Introduction:
Online shopping gained immense prominence in the past decade and there might be a reason for it. Not only do e-commerce websites help save establishment costs, but they have also become much more practical. Consumers can order and try on clothes from the comforts of their home and the no-hassle return policy that the e-commerce websites now provide has made the process all the easier.
Therefore there is rising competition in the e-commerce industry because opening an online boutique is one of the most profitable endeavors a person can be invested, in at the present date.
Starting an Online Boutique – The concept and what you need to know
An online boutique could typically be defined as a virtual shop that sells clothing and accessories. The growth potential for such an online store is immense and that is exactly what makes it an enticing project to invest in. Statistics reveal that the valuation of the e-commerce industry in the apparel section of the US could become as high as a hundred billion USD in the future. Almost thirty percent of the total e-commerce industry sales that happen in the US come from fashion apparel and accessories. This would give a clear picture of how profitable the industry could be. Consumers prefer to visit an online boutique over visiting a brick-and-mortar store because it is more practical and convenient. However, starting an online boutique has a lot more aspects that a founder needs to consider.
How To Start an Online Boutique:
People often search for a ‘starting an online boutique’ checklist and to be honest, there can be no singular road map to it. However, a blueprint of the most basic tasks to be completed while opening an online boutique could be as follows:
Are you prepared for starting an online boutique?
The first thing to keep in mind before starting an online boutique would be to decipher if you would excel as an e-commerce business owner. The credentials for owning and running an online boutique would require the following points:
● You are passionate and driven enough
This means that when long nights and sleepless schedules make you cranky and you are almost on the verge of giving up, your passion would keep you going. It is therefore very important to be passionate enough for your business.
● You can network effortlessly
Networking is one of the key factors that come in handy when trying to begin an online business. A person could be spectacular in apparel or shoe design but does not have enough knowledge about personal branding or logo making. It is in these circumstances that networking comes into play. The idea is to delegate the work to the right kind of people who are experienced in the designated field. An owner can never have all of the skillsets required for running a business but the best he/she can do is delegate tasks.
● You have a fair knowledge of Digital Marketing
While it is not imperative that you know every skill required to run an online boutique, having a fair bit of knowledge on digital marketing is important, however. The knowledge of running an e-commerce store profitably stems from the knowledge of knowing how to market the products properly. There are a variety of courses available online for anyone to learn at least the basics of digital marketing. Knowledge in the field will not just help carry out the store effectively but also better pitch it in international markets.
● You can handle business finances
Apart from knowing the digital marketing field, it is also important to know a bit about handling business finances. This would typically include knowing about credit scores, procedures of filing for a business loan suitable for your boutique, and last but not the least, how to better handle budgets and finances for your business. While having a guy especially dedicated to this helps, you as an owner should always know about the monetary side of things.
● You can manage time effectively
Time Management is of utmost importance when it comes to running any business. The process of time blocking could help schedule things out for you in advance because running an online store means sleepless nights and early morning duties. So it helps when everything is planned out in advance.
Checklist to starting an online boutique:
If you think you already have all of the above-mentioned skills, then you could proceed to build an online boutique for yourself. This could be achieved by following the given steps:
- Deciding on the niche of your product
This would mean selecting a segment of the population or a target audience for your store.
- Finding the most suitable e-commerce platform for your product
This would include selecting a platform that promotes your product in an effective way and not just a popular platform.
- Creating a business plan
The steps to these typically include:
1. Carrying out Market Research- This would mean building a buyer persona, carrying out market analysis, performing keyword research, and carrying out a SWOT analysis for your business.
2. Choosing a business model- The usual business models that you can choose from including the print-on-demand model, the custom cut and sew model, the private label model, and of course, dropshipping.
3. Planning out your finances
4. Deciding upon a marketing strategy
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- Selecting a name or domain which is available and appropriate
- Selecting your suppliers and building a sound relationship with the right one
- Creating a website for your online boutique using a store builder online
5. Choosing a template or a theme
6. Adding the products you would sell and add relevant product descriptions
7. Generating Checkout policies
8. Selecting the appropriate payment providers (it is important that you choose a payment provider that is accessible to most if not all)
9. Determining modes of shipping
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- Launching your boutique online
- Deciding on modes of marketing and beginning to market your store
- Revising, Reinventing and Renewing your online boutique from time to time as per consumer feedback
- Building engagement for the store so that the boutique always remains relevant.
Conclusion:
While starting an online boutique and successfully running it might seem like a lot of work but it is nonetheless a very rewarding endeavor if carried out correctly. If you have the passion for clothes and the dedication to start an online boutique, money would not be much of a hindrance. When people search for ‘How much does it cost to start an online boutique?’ the answer is simple, maybe a lot or sometimes nothing. For people who search for an answer to the question “how to start a boutique with no money?”, they could always avail of dropshipping or private labeling. But for people with a few funds up to their sleeves, could opt for custom cut and sew, which has become the flagbearer for sustainable clothing these days. Either way, starting an online boutique would prove to be a fruitful enterprise.
