ForumsStarting a Business

Hi love4fashion, I am a retail coach and I know that deciding to open up your own boutique is exciting and scary at the same time. As I'm sure you know, it requires a great deal of planning and due diligence before you open your doors. As you have recognized, a business plan is a great way to start. As part of this early stage (prior to the business plan), I always suggest doing a concept evaluation and ask yourself the questions like how clear is my concept, is my idea viable, what is my competitive advantage, who is my target market etc. to make sure that your idea is sound before you move forward to the next step. After developing your business plan, securing financing is also crucial because cash flow will be extremely important, especially in your first year. You will need to start developing relationships with real estate brokers so they can help you find the perfect location. And of course you will need to begin to source vendors. While trade shows can be overwhelming, they are a great first step in your vendor search because you can begin to make contacts, understand what lines you want to carry and then you can set up meetings with vendors at their individual showrooms. Then of course there is the process of deciding what your store design will be, where to buy fixtures, your POS system etc and how to execute your marketing and PR plan to get the word out about your boutique. There are so many steps neccessary to opening a store but if you have the patience, drive and surround yourself with people who can help you through the process, the experience is very rewarding. Congratulations on getting started on your concept!

Best,

Retail Concepts
www.retailconcepts.com