Do you want to start a business and are undecided about what to do? Then opening a boutique might be the job you’re looking for. In this article, altitudementor.com will discuss 18 Easy Steps to Open A Boutique.
Opening a boutique is the dream of many women who want to start their own business and stand on their own feet.
A boutique is a small retail store that offers products such as clothing and accessories to a specific segment of the market. It is easy to open, can be easily managed even by a single person, and requires a relatively small amount of capital to start, greatly enhancing the creativity and passion of the owner.
18 Easy Steps To Open A Boutique
There is a ton of work to be done and serious decisions to be made in the process of opening a boutique.
First of all, you should find a promising niche and choose tasteful products that will make profitable sales. For this, you can review your competitors and examine the products that are not available in their stores and new fashion trends.
Next, you need to find a way to open an online boutique, create an eye-catching brand identity, and develop effective sales strategies. Additionally, as a boutique owner, if you want your business to make a profit every month, you must interact with your customers, manage your employees, and ensure growth.
Well, but how?
In our article, we will include critical information about the process of opening a boutique. Also, “ What exactly is a boutique business? Is it profitable to open a boutique? “How much does it cost to open a boutique?” etc. You will also be able to find answers to the questions.
Let’s get started without wasting any time.
1. Decide on the type of boutique you want to open.
There are three types of boutiques categorized based on the way goods are stocked – consignment boutique, regular retail boutique, and franchise boutique.
A consignment boutique stocks goods sourced from different designers or manufacturers and earns a percentage of profit on each item sale.
The consignment boutique model means you won’t need any starting capital to stock up, but the profit margin you’ll make will be much lower than what you’d make by trading. Consignment stores operate on a volume model, which means you’ll need to make quite a few sales to make a tangible profit. Still, it’s a good option for those of you who don’t have the capital to purchase this type of boutique. You should look for designers or factories that would be willing to sell their designs within your boutique.
Buying and selling boutiques buy goods from manufacturers or distributors at wholesale prices and sell them to their customers at a much higher price. Although such boutiques allow you to earn a much higher profit at the end of the day, they will require serious capital in the initial stage – you need a large amount of savings for your goods stock.
To make more profit, you must develop a solid relationship with wholesalers and always focus on getting the best price. You may even need to purchase large quantities of the same style items to get a significant discount (you must meet the Minimum Order Quantity). You will make much more money with this type of boutique than with a consignment boutique.
Franchise (dealer) boutiques, on the other hand, operate under the name of a major brand and focus only on the sale of products belonging to the said brand. However, in order to sell the products of the brands in question, you must pay a certain fee (once a year) to the company you bought the franchise from, as the fee for using the franchise and brand name/logo.
Therefore, you need a much larger amount of startup capital for a franchise boutique. Because you have to pay both dealership fees and decor etc. In the regulations, you have to meet the quality standards of the company you are affiliated with – and therefore spend money accordingly. The good thing is that you will not have to try to persuade customers to sell, as you will be in a much more advantageous position compared to your competitors, thanks to strong brand awareness and solid company advertising.
Another type of boutique outside this group is factory-made retail stores. And this is the type of boutique where you will need the highest level of capital. Your source fabric, produce clothes, and sell your own designs – which means the cost of labor, materials, and production will far exceed the cost of setting up the store. Of course, if you achieve success, the income you earn will be high.
2. Create your unique selling proposition (USP).
Your unique selling proposition is the factor or thoughts behind the reflection of the product you sell as being different or much better than similar ones. Your brand identity, mission and vision, education, experience, product features, prices, etc. Many factors affect your sales offer. Therefore, at the very beginning of the journey, you need to decide about your reason for opening a boutique and the nature of the products or services you will offer in your boutique. This stage will also require you to master the latest trends or know the popular colors of the current market.
You should develop a business approach themed around “Take Action” . Yes, you chose this job to earn money and have a much better living condition. This is something that will only be possible as long as you make a profit. The important thing is that you always focus on increasing your profits and reducing costs as much as possible.
The reasons for opening a boutique are not limited to this alone.
Some women think that the boutique they open will help them pass the time.
Others just want to get away from their home environment. Some people have a thought like “I have a lot of clothes, and I wear the ones I can’t sell myself. ”
Some people do this job only because of peer pressure because they need to prove to everyone around them that they are useful individuals.
Although each of these are reasonable reasons to start a business, they are not sufficient for the success of the business you have established. In order for a business to be successful, it is necessary to embrace it with passion. The same is true for the fashion world, where there is fierce competition.
You must be equipped to ensure the continuity of a business.
Do not get me wrong. We’re not saying you need a fashion or marketing degree to open a boutique. What we really mean is a general knowledge of how to run a business. Moreover, you can also obtain this information through books.
When you receive education, you become free from dependence on others. If you are knowledgeable about something, no one can deceive you. Even if you employ qualified employees to take care of everything on your behalf, an employee is just an employee. The future of your business depends on you. Thanks to the information you have, you will be able to protect your position and make reasonable decisions. Keeping a business afloat is difficult because it requires expertise as well as a willingness to improve oneself.
3. Determine your niche.
The first step in the process of opening a boutique should be to determine the niche that best suits your boutique. Because every successful boutique operates within a specific niche and has a clearly defined target market. For example, boutiques selling ordinary, mid-quality products are quite common. Therefore, it may be difficult to stand out from your competitors or establish a real connection with your customers with this type of boutique.
If you are someone who is inspired by art, history, nature, and flowers and likes to share beautiful/aesthetic things and tell stories, a boutique selling vintage products may be the perfect fit for you. Moreover, in this way, you will create successful works that will help you express your creativity and passion.
Create customer and ideal customer profiles and find products for them.
Consider the purpose of your business and whether it is trying to solve a real problem. You can do a little market research to find out what is missing and needed in the market right now.
You can’t please everyone and sell to everyone. Remember: It is impossible to serve all people unless you have a holding budget. That’s why finding a niche market is the best way for boutiques.
Decide on your target market (customers to whom you will sell). Identify a problem you can solve in that market. Check your customers’ purchasing preferences. Colors and styles should match your target market’s preference. If you’re going to appeal to an area where mostly retired people live, it’s unlikely you’ll be successful with a boutique that sells cool, quirky clothes.
Think about the customers’ wishes, not your own.
Do what is successful. One tip that most business experts recommend is to sell what is held in the market. If there is a demand, it means they will buy from you too. You must increase the value of the products you will sell. You should sell better quality products in the market.
“Don’t reinvent the wheel.” I love your words. Even though everyone generally does the opposite, it’s sound business logic. Not everyone can start a trend like Steve Jobs. Following the herd is better for most people in business. Especially if you don’t have money for marketing.
Visit stores that look similar to your idea and create a list of brands you’d like to carry. Most likely these will be your best-selling brands.
Finally, let us remind you that before deciding on any niche or choosing the target market that best suits your boutique, you will need to do some basic market analysis:
- Define your target market – know who they are, how they think, what they want or what they like or don’t like.
- Identify your competitors, and evaluate their strengths and weaknesses.
- Match the demand of your target market with the solution your boutique offers.
- Make sure you have clear solutions to differentiate your boutique from the competition.
4. Prepare a Business Plan
Once you’ve determined your niche, it’s normal to roll up your sleeves and start opening a website, looking for a store, or doing research on the products you’ll sell. However, do not rush. First, you need to create a solid business plan. In this way, you can place your boutique on a solid foundation and ensure success.
You should include the following critical points in your business plan:
- Your business goals
- The strategies and methods you will use to achieve these goals
- A timeline outlining your action plan-
Be careful, don’t skip this step. Your business plan will also help you spot problems and challenges before they become reality – which means you’ll be able to prevent them, or at least be prepared to deal with them. In this process, don’t forget the fact that the early bird gets the worm; The same thesis applies to those who wake up to problems early.
A comprehensive business plan will also prevent you from worrying unnecessarily or hindering your ability to analyze. Because, thanks to your plan, you spend a special period of time on the strategy and planning process, but you take action only when you are satisfied with the result. In other words, you won’t try to make difficult decisions while you’re at work, and you’ll get this job done much earlier.
In your business plan, be sure to specifically address your business and brand identity, products or services, logistics and other operations, marketing activities, and financial information.
Not only that, you may also want to prepare an executive summary in which you will include your opinions and action plan – the executive summary is the section in which you express yourself, located right at the beginning of the business plan, which the addressee of your business plan will read when making a decision about your business.
You can include the following sections in the business plan you will create when opening a boutique.
In section 1, define the type of pieces you plan to sell, the shape you want to give the store, and the type of customers you want to attract.
In Section 2, list starting prices, business or employee debts, sales amounts needed each month to cover monthly expenses, and labor and insurance costs.
In Section 3, create a marketing plan to attract customers. The marketing plan may include local newspaper and magazine ads, opening a website, creating your boutique online, and printing a business directory.
In section 4, outline all roles and tasks related to management and employees.
5. Identify your funding sources.
Ideally, you should open your boutique with enough capital to continue operating for the next 6 months. In fact, it would be much more logical to extend this period to 1 or 2 years. Most businesses fail to make a profit in the first few years. So, if you do not want your business to disappear from the market before it has a chance to prove itself, you must have enough money to cover your business expenses or personal expenses for a certain period of time.
You also need money to rent a store or even pay a rental deposit. When it comes to opening a boutique, we can talk about many different expense items, including paying salaries to your employees, replenishing your stocks, and in-store decoration costs.
What is that? Or do you need to get a business loan?
Your ability to get a loan depends on many different factors. The location of your boutique, whether you are a tenant or owner, the type of clothing you will sell, the size of your store, your hiring capacity, store decoration, other costs, etc. Many factors will determine the loan. It is also important whether you have the capital to open your boutique on your own or whether any of your friends/relatives would be willing to lend you money or act as a guarantor.
Business life is full of risks. Risk is a double-edged sword. When it comes to business, taking risks can be your savior or your killer. Therefore, you should focus only on taking calculated risks when using the funding sources you find. It is essential to carefully plan how you will use your money.
6. Create your brand.
Now the fun part starts: It’s time to build your personal brand. We can list what you need to do in this step as follows:
- Choose a business name that suits your boutique.
- Create a website.
- Define your brand’s visual identity.
- Create your business logo and other brand assets.
For most boutique owners, choosing a business name is both a fun and a painful process. However, it is possible to eliminate this problem by reading this article.
The name you give to your boutique will greatly affect the first impression of your business. Therefore, you should strive to be memorable and choose a name that represents your brand identity and is compatible with your target market. Also, make sure there is an available domain name for that name – this is important, especially if you are opening an online boutique, your business name and domain name must be the same. You can find and secure your domain name by using Shopify’s free domain search tool.
The next step after choosing a name is to define your brand’s visual identity – this refers to the “feel” and “look” your brand will create. If you are going to sell your own designs, you may also want to create a logo unique to your brand.
Remember, what makes a boutique attractive is its sense of quality and attention to detail. You see, appearance is important. This is exactly why you should try to create a visual identity that will attract the attention of your target market and best represent your products/niche.
For example, let’s say you want to open a boutique selling luxury, environmentally friendly, handmade wedding items. If you build the visual identity of your brand on the elegant, simple and nature-inspired splendor of white roses and adapt your brand logo and even the font you choose, you will succeed in creating an impressive visual identity.
But what if you don’t understand design at all? Do not worry. It is possible to create a quality look even with well-chosen fonts and colors.
What’s more, with websites offering free logo creation services, anyone can create a professional logo and other brand images (including banner images optimized for various social media platforms) in just a few minutes.
7. Determine Where You Will Open Your Boutique
Location is one of the most important factors in the success of your store, but choosing the best location depends on your budget. A boutique located in a crowded shopping mall will have many customers, but the store rent will also be high. In a boutique located in a quieter residential area, there will not be a heavy flow of customers, but the rent will be less. So the choice depends on you and how much you are willing to pay.
Being located in an area where customers shop is the only criterion in choosing a location for your boutique.
Make sure that the shop you will rent has enough space for showcases, dressing rooms, and storage. Contact real estate agents to see available locations.
8. Get the Necessary Things to Open a Boutique
Buy tools and goods for your boutique. Shelves, mannequins, stands where clothes are hung, hangers, tables, and cash registers are within the scope of equipment. Purchase sales software to track sales, revenue, returns, and invoices.
In the process of opening a boutique, you will also need the following materials:
- Barcode reader
- Computer
- Cash register
- credit card POS device
- Product barcode/label printing machine
- Telephone
- Office furniture and equipment,
- Printed stationery such as invoices, receipts
- wall hanger/desk/shelf/cabinet
- Dress forms/mannequins
- Shopping bags/pouches
- clothing labels
- Security cameras – this is important to protect your boutique from possible robberies.
Receipts and invoices should include your business’s name, address, and phone number, and your store’s return or refund policies should be stated on the back.
The shopping bag you will present to the customer is also a kind of advertising, so it must be of high quality. As long as the customer carries it in his hand, he declares to the world that he has been in your store. Having a quality bag that can be used later also means that your boutique advertising can be done for free.
9. Find suppliers.
For most boutique owners, the hardest part of opening a boutique is sourcing products—especially when there are endless options on the market.
There are several ways to source products, and each of them will greatly impact the operation of your boutique. Therefore, you need to focus well and make sure you make sensible choices.
Without further ado, here’s a quick rundown of four popular product-sourcing methods you can use for your boutique:
- Manufacturing: Design original products and bring your own designs to life by partnering with a manufacturing company. Although the production process is expensive and time-consuming, it allows you to offer products that are much different from your competitors – which means a much higher profit margin (you can reach the manufacturing companies through e-commerce sites such as Alibaba, etc.).
- Buying in bulk: You can buy products at a discounted wholesale price and sell them to the consumer at a much higher price. This is a procurement method with generally high-profit margins and will require a certain amount of capital to purchase inventory.
- Dropshipping and print-on-demand: By partnering with a third-party supplier or fulfillment provider, you can avoid having to hold capital for inventory purchases. However, the profit margin of this method is relatively low, moreover, this way you cannot offer unique options to the customer or make a difference with your products.
- Handmade products: Here, orders form the basis of the product supply process. This option is the most creative but labor-intensive product supply method.
Focus on manufacturers that you know specialize in the products you have in mind. Ask for product samples. Remember, the photos on websites/catalogs never reflect reality. After seeing the products with your own eyes, start bargaining and try to set a budget appropriate for the number of products you will buy.
You may also want to display products by a particular designer in your boutique, in which case you should contact them directly; If you have an intermediary who can vouch for you, famous designers are likely to welcome this offer.
In the process of finding your suppliers, you can choose any of the following options:
- Attend trade shows in your area.
- Visit wholesalers or distributors in your area.
- Talk to boutique owners. These individuals may be reluctant to share supplier information with you. For this reason, you should not visit the boutiques in the region where you plan to open your boutique, but rather those that are further away; Boutique owners share stock information honestly only when the possibility of competition is eliminated.
- Apart from this, you can buy the clothes you will sell outside the country through Alibaba etc. You can also get it from online wholesalers. Remember that you will need to get product samples from them as well. To speed up this process, you can get advice from others, focus on high-rated products or look for product reviews. You should be careful in any transaction you make – especially regarding money transfers.
- Some boutiques prefer to produce their products in their own factories. However, they usually start this business after solidifying their position in the market by selling other people’s designs. They have a separate unit where they produce goods according to their own desires. This means that their quality is completely assured, and they do not have to depend on others.
After determining your supplier, you should move on to the product selection stage. Remember that you may need to make a wholesale purchase to get a discount at this stage.
10. Price your products.
Now that you’ve resolved the supply issue, it’s time to work on your pricing strategy.
This is a critical step: If you keep prices high, you jeopardize sales; If you keep it low, you may not make a profit – the worst-case scenario is losing money.
The pricing process is part science, part art. And there are many different pricing strategies available. That’s exactly why if you’re new to the boutique business, you can easily start using the “cost-plus” pricing strategy – which means pricing items at a fixed percentage.
However, before determining this rate, you must calculate your cost per unit (CPU). (CPU is the total amount of money spent in the process of sourcing and selling a product)
How Does?
To calculate cost per unit, add up all costs from procurement to sales and divide by the number of products you purchased. Don’t forget to include all fixed and variable costs, such as product procurement costs, shipping and storage costs, customs duties and taxes, website fees, marketing costs, defective and returned product percentages.
Once you calculate the cost per unit, you can also benefit from automatic calculation systems that will help you add an accurate profit margin to your products. For most businesses, this ratio is 50 percent – this 50 percent margin means you can price the product at twice the cost per unit.
11. Decide on the store layout.
Store decoration is an important element in making people shop in your store. The colors, shelving and storage layout you use in the store contribute to the purchasing decision.
The customer must think that what you offer is worth the money they pay. Decoration is critical to encouraging purchases. The store design and the appearance of the storefront should give confidence to the customer, and the atmosphere of the store should make the customer comfortable.
Collect attractive images of store decoration from the internet. Visit some stores you admire to get an idea of the ideal store layout. Make a drawing board for your dream decoration.
Some boutique owners want customers to move freely around the store and touch and feel the clothes. Others don’t want customers to touch the clothes. They prefer to present the clothes to customers one by one. You should arrange your store accordingly.
Boutique mannequins help attract buyers to the store by displaying your clothes attractively on the storefront.
If you have a bridal boutique, you’ll need plenty of space to display the collection. A large space with a large mirror is needed for the bride-to-be to see how she looks after wearing her wedding dress. In cases where space is limited, effective use of space is a must. If you want a professional touch, you can consult a decorator.
You also need changing rooms completely surrounded by mirrors. People need to know how they look in the clothes they buy.
All major retail stores have bright lights in fitting rooms to make customers look good. This is necessary if you want them to buy the dresses you offer. Bright lights are a necessity, not a luxury.
12. Determine operational procedures for your boutique.
The main factor that will determine the way you run a boutique is the policy you implement.
Inventory records must be maintained properly – all ledgers – just like a cash receipts book – need to be maintained for a certain period of time. It would be appropriate to consult someone who is an expert on tax affairs.
You may want to consider working with an accountant experienced in the retail business to ensure proper accounting.
You also need a system where you can store customer information. You should keep customers informed about upcoming products or discounts. Therefore, you should work with a developer who will help you store customer information. Remember, you should focus on your current customers rather than the customers you will have in the future, and try to meet their expectations first.
Managing your inventory also requires a dedicated system. Apart from this, you need to set a policy on how the cash register will be used and how to maintain cash flow, how to deal with difficult customers, a return policy for purchased goods.
13. Hire good employees.
Many business owners start out alone and do everything themselves until they start making a profit.
But everyone needs support. At some point, you will have to hire someone or some people. Trying to deal with everything alone may cause your work to fail.
Large store owners rent expensive shops, prepare huge showcases to attract customers, and spend tens of thousands of dollars on advertising. They think about everything down to the smallest detail, but they hire salespeople who don’t listen to customers and don’t know how to talk to them and drive customers away from the store.
You don’t do this. When choosing employees, keep in mind that the employee will be the face of your store. You can increase your sales and customer loyalty thanks to communicative and friendly employees.
14. Take care of legal procedures.
Choose a name that suits your boutique. Make sure the name you choose is not a trademarked name of another company.
Don’t forget to report your business name to the relevant authorities.
Go to the bank and open a business current account; You should create a merchant account where you can also use credit/debit card transactions, especially for your non-cash transactions.
To handle this, you need a business license, tax certificate, sales permit, business insurance, etc. You must have documentation of the details.
In order to buy products from famous suppliers, you need to be an established business, not an insignificant, unknown boutique. In this way, you can purchase the goods in question at a highly discounted price.
Create all your social media profiles using your store name – do it in no time. As soon as you decide on the name of the boutique, open your social media accounts.
Contact the business development units in your region to get detailed information about starting a business and to handle the procedures regarding the permit process. Also, make sure you learn the legal procedures regarding what goods you can and cannot sell.
It is possible to launch your boutique under the name of a sole proprietorship, partnership or private limited company.
If you have a partner—even if that partner is your sibling—make your partnership official. There are many people whose intimate relationships have been damaged by partners’ lax documentation. You wouldn’t want to be one of them, right? Then, sign a partnership agreement prepared under the guidance of an experienced attorney.
15. Open your boutique store.
You prepared your business plan, created your brand, and supplied the products, what’s next?
Now you need to open your physical or online store.
Host a grand opening to announce that your boutique is ready for business. Decorate your displays using your best or most unique pieces to attract your customers.
You can also launch your own online boutique store at a small cost. You can benefit from our e-commerce site installation service that we offer exclusively to our readers.
And now we come to the most fun part: Add your products to your page, configure your shipping preferences and set your payment/tax options.
Finally, before opening your boutique, create a trial version and place an actual order to make sure everything works smoothly.
16. Focus on marketing activities.
You deserve a huge round of applause for getting to this stage – it’s incredible how far you’ve come. However, the real struggle begins now, and your biggest problem from now on will be “selling”. For this, you need to announce the name of your boutique to everyone.
In this section, we will talk about promotion and marketing strategies that will help you sell your products quickly.
- Launch online ad campaigns. Online platforms like Facebook, Instagram, Pinterest, Google and YouTube offer unique opportunities to promote your boutique and grow your business. These channels enable you to create sales-oriented advertising content that will help you increase your profit margin. Visually focused Instagram ads, in particular, can be a great option for boutiques.
- Promote your brand on social media. Social media marketing creates one of the most effective ways to engage with potential customers, promote your products, and share your brand message with your target market. You can include behind-the-scenes images, product promotions, production stories or real user experiences on your boutique’s Instagram profile.
- Partner with influencers. You can sign partnership agreements with social media influencers to promote your brand and products to their followers. If you think you do not have the capital to invest in influencer campaigns for the initial stage, start by partnering with influencers who appeal to much smaller audiences – the number of followers is relatively low.
- Invest in public relations. Public relations refers to the entire practice of building relationships with blogs, journalists and podcasters to spread a marketing message specific to your business. Public relations practices appeal to physical stores more than online stores—because it is relatively easy for physical stores to get heard using small-scale local broadcasts and radio stations. This would also be a good marketing method for wholesale-focused boutiques. Imagine, someone sees you in a magazine or newspaper and reaches out to you instantly. Wouldn’t this help your boutique grow quickly? So take a look around and focus on finding local organizations that you can support as you grow your business.
- Take advantage of email marketing. Email marketing allows you to connect directly with your customers. And according to experts, 78 percent of marketers say email is also very important to overall company success. Say what? Don’t you think that’s a convincing enough statement? Hurry up and install an email marketing app to start collecting your customers’ email addresses as soon as possible.
17. Get Insurance
Buy business insurance from licensed insurers. Business insurance may include general liability, property, product, auto, and workers’ compensation. General liability, property, and product insurance helps protect business assets in the event of civil lawsuits or settlement events.
18. Be growth-oriented.
Okay, now you’ve opened your boutique and people are shopping like crazy. However, you should not be satisfied with this. From the moment you open your boutique, you should focus on growing your business further.
No no, this does not mean that you will open 4-5 stores at the same time. But it is also beneficial to think long-term. This will also increase your business potential.
Even if you don’t open more stores, you may want to consider expanding your sales channels. For example, you can open an online store, sell products via Facebook, start a sewing, embroidery, or design unit, jewelry, etc. You can start selling accessories or try to connect with designers for fashion shows. The list of things you can do is quite long.
As you can see, opening a boutique is only a small part of this job. Keeping your boutique alive and successful will require determination and hard work – of course, you should not ignore the luck factor.
Cost of Opening a Boutique
The cost may vary greatly depending on the location of the boutique to be opened, the size of the shop, and your concept. The cost of a small boutique may range from 70 thousand TL to hundreds of thousands. In order to calculate the exact cost, a detailed business plan must be prepared. If you send us detailed information about the boutique you want to open, we can calculate the cost for you.
Tip: When you apply for a business or personal loan, present your business plan to lenders. Lenders want assurance, so you should have a plan that shows you are starting a profitable business to reduce the risk of insolvency.
Documents Required to Open a Boutique
1- Chamber Activity Certificate and Chamber Registration Certificate
2- Original and photocopy of the rental contract
3- Photocopy of title deed
4- Building use permit (occupancy certificate/building permit)
5- Fire department compliance report
6- Original and photocopy of tax certificate
7- Photocopy of identity card (TR ID Number)
8- 2 passport-size photographs for individuals
9- Workplace Sketch
10- If it is a residence, a letter of consent from the floor owners
11- Additional Trade Registry Gazette and Signature Circular for companies
Note: These documents may vary depending on the nature of the work performed and the municipality; Additional information and documents may be requested.
Advice for Those Who Want to Open a Boutique
My experiences as a store owner have taught me some very important lessons. I hope this list will help young entrepreneurs avoid the mistakes I made and become successful business owners.
1. Ask for Help
My boutique allows me to do what I love doing most: buying and marketing. But the things I do are not limited to these. My to-do list includes accounting, marketing, event planning, sales, and even cleaning the store. I don’t have all these skills to run my business, but all I have to do to be ready is to ask for help.
I’ve always been good with numbers, and the accounting classes I took in college definitely came in handy, but it’s important to always consult a certified professional for help and learn about tax in your first few months. I talked to other store owners in marketing/advertising and then adopted similar things they did to grow my business. I got help from some of my friends who were studying law to better understand the contracts I had to sign. Whatever your questions, pick up the phone or write an email. Nine times out of 10, the person you contact will either help you or refer you to someone who can help you.
2. Social Media is a Must
Your online presence is important, but the website or marketing strategy you create will likely go unnoticed. I have a Facebook page, an Instagram account, and a Google business page. I sell directly from my Instagram page. It increases your social media market by 10 times. Building your online presence will take time, but it’s worth it.
3. Be Explanatory to Customers
I thought about creating a beauty section in my store. The products sat on the shelves for a month without anyone noticing. I automatically thought this was a bad buy. Until one day, someone looking at those shelves asked me a question, “What’s in this hand cream?” When I told her it was made with natural oil, she bought three different hand creams. Train salespeople to know the details of your products so they can market your products.
4. Be Ready to Say NO
I had a bit of a hard time at first and started to realize that I was able to donate anything for any reason and I was taking part in every local event. After the first few months, I didn’t see any return on my investments, so I started to be more selective about where I spent my money. It’s hard to say “No” all the time, but if you want the best for your business, you need to consider it.
5. Bargain on Everything
Negotiate everything from wholesalers to customers. Never accept the first price offered to you. In this way, you can also make some discounts for your services and products, even if they are small. For example, you can earn special discounts by paying annually for some services instead of monthly. Don’t forget to negotiate the prices of your products.
