These days boutiques are a dime a dozen, tomorrow morning you may get up and walk down the street and there is a new boutique launching or you surf the internet not to mention socials, there is always a new boutique. This is because the easiest way to make money is to buy and sell products. Now if you can supply what is in demand then honey you hit the jackpot. Now to be successful in this buying and selling business, here are a few things I would recommend when starting.
- Figure out your NICHE: that is figure out what market you want to go into, figure out if you want to sell lashes, hair extensions, accessories, clothing or shoes. This will prevent you from buying unnecessary inventory that you will get stuck with, unable to truly market or end up confusing your perspective audience, cause honey to this day I still have items from almost 4 years ago because I started abruptly and did not fine tune what I wanted to sell.
- Do your market research: look for your target audience and see if you can solve a problem they have with the product you are selling. See what gaps your potential competitors have left and close that gap with your specific product. An example of this is starting a store for Plus Size Women, selling clothing from bras, underwear to outerwear. Now that was a gap left by most boutiques and you can now fill that gap. This way you have positioned yourself to start making money.
- Planning: this is where you figure out what it takes to start your business; your capital/funding, your business name and registration, your budget for the start up. Your marketing plan, your location, your pricing structure, if you want to be online only or brick and mortar, quite possibly both, if you will need employees, your launch date.
- Sourcing of Products: One key aspect of staying in business is having a consistent source of supplies, this way you can meet the demand of your customers. Whether its raw materials for handmade items or already made items for resell, you need to have a constant source, manufacturers; where they are and if the product they have is worth you investing in. Additionally figuring out how to get the products to you if you are international.
- Branding: In this boutique world, one thing that will keep your business alive is a strong brand identity. This way you will be able to effectively market to your customers and they will be able to identify you no matter what. Now this can include but is certainly not limited to; color palette for advertising and posting, a logo, fonts/typography, particular lingo, models, decor, tone of voice you speak in, images and the list goes on. This way you stay consistent and customers easily identify you.
- Marketing: This is how you plan to reach your customers, the ones you know will appreciate the use of your products and would most likely purchase them. Getting the word out through emails, television ads, social media ads, user generated ads, personalized shopping experiences, customer referrals, products showcase and the list goes on.
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Customer service: Providing excellent customer service is key to building a loyal customer base, customers will always remember how you made them feel when shopping with you or how you resolve an issue they were having with a product you sold them.
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Operations: Running a boutique requires managing inventory, ordering and receiving products, how long before restocking certain inventory, when to create markdowns, when to do sales. How to operate more efficiently and ensuring that employees are performing takes as they should.
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Stay on Trends: Staying up-to-date on the latest trends and styles to offer customers the latest and most relevant products is important, the only way this does not apply is if your product is one that does not rely on trends or does not go out of season or style. One way to keep up with trends is to go to different conventions or showcase for products you sell, subscribe to emails from vendors and keep good relationships with vendors so they can update you with all new items.
- E-Commerce: If you chose to have a storefront/brick and mortar, a website in addition to your storefront can definitely increase the stores reach and create a second source of revenue for your business, in this case its important to research the best e-commerce platforms and ways in which you can leverage this service for potential sales.