Launching Your Boutique Business? Learn How to Avoid Common Mistakes
Nov 06, 2019Hey there Boutique CEO!
Glad you found your way here! Since you are new in (what I like to call) Boutique-land, I wanted to share with you the 5 Mistakes that Boutique Owners Make so that you can avoid them in your journey! I have seen these mistakes so many times, so I hope that you are taking notes to be sure you really don't miss out on dealing with these things, before they become an issue!
#1 You're buying too many categories!
- Choose 3-4 categories to invest in first (i.e. dresses, tops, earrings, & necklaces)
- Buy what you're excited about. When you're excited about what you're selling, the quicker that item(s) are going to sell.
- You can buy less! Don't spend all your money on a surplus of inventory. Buy less (in case you make a mistake) so you have money left over to restock those items that did sell quickly.
#2 You're not charging enough!
- MARGINS! MARGINS! MARGINS!
- Mark your products up AT LEAST 3X wholesale prices.
- Create a Retail Price Structure chart to make pricing your products easier.
- Marry quality and price.
- Don't look at the wholesale price, look at the product!
#3 You don't know your ideal customer!
- Most likely your ideal customer is you.
- You need to understand and know your ideal customer (age range, demographics, etc.) and where they are. Show up where they are.
- Use their language.
- Give your ideal customer something to respond to/have an opinion about/care about.
#4 You're not using Social Media the right way!
- You want to know your customers as much as you want to tell them about you.
- You have to show up EVERY SINGLE DAY.
- Use videos when possible. Facebook Live allow people to see and meet you. You do not necessarily need to sell but you can organically share new or old items.
- IG stories are how people see your Feed posts now. Please share some behind the scenes with your IG story feed.
#5 You're not delegating work soon enough!
- Do not be afraid to ask for help! You cannot do it all yourself.
- Hire people who can do the work that frees you up to be more creative. You do not need to be alone in your boutique!
- Utilize a Retail Consultant if you are struggling in areas of your boutique (sales, social media, retail pricing structure, etc). Invest in your business by hiring someone who can help!
If this information resonated with you and you're looking for even more, join me in my Boutique Basics Bootcamp course! Remember that last tip about investing in your business by hiring someone to help? That's me and I want to help you in creating your dream boutique and your dream life!