How To Start A Lucrative Fashion Boutique Store Business In 2023
The process of starting a profitable business starts with having the right and or in-depth knowledge of the such business. A business started with half-baked knowledge is likely to go bankrupt in a short period of time, it doesn’t matter who started it or the amount of capital invested in such a business, it won’t last as expected. That is a bitter truth that may seem hard to believe. However, before going to the main topic-“How to start a fashion boutique store business”, it’s crucial for you to gain insights on things related to how to start a fashion boutique store business.
This includes and not limited to the advantages and disadvantages of starting a fashion boutique store business, where you can buy clothes at wholesale price, the required capital to start a fashion boutique store business, and more.
Advantages Of Starting Fashion Boutique Store Business In 2023
The very first thing I would want you to be knowledgeable of in this topic “How to start a fashion boutique store” is the advantages followed by the disadvantages.
Advantages
The advantages of starting a fashion boutique store business are as follows:
1 You become your own boss and control your time.
- It enables you to focus more on building your brand.
- You can start small with the aspiration of turning big over time.
- It’s more rewarding (unlimited income potential) than working for someone.
- You can promote your business anywhere e.g e-commerce stores, social media, or through any form of advertisement.
Disadvantages Of Starting a Fashion Boutique Store Business
Just as there are a lot of benefits in starting a fashion boutique store business, we can still find some reason which can prevent or hinder someone from starting it.
Read: What Are The Best Businesses To Start In Nigeria 2023 With Low Capital?
Note: You must understand every business have its own disadvantages whether little or big.
Disadvantages
The disadvantages are as follows:
1. Lack of enough funds can hinder the quick growth of the business.
- Finding a good location- this business required sitting in a good location for easy patronage of customers.
- Finding the right and faithful supplier may seem difficult.
- Expensive- Money to be spent on furniture and other equipment could be up to 30% of the start-up capital.
- Little to no sales in the first two weeks of the start up.
Those are some of the advantages and disadvantages you may experience when starting a boutique store business.
How To Start Fashion Boutique Store Business In 2023
Since the primary purpose of being here is to learn how to start a fashion boutique store business in 2023, let’s dive into the main point.
However, I’d recommend you read till the end to gain all the needed start-up ideas.
1. Work On The Required Capital
Capital is simply the amount of money you want to use in starting your business. This should be the first in your business plan.
The cost of starting a fashion boutique store business may vary, everything depends on if you want to start small or big.
However, you should know the bigger a business is, the huge the income is going to be.
A business started with N10,000,000 is incomparable to a business started with N1,000,000 when it comes to profit.
Also, people tend to patronize a bigger business company more than a small-scale fashion boutique store business.
It’s the belief of people that they can easily get whatever they need in a large store, in this case, people patronize large companies more than the smaller ones, yet, it doesn’t mean the small scale fashion boutique store business cannot overtake the larger ones.
This is the reason why I mentioned at the beginning of this article that “A business started with half-baked knowledge is likely to go bankrupt in a short period of time, it doesn’t matter who started or the amount of capital invested in such business, it won’t last as expected if the business owner lacks the right business ideas”.
What’s The Cost Of Starting a Fashion Boutique Store Business In 2023
Your pocket should determine the amount you are going to set aside for starting a boutique business.
A small-scale boutique store business cost of a start-up could range from the sum of N400,000 to Millions of naira if in Nigeria.
Read: Top 11 Business Ideas For Undergraduates Students In 2023
2. Find The Right Supplier (s)
Another thing you must have made readily available before starting this business is finding the right supplier.
The number of suppliers you should have shouldn’t be limited to one supplier, in this way, you be able to meet up customer’s clothing type demand.
3. Choose A Busy Location
Another important thing you consider in this how to start a fashion boutique store business in Nigeria is choosing a busy location (crowded area).
Most businesses can be found in busy locations purposely to gain visibility which would definitely lead to more sales.
Particularly for a fashion boutique store business, you must be located in a crowded business area.
4. Choose A Busy Location
Another important thing you consider in this how to start a fashion boutique store business in Nigeria is choosing a busy location (crowded area).
Most businesses can be found in busy locations purposely to gain visibility which would definitely lead to more sales.
Particularly for a fashion boutique store business, you must be located in a crowded business area.
5. Rent A Shop
Another must considered thing on how to start a fashion boutique store business in Nigeria in 2023 is renting a shop.
Depending on your location and the size of the shop, you may spend N50,000 and beyond on renting a shop in a popular and crowded area.
A crowded area like a bus stop, market, school vicinity, etc.
6. Buy Your Stock From Wholesale Sellers
The secret behind making more money in the fashion boutique store business in Nigeria is buying your products from a wholesale seller because they always come cheaper when compared to other sources.
Also, if you have an idea on how to import boutique products from abroad, this will open doors to more flows of income.
7. Advertise Your Products
The last thing I would want you to learn in this topic- how to start a fashion boutique store business in Nigeria is advertising your products.
Products can be advertised in various ways, this includes via radio, tv, the internet, and word of mouth.
However, the cheap amongst a form of advertising is “word of mouth”.
It costs you nothing to advertise through word of mouth but for a faster result, you may need to include some of the ways mentioned above.
Conclusion
In this article (How to start a fashion boutique store business in Nigeria), you have learned 6 important steps including the advantages and disadvantages of the business.
You may kickstart your own boutique store business today and watch your business grow in a short period of time.
