Opening a women’s boutique is something many women dream of, especially those who want to have their own business and stay financially independent. A boutique is a small retail outlet selling trending or fashionable clothes, fabric and accessories for women, men and children. It is easy to begin with and can be managed by even one person as opening a boutique requires comparatively less capital initially.
Here are some of the points that one should consider before making a boutique business plan.
Important Aspects to Consider while Writing a Boutique Business Plan
1. Decide on the basics and USP of your store
The foremost thing to consider is to decide why you want to open the boutique business and what you plan to offer. The understanding of products to be offered and target customer base should be the key priority. You have to be well aware of the latest trends in the current apparel market. There has to be something unique in your store to make it stand-out from the rest in the competition.
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2. Knowing the clothes/accessories you want to sell
If you are planning for a women boutique then the most important thing is to know the types of clothes you want to sell to your customers. You can conduct some market research to know what is currently lacking in the market that you can provide or something new that not many customers know. Decide on the target audience i.e. the customer you will be selling to. You can also check the purchasing patterns of customers residing near your shop’s location.
3. Re-confirm the source of funding for your business
It is best to begin with the right amount of money to carry on with the business for minimum 6 months. For this you can take a business loan from a bank or NBFC as per your requirements. The funding from bank/NBFC shall depend on the location of your store, whether you would be renting or buying, type of clothing you want to carry, the size of the shop, number of people to be hired, other costs etc. It is important to know whether you have the capital to begin the boutique or you would like to opt for a business loan.
4. Find a suitable location for the business
Location is one of the most vital factors for deciding the success of your store. The best location would depend on your budget and affordability. A boutique can be in a mall that receives high footfall but shall come with high rent. A boutique that is located in a quieter residential area will be cheaper on rent but may not get as many customers as compared to a mall. So, decide the location
5. Check sources for raw materials
You need a source that will supply quality products for your boutique. Look out for manufacturers that specialize in raw material of your choice. Ask for samples as the pictures/ catalogues will not tell you the complete story. After you have seen them by yourself, you can negotiate with them and they can work out the budget according to your quantity.
6. Decide on the pricing
Pricing can in reality make or break your store. Remember that you need to take into the picture a variety of factors when deciding on the cost. Decide on a price that your customer (after referring to the customer profile) can afford and which can give you the right profit margin.
7. Decide on the store layout
The store décor is an essential element in making people feel whether they should buy from your store or not. The colours used inside the store and also the shelf and storage layout are all are factors that contribute to the buying decision. The customer should feel that the product offered is worth the money that he/she has to pay.
8. Follow specific operational procedures
You need to set-up a defined operational procedure to see how you want to run your business. You need to have the system to store the contact information of all your customers. Such information would be crucial for your returning customers as they may not want to furnish the same details every time they visit your store.
9. Finalizing a name and getting it registered
You need to decide on a name for your business. Also, make sure that your name is not a trademarked name of some other company. Next thing is to register your business with the related authority in various forms, such as sole proprietorship, in partnership, or as a private limited company. Post registration you need to apply for TIN number and link your business with all the necessary government authorities.
10. Prepare promotion and marketing strategy
Run different promotions throughout the year. Digital marketing is of utmost importance for your marketing plan. Social media, radio, TV, ads, blogging are all marketing tactics by which you could try to promote your business.
Starting a boutique is not a herculean task. However, maintaining and managing your store and making it a success is the real hard work. It takes a whole lot of dedication, determination, hard work and a little bit of luck to make your business a success.