would you like your boutique to bear as a name? When considering a name for your boutique, make sure it’s simple, catchy and memorable. Make sure it speaks about your business. It could be abstract or a coined word. You can also consider having your business registered under the Corporate Affairs Commission (CAC)
4. STAY UPDATED WITH TRENDS
In the fashion industry, you have to be ahead to really make it. If you can’t be ahead, at least be current with fashion trends. Currently, anyone will buy a wear as long as there’s a Gucci label on it, irrespective of the price. It’s no longer news that the demand for Gucci products is high. Stay updated, stock up your boutique with the latest wears and you won’t have problem making profits.
5. YOUR NICHE
What kind of wears will you be dealing with? Which market demography would you like to satisfy? You can decide to deal on Top Designer Wears which can cost a hand and a leg. Such a business will need to be situated in a location of high-profile individuals. You can also consider dealing only on children or ladies’ wears. Which ever one you’re going for, make sure you conduct a feasibility study to know if it fits your budget. Also, it will be nice to sell bags, shoes, watches etc as accessories.
TIPS TO EXCEL IN FASHION BOUTIQUE BUSINESS
1. If you’re a woman, it will be best if you deal on men’s wears. According to research, the opposite sex have a high chance of coming to an agreement in business than same-sex. If you’re man, then sell women’s wears. I could remember the last time I went to a boutique, to get myself a Jean. The man was impatient and totally uncomfortable. He was in a hurry to take my money without proper negotiation. I had to leave immediately. If it had been a woman, surely he will be more relaxed, even serve her a coke.
2. No mater how happens, never sell on credit. Mr. Credit is dead and have been long-buried. Even if the order is from your family and friends, let them know that Mr. Credit is dead. The fall of business begins when we sell goods on credit, expecting payment on an uncertain date. This has made lots of business to go bankrupt.
3. The last tip here is having a good customer service. If you treat your customers badly, chances are that they will never come back again. For someone like me, I will move over to the next shop immediately without wasting a time. It’s my money and I’m the boss.
Fashion boutique business is a profitable business. Many believe that it’s saturated, but it isn’t. If you can come out different, if you can stand out from your competitors, you’ll surely make it. Have an awesome looking shop, have a good customer service and the sky will be your starting point. Don’t forget to share using the buttons below.