Starting an apparel business is a major decision, especially if you're entering into the business for the first time. It requires an investment of a substantial amount of money. To succeed, you must understand the business itself. Business is about outsmarting competition. That is why it is important to study the apparel industry before you launch a lady's boutique.
Conduct a feasibility study to determine your niche in the lady's fashion industry. You must study the market first before writing your business plan. Use data on the industry from resources including the National Retail Federation and the Retail Industry Leaders Association to determine the viability of your business concept for a lady's boutique. Study the market in your location before sitting down to write a business plan.
Write down a business plan in which you describe the store's mission and outline how you're going to manage it. Perhaps the most important part of your business plan is the estimates of starting a lady's boutique. List expenses including legal fees, supplies, rent, insurance and inventory. You must also estimate the revenue to determine whether you can run your business at a profit. Also, identify the objectives of your shop. Define the kind of apparel you're going to stock. A lady's boutique typically carries designer and contemporary apparel and accessories. You must also elaborate management experience and how it will help the shop succeed
Find a location for the boutique. It is very important to find an ideal location where customers are likely to purchase trendy outfits. Use data from the National Retail Federation and the Retail Industry Leaders Association to determine which location has a viable market for apparel. The other important thing is to look for a manufacturer or wholesaler who can give you good orders at a reasonable price. Remember that the cheaper the wholesale price is, the more competitive you're prices are going to be.
Apply for a retail business license from your local city hall. You also need to apply for an employee identification number (EIN). Every business needs an EIN to report employee wages, pay taxes and open a company bank account.
Arrange a grand opening to attract attention. You could offer your merchandise at a reduced price. You can also advertise in the local newspapers, online and on the radio and television if you have budgeted for it. Give casual shoppers a reason to run to your shop and spend money.
Greet and provide assistance to customers who enter your shop. When your customers leave your shop happy, they will not only come back, they are going to spread the word.