Business plan for your own boutique

In the 2007 How to Open a Boutique ebook I cover everything you need to know to lay out a complete business plan for your boutique. Step by step I cover all the points of writing a fully detailed plan. This Chapter comprises 47 pages, see T.O.C for other Chapter Details >>>

Getting Prepared to be an Entrepreneur
The Financial Plan
Concept
Niche
Year 1-5 Sales Projections and Expense Breakdown
The Ultimate Purpose of the Business Planning Exercise
Start Up Requirements
Marketing
Competition
Conclusion

From the first section of the Boutique Business Plan Chapter:
Getting Prepared to be an Entrepreneur

First and foremost you must make a plan.

Being “prepared" is the best way I know how to tell you to be successful with your new boutique. Anyone who tells you that you can skip this step, well let’s just say you should not be listening to them.

business plan success sign

Your plan IS your road to success. While you should make a plan and stick to it, you also should be able to adapt quickly if for some reason something is not working.

When I was opening my store I wanted it to be the “funky" shop that I felt was really missing from the multitude of stores in the San Fernando Valley.

I wanted to sell royal blue leather dresses with silver grommets (OK, they were happening at the time). You simply could not find that in the Valley, and you had to go to Melrose Street to buy cool clothing.

Well, I quickly discovered that the ladies coming in my shop were young mommies. They wanted to look great but they were driving carpool and meeting friends for lunch so royal blue leather dresses were not their style.

I had to adapt quickly. I put the leather on sale and ordered Michael Stars, 3 dot and Juicy t-shirts, Lucky Brand, Miss 60, Big Star and Asiatic Jeans and several casual handbag and jewelry lines to put it all together.

My customers loved it and so did I because business was good. You too may have to adapt a little. Be sure to pay attention to your customers and their needs. The more you satisfy them, the more successful you will be.

I learnt a lot of lessons that first month, I'll tell you of them in my book, but I want to stress here - Adapt to the realities that you find yourself facing, or you will fail!

By that token, a woman had a gift store next door to my boutique. She came to me one day and said, “all day long I see Laurie Weir bags coming through my store but no one ever buys anything from me.

"What do you think I am doing wrong?" I began to tell her that several of my customers had mentioned to me that her items, while beautiful, were very expensive.

Customers had told me many times that when they wanted to buy a gift for a friend, coworker, teacher, etc., they wanted to spend approximately $45 dollars and not the $150 dollars, which was the average price point in her store. I recommended she introduce some moderate lines and give them a choice.

Immediately the woman became defensive and said, “but my items are hand painted and hand made and hand this and hand that and absolutely worth the price". I was absolutely sure they were, but that was what I was hearing from my customers – and I have heard it over and over again.

Well, she never did change her merchandise and needless to say, within the year she was out of business. She let pride and stubbornness stand in the way of reason. Don’t ever let that happen to you.

Having aid that, you also have to also use reason when you talk with your customers. If you open your doors tomorrow and the first person in the door says, "don’t you have any wigs"? Don’t immediately start to liquidate your entire stock and replace it with wigs and hair pieces!

Jewelry		Lingerie
Apparel		Handbag
Bridal		Wedding
Maternity		Kid’s Wear
Shoe		Sports Wear
Sneakers		Gifts
Children's clothing		Clothing store
or whatever type of retail store you can dream up

cards type

Laurie

I purchased your on-line book about a month ago and it was invaluable in helping me complete my business plan. I am researching opening a boutique of specialized personal care products…Thank you

Michelle H

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Hi Laurie

"I have really enjoyed reading your step-by-step guide to opening a boutique and have found it extremely informative and inspiring. There really is not very much information available on this topic out there. Thanks so much for your help. "

Kim T

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