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how do I start my boutique off right ?

I really wanna be an entrepreneur and own an boutique business-management it’s been my dream since I was younger

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Colin’s Answer

Hi Rihanna!

Being an entrepreneur can make an exciting career with the right mindset, skills and determination. If you are interested in owning a business, be it online or physical, there are some financial and legal matters that need to be taken into account. Of course, this is after you have thought of a brilliant idea and have a good product or service to offer. On the broader scale, it is really important that you have a strong foundation in business management, economics or anything else related to business, as there are many concepts that are invaluable to anyone navigating the business world. Knowledge of these concepts can also spark new ideas! If you already have this background, then you are off to a great start!

As you have thought of owning your own boutique, here is some general guidance to consider when starting your own business:

1. Conduct market research
2. Write your business plan
3. Fund your business
4. Pick your business location
5. Choose a business structure
6. Choose your business name
7. Register your business
8. Get federal and state tax IDs
9. Apply for licenses and permits
10. Open a business bank account

Don't be overwhelmed by these factors as these look far into the long term. As a student, I would start with conducting market research, and planning your product! In your case, this could mean looking into fashion design and planning your own clothing line, getting inspiration from other successful businesses, taking professional photos and onwards! As a tip, creating your own online store can be significantly easier to carry out, as, for instance, you may not have to deal with rent, furnishing or other aspects, and you can easily share your website with others. This might also add to your motivation, as websites like Wix and Shopify can boost your inspiration. You can also ask your parents for advice, or friends that you may know that own a small business.

Here are some further links for more ideas:
https://www.youtube.com/watch?v=Z-tWViGvrFc
https://www.sba.gov/business-guide/10-steps-start-your-business
https://www.forbes.com/sites/allbusiness/2018/07/15/35-step-guide-entrepreneurs-starting-a-business/?sh=4b15d922184b

I hope this helped!
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Rebecca’s Answer

i am glad to hear that you would like to run a boutique. What market segment you would like to sell, e.g. Fast Fashion, Designer Clothes,etc.Would the boutique selling the designed by yourself or you prefer to sell the clothes of other designers?
Firstly, you may need to learn some basic business knowledge to run boutique, e.g. accounting, business management, etc.
If you would like to sell your own design clothes, you may need to learn about fashion design, how to make clothes, etc.
If you would like to sell the clothes of other designers, you may have to think about where the sourse the clothes, what market segment you are targeting, etc.
I would suggest you could work in some boutiques before starting your business. The cost would be lower if you run your boutique online.
Hope this helps! Good Luck!
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Amy’s Answer

I think it’s always good to work for someone for a little bit and learn a little from their daily operations. For some it may be more than they want to get involved with. Or you learn you would love it and be great at it and you look for space somewhere to display your items or start with an online shop like Facebook or Etsy. Then you have very little overhead.
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