The 5 things you need to know before starting your own boutique!

Have you always wanted to own your own boutique? Has fashion always been your passion but you just don't know where to start? Here are the 5 things that you need to know to get started. Boutique ownership isn't simple but with these tips you will be on your way to owning your own boutique within months. Make sure you start your business the right way and with the processes that create a rhythm in your business. These 5 things you need to know before starting your boutique are key to success! So let's start with the boutique basics shall we?

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 Want to know what basic supplies I recommend for your boutique and office space?!   CLICK HERE !    

Want to know what basic supplies I recommend for your boutique and office space?! CLICK HERE!

 

How do I form my business? You'll want to first think about if you want to be a sole proprietor {a person who is the sole owner of a business, gets to keep all the profits after tax has been paid, but liable for all losses}. or if you want to incorporate {if you want your business organization to be seen as a separate legal entity under state law}. The next step would be to file for an EIN number - this protects your identity. You can apply for free HEREYou'll then want to contact your state to see what type of sales tax permit is required - or if at all. Here is a great resource regarding registering for a sales tax permit in every state - SOS here!  The next step you'll have to take is to apply for a business license. Each state, city, and county are different so be sure that you start at a state level, then county, then city. This article is a great resource to help you better understand this process. 
How do I get inventory? After you've formed your business it is time to start researching your wholesale options. You will use your state sales tax permit number to apply. There are many resources out there when it comes to wholesaling items in your boutique. You want to first be sure that the quality is there. Customers will not shop with you again if your products fall apart after first wear. So it is extra important to be sure that your research your vendors - make sure they have a great return and exchange policy, and that their customer service contact is easy to locate. You can first start local. See what vendors are in your area and see who would like to collaborate with you. Be sure that you have defined who your ideal customer is and don't be scared to poll them. The more information you have before purchasing your inventory the better. If you can't collaborate locally you'll want to find wholesale markets - a lot of cities do them. Here are a few of my favorite Markets: Westcoast Markets: Seattle, Las Vegas Middle America Markets: Dallas, Chicago East Coast Markets: Atlanta, New York                                                                                                                                                        
Budget, budget, budget! This is not everyone's favorite topic but it is definitely one of the most important. Having a clear budget when starting the business is going to keep you on track and out of the red. Plan your budgets for marketing, accounting, retail, and any other expense you'll have. You should be prepared to spend money but also protect it, as it is one of the most valuable resources you have. 
Stay organized! You'll want to be sure that you have an organized back end and office space. Not only will you be more productive but you will also keep yourself on task and on track. There are a ton of resources for you to start with and keep you organized. One of my FAVORITE planners is HERE- seriously though this planner saved my life! When it comes to social media you'll want to schedule your content ahead of time to help with time management. I suggest picking one day a week where you'll create the content {take photos} and then one day when you schedule the posts to your social media platforms. Schedule your posts easily with Cinchshare here! 
It's Tax Time - now what?! Keeping spreadsheets, using bookkeeping software etc. is KEY to a successful start-up. You need to know what your profits and loss are, and you definitely need to know what your quarterly taxes should be. Being sure that you have all of your business info ready, and that you can access it at anytime is super important. 
If you want more tips and tricks about sourcing and setting up your boutique, or you just want someone to be there through the process- I offer one on-one coaching sessions and you can book them HERE! You can also just comment below with any questions you may have!