How to start a boutique business in India In 2021 (17 Step)
How to start a boutique business in India In 2021 (17 Step)
Nowadays everyone wants to do business. No matter it is a man or woman. But many of them don't know what they need to do.
So in this article, I am going to share an amazing business idea which is a boutique store or opening a boutique shop.
In India, there are lots of people who have been already run lots of successful boutique shops and earn a very good income from it.
In this article, I going to tell you the 17 most important steps, by using which you can start your boutique shop.
17 Steps to start a boutique business in India In 2021
1.Make a business plan.
Making a business plan is very important for any business. Especially it is a fundamental step of a business. If you do not have a plan, you will not get the right idea to run the business and you will face problems in moving forward, so first make a business plan.
A. First, you need to look at the stores in your area and if they are successful or not?
B. Check with people who already have stores, at what price they are selling their products, and see if you can sell at the rate set by them or maybe lower than them.
C. Write down the amount of money your business will need and spend money on important things since you are just about to start.
Since you are in the business of fashion, so it is very important to market it properly. For the marketing, you can advertise in local newspapers or pamphlets in your neighborhood, advertise on local area TV channels and radio channels. You can sell your product with any other product already on the market, it will be beneficial that either your product will sell otherwise your product will be marketed. You can publish some schemes in your store which will attract more and more customers. Nowadays it’s time to promote your product from Twitter to Facebook. It gives you a very good seller.
3. How to increase sales?
To increase the revenue you must have some famous brand products in your store, try to sell your products online. There are many online platforms like Flipkart, Amazon, Mintra etc. where you can easily double your profit by selling your product. And as I mentioned above, try to sell your product or design with a brand already available in the market at a lower price, the other way is to give your design or product to a brand that will become famous already, that is the one good way of marketing.
4. What are the types of boutique businesses?
It is very important to choose the right boutique business type. There are 3 different types of boutiques,
i. Invoice boutique:
It usually stores products from other designers or manufacturers. You get a commission if you sell it to your customers.
ii. Retail boutiques:
This type of boutique store is quite profitable if you buy products at wholesale prices directly from the manufacturer. You have complete control over the profits.
iii. Franchise Boutique:
The term franchise itself states that you need to be registered under a specific brand or company.
5. Why do you want to start a boutique?
Decide why you want to start a boutique business and what you are offering and you also need to know what is in the boutique right now and what colors are attracting the market.
Develop business mentality from the beginning. You can make a profit for yourself and earn a good life. No businesses will survive without profit. So you need to always think about profit and cost reduction. So "Why you want to do boutique business? What is the main purpose behind it?"
6. How to grow your business?
Differentiate your business from others help you to sell more. Your business needs to have some different strategies that others don't have. Some of them are,
i. Decide which outfit you will wear and who will sell the products.
ii. Identify the right customers for your business and learn more about the customer, customer profiles and their needs.
iii. You need to do good market research for a good result.
iv. You need to have a strong marketing team to run good marketing.
7. Determine the source of funding for the business.
Almost every business requires investment or funding capacity. Make sure you have a strong source of funds on time. You can use your assets or borrow money. You also need to consider the number of repayments on time. If you can't make a profit, you can lose your business. So Decide very carefully.
8. Find a location where you can set up your store.
The most important thing for a business these days is a good location. Usually, a boutique located in a very busy area or crowded place. So you also need to open your shop in the most popular or crowded place.
9. Decided from where you buy raw materials.
Manufacturers, designers are everywhere but you only need quality products from the best-specialized manufacturers. If you want your customers to promote your business then you need to supply high-quality products and get good reviews from them. Then only gradually you become the number one boutique in your locality.
10. Think about the price
The Indian market, where price comes before the quality. Maintaining quality does not mean that you will offer a higher price. Set a balanced price so that your customers can buy and recommend it to their friends.
11. properly design your store.
Store decor is an important part of making people feel like they should be buying from your store. The colors you use, inside the store, the shelf, and storage layout all contribute to the purchase decision of a customer.
The customer should feel that the product you are delivering is worth the money he pays. They should be convinced to open their wallets; For that, you need to give them confidence that their decision to buying from your store is not bad.
12. Operational method for your store.
This policy determines how you want to conduct your business. Record keeping should be properly allocated - all books should be kept like cash receipt books. If you don't have much knowledge about it then you can consult someone to manage your taxes.
It is a good idea to hire an accountant who has retail experience and who can manage the account. Get the accounting software on your computer where you can keep the necessary information.
13. Complete the company legalization.
i. Set a name for your business. Make sure your name is not the brand name of another company. Register the company name.
ii. Open a business current account with a bank; A merchant account with the ability to process credit/debit card transactions is a requirement, especially if you allow any transaction other than cash.
iii. Your business must have documents related to ownership and other details such as business license, tax, seller's license, business insurance.
14. Hire the best staff for your business.
It doesn't matter if you don't have employees. Many business owners start their own business and do everything themselves until they start making a profit.
But everyone needs a backup. You need to hire someone at least temporarily. You need to clean your place, manage cash, as a seller. Managing everything on your own is not a good decision because you will soon get tired.
15. Have a perfect marketing plan.
Your unique and effective marketing plan will encourage you to sell and attract customers. Take the special festival and give a good percentage discount on certain products. You can run multiple category campaigns to achieve the percentage goal. Now social media is very active, so you can go to social media marketing.
16. What you require for your business?
When you start a boutique business then this product you required most.
- Scanner for bar code,
- Cash drawer,
- Office furniture and supplies,
- Printed stationery like bills receipts,
- Dress forms/ mannequins
- Credit card processing machine,
- Machine for printing barcode labels for the goods,
- Clothing labels, etc.
17. Plan for a great opening and expansion.
Once you start a boutique business and people visit your store, you are now on the right track so don't stop working on it. Try to open more stores and seize the opportunity for potential expansion.
Creating a store is just one part of the job. Maintaining the store and making the business successful requires a lot of determination, hard work, and some luck.
You need to give your hundred percent to make it successful.
Written by Jyotirmoy Chowdhury.