Finances:
Draw up your plan on the basis of the amount of capital funds you can put in yourself and the amount you will need from external sources. You will know how much you need once you find out the marked prices of a rented place, store and renovation of the store and suppliers charges.
Earmark how much loan you’d need to take or whether your close family and friends can help you out in the beginning.
It’s always advisable to register a boutique name and company in your name as a private limited company. This commercial set up will help you protect your business interests in the long term and support your expansion plans if you plan to open a chain of boutiques.
A private limited company is a company registration requiring two minimum directors and a minimum of Rs1,00,000 to invest. This can give your boutique a better identity if you ever want to source goods from reputed suppliers or fashion brands across the globe.
Establishing a Brand Identity
Renovate your store to suit your tastes and those of your potential customers, remember to make it inviting and comfortable. If women are comfortable where they shop, they will always come back.
Start sourcing the clothes you would like to sell from known designers, or upcoming ones.
Price your clothes according to the neighbourhood your store will be located at, the present clothing rates norms and kind of people you’d like to attract.
If you have a creative mind, design some exclusive outfits for your boutique and sell them as a line or range of clothes. Hire tailors to stitch these outfits.
Name the line accordingly, like the ‘Dashing Diva line’ etc. This will help give your boutique a unique image, one that makes tailor-made designs to suit every need.
Furthermore, in today’s times most boutique owners prefer to sell clothes, accessories, shoes, jewellery in one place. This attracts a wider range of customers and gives them a reason to stay in the boutique for longer time.
Conclusion
When it comes to the legal set up, starting a boutique doesn’t take time. Capital funds, the ideal location and registration are the basic hiccups. Once you take care of that, use your imagination, get to know what your customers want and desire and what drives them to attract and inspire them to visit your boutique.
All the best!
