Is owning a Boutique Profitable?(Yes, read on 12 tips)

12 Steps to Start Boutique Business

12 Steps to Start Boutique Business :The Nigerian fashion, cum clothing, and textile industry continue to grow by leaps and bounds as the years roll by.

It is therefore on this premise that this paper envisages How to Start Boutique Business in Nigeria.

This paper is a detailed work of expertise rooted in a high level of experience.

The information here on How to Start Boutique Business in Nigeria is not only timely and updated.

But has come at a time when the Nigerian clothing steadily gears towards more greener pastures.

You would not, of course, want to miss out. But then, before you rush into the boutique business.

Regardless of what I said at the start of this issue.

Why would you really want to go into boutique business? Let us see the following section.

A clothing boutique is potentially very profitable. The gross profit margins of apparel retail have leapt up in recent years

Why Boutique?

One of the cardinal questions you must answer before venturing into the boutique lines of business is the question, “Why Boutique?”.

Of course, you may equally be asked in the process of aid acquisition the same question, “Why Boutique?”.

  1. Do you want to set up a boutique simply because your friend has set it up?
  2. Do you want to set up a boutique just because you think it is lucrative?
  3. Do you want to set up a boutique owing to the fact that people say you should go into it?
  4. Have you been in the Boutique business before?
  5. Or are you going into the boutique business simply because you just like the name, “Boutique”?

You must answer this question satisfactorily before you think of venturing into the boutique line of business.

Perhaps, you should consider the following section on “Basic Considerations Before Setting Up a Boutique”

Basic Considerations Before Setting Up a Boutique

Setting up a boutique business goes beyond just mere fantasies or frugal hopes. it is estimated that to start a meaningful boutique business in Nigeria, you would need a minimum of N2n (Two Million Naira).

This estimate may not be in doubt, considering the ever-increasing cost of materials, manpower, and space.

Remember you would need money to acquire a suitable, strategic space for your business.

You also need to hire manpower – staff, attendants, receptionists, cleaner(s) etc.

To man the day-to-day activities in the boutique as you may not be able to handle it all alone.

Aside from this, you need sufficient power supply to give your boutique that sense of class it deserves in an ever-demanding market.

Is owning a Boutique Profitable?

these are but initials while considering setting up a standard boutique.

In any case, you need money to acquire the wares which would be sold in the boutique.

Including clothes, shoes, handbags, jewelry etc.

Having considered the above – both in context and perspective.

Let us now consider the basic, necessary requirements for starting a boutique business.

Is owning a Boutique Profitable?

1. Discover and Decide on Type of Boutique.

Boutiques are of class, categories, types and categories.

For example, there are unisex boutiques and those strictly for single sex, aka Single Sex boutiques.

So, you must decide on whether to start a boutique for both genders inclusive or to focus on only one sex kinds of boutiques.

Aside from this, there are boutiques which focus on only one item. in the strictly female kinds of boutiques.

For example, you have items of interests such as clothes and shoes, eyeglasses, perfumes, handbags etc.

There is also boutiques for kids. This is a special area within the boutique line of business.

So you can go in there and make good money out of it.

However, the first thing is to decide on the exact type, nature, class or focus-interest.

Based kind of boutique you wish to go into first of all.

That is very important of course, you know that with time, you can augment on your decision by introducing other elements into the system.

Is owning a Boutique Profitable?

2. Do a Market Survey

You don’t just jump into the boutique industry like that.

You need to do a cursory analysis of the boutique industry first to have an insight of how it looks like.

Know the level of competition and competitors as well.

This Market survey would also help you see which areas pay better.

And also ascertain what other people are up to in the game.

Having an idea of their boutique store locations would help you strategize and re-organize your initial idea (No. 1) towards productivity.

This would help you re-position your market for optimum success.

3. Set out on Market Targeting.

Your ability to carry out Market Survey would give you an idea of your target market.

This includes your capacity to know the nature of your potential customers .

Such as gender, age limits, locations, lifestyle.

As well as a population estimate of the area where your boutique is to be located.

With this idea, you would be able to ascertain whether or not your boutique would fit into their culture and how to re-strategies for success.

Is owning a Boutique Profitable?

4. Get a well Detailed Business Plan

A business plan for your boutique is one of the priceless things your boutique can ever have.

Of course, a business plan for your boutique would enable you to outline the organizational structure.

Supply chain, marketing plans as well as prospective or futuristic plans for your boutique.

it is essential to the survival of your boutique.

Why most boutique businesses in Nigeria fail is due to lack of well thought-out plans on the present.

Intermediary as well as futurist plans for the business.

5. Raise/Get Capital

Before you start a business, you need money.

The Boutique business is a money-driven business.

As such, you need money to set up the business in the first place.

You may have to wait a few months before the money rolls in.

Use this time to study your business and commit to its promotion till it comes to fruiting.

Is owning a Boutique Profitable?

 6. Strategize your Location

Where your business is located really matters.

You cannot site your Boutique in a traffic less dense area and expect to have much patronage.

As such, cite your business in an area with much inflow of traffic.

it is advisable you use a location close to or annexed to a major road or street.

Where people make frequent use of private as well as public transport facilities.

The busier the area/location is the more influx of customers and money for you.

7. Get Your Business registered and Branded

Getting a brand name for your business makes it stand out from others without such.

This can be achieved legally by getting your business registered with the Corporate Affairs Commission of Nigeria (CAC).

CAC offices are everywhere in Nigeria, so it’s advisable you walk into any of their offices/locations and get this done as soon as possible.

Is owning a Boutique Profitable?

 8. Give your Shop Exquisite Furnishing

Giving your shop a taste of class makes it stand out from the crowd.

It doesn’t stop you therefore from taking that extra step to success in your boutique business.

You can achieve this by giving your shop very good lighting.

Not the common ultra-light lightings found in most boutiques in the country.

But fluorescent lights are most recommended.

It is also good home practice to arrange your wares/stock in a fashionable manner such that they stick together in racks.

Also, use glass coverings on the exterior walls of your shop to help people have a view of the interior of your boutique from outside as they pass by.

Use Air Conditioners if you can afford them, else, use fans.

Is owning a Boutique Profitable?

9. Engage Excellent Inventory

These days, modern businesses run on the power of I.C.T.

You can’t operate as global citizens and still be doing things in an archaic way. as a would-be boutique operator.

Get your business working I.C.T equipment such as the computer with reliable inventory software.

This will help you keep track of all products available, products sold and products to be purchased.

The use of this software together with other I.C.T strategies.

Would help guard against theft by visitors and customers. Hence helping you manage the financial/Inventory section of your business effectively.

Is owning a Boutique Profitable?

10. Affiliate with Suppliers, Distributors, and Manufacturers

You cannot be a lone ranger when it comes to boutique business.

You would always need suppliers and business partners.

Who would help you with stock for all occasions, timing, and circumstances.

For example, the kinds of clothing materials use in the rainy season differs from what is in high demand in the dry seasons.

Also, you need to be getting frequent stock from trusted suppliers who know the market better and who can link you with manufacturers and distributors of these products.

11. Hire Personnel

You need a few helping hands if your business must meet its most desired success.

You cannot necessarily stand alone and succeed.

Hire a few hands to help you in the shop.

I have already hinted on this from the beginning.

They need to be trained and well vested in customer relations, negotiation skills, and horsemanship.

What stops you from making them wear uniforms branded with your business name, logo if that would attract more patronage, add style and project your business in the positive.

Is owning a Boutique Profitable?

12. Advertise Your Boutique Business

For your boutique business to get its desired turn out, it is necessary that it gets in the eye of many people.

I have already discussed this under location, branding, styling of your shop and customization of your Employees.

Add online marketing and social media advertisements to that and see what the outcome will look like.

Also, go on air – TV, radio, the print media etc. for publicity.

A number of surprise returns you’d have would be very mouth-watering.

Summary and Conclusion

There is no gain stating the fact that the boutique business in Nigeria is indeed a booming business.

How you get to succeed begins with your capacity to answer the question, “Why Boutique”.

I’ve hinted on this from the foregoing. I also discussed a few factors to consider while thinking of setting up a boutique business. the list is indeed endless.

I don’t need to re-emphasize the need to put your customers interests first in the business.

Moreover, it is essential that you take a cursory look once again at the necessary steps (about twelve of them) which you can take to not only set up a boutique business but also do well in the line.

Do have a wonderful time. I‘d love to visit your boutique very soon as you religiously engage the contents of this issue in your boutique business startup.

Can I have your comments, suggestions, contributions, please…

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