A boutique is "a small store that sells stylish clothing, jewelry, or other usually expensive things". The word is French for "shop", which derives ultimately from the Greek ἀποθήκη (apothēkē) or "storehouse". This term can also refer to a specialized firm in other industries, such as a boutique investment bank or boutique law firm. The word is often used to describe a property in the independent sector of the hotel market (such as The Rockwell in London) in order to distinguish itself from larger chains (such as Hilton Hotels). In such cases, the establishment aims to convey the idea that its operation is small, elite and highly specialized. Some multi-outlet businesses (chains) can be referred to as boutiques if they target small, upscale market niches. Recently, the term "boutique" has begun to be applied to mass-market items that are either niche or produced in intentionally small numbers to be sold at very high prices. A boutique store typically sells clothing, decorative items, housewares, art, sports uniforms and equipment or shoes. Before opening a boutique, check out the competition to determine if the items you want to sell are in demand and not available at other retail locations close by. As the owner of a boutique, you should enjoy interacting with customers, managing employees and have some knowledge of business management and growth to ensure that your business continues to make a profit each month.Boutique Store Business Instruction:
Things Needed
- Business plan
- Commercial retail space
- Retail supplies
- Business insurance
Step 1
Create a business plan to outline each stage of business development necessary to start a boutique store. Describe the types of items you plan to sell, the image you want to create for the store and the types of clientele you want to attract in the first section. List start-up costs, business or personal loans, amount of sales needed each month to cover monthly costs, labor and insurance costs in the second section. Design a marketing plan to attract customers in the third section. Marketing plans may include advertising in local newspapers and magazines, building a website and listing your boutique in online and print business directories. Outline all managerial and employee roles and duties in the fourth section.
Step 2
Register your business with your secretary of state's office and the county clerk's office that oversees the county where you plan to open a boutique. Visit IRS.gov to apply for an employer identification number (EIN) to use when filing federal and state tax forms.
Step 3
Apply for a business license in your area through the small business administration office in your area or county clerk's office. Apply for a sales tax license through your state's department of revenue to collect sales tax from customers.
Step 4
Purchase business insurance from a licensed insurance provider. Business insurance may include general liability, property, product, auto and worker's compensation. General liability, property and product insurance help protect business assets in the event of a lawsuit or settlement.
Step 5
Lease retail space. Choose a space in a busy retail area like a shopping mall or downtown location to attract potential customers. This space should be large enough to display items, and should have display windows, dressing areas and inventory storage areas. Contact local commercial real estate agents to view available properties.
Step 6
Purchase equipment and stock for your boutique. Equipment many include display shelving, mannequins, clothing racks, hangers, tables and cash registers. Purchase retail software to track sales, earnings, returns and invoices. Place orders with vendors that manufacture the types of items sold at your boutique.
Step 7
Contact credit card companies to open merchant accounts so you can accept credit and debit card payments.
Step 8
Advertise your boutique by passing out flyers that include the name, location, hours of operation and contact information.
Step 9
Hold a grand opening sale to let customers know that your boutique is open for business and use the best or most unique items in your boutique to decorate display windows to attract customers.
Step 10
Create a website that includes pictures of your boutique, a list of common items and hours of operation and contact information.
Tip
- Present your business plan to lenders when applying for a business or personal loan to open a boutique. Lenders want reassurance that you have a plan for starting a profitable business to reduce risk of loan default.
Warning
- The start up costs for a boutique may range $30,000 to $200,000 or more depending on the types of products you want to sell, the commercial real estate market and costs to operate a business in your area.
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