Moshood Isah
Many years ago, tailoring was an occupation for those who were not able to complete their education either because they could not cope with the rigours of schooling or financial incapability. It is no longer so as the vocation turned a 360 degrees from mere vocation to respectable profession. Fashion industry is a multibillion industry and they are now referred to as designers and no longer tailors and seamstresses.
Opening your own boutique or starting a fashion business is now a dream for many individuals. It sounds wonderful to curate a store full of items that you love and connect with customers to find out what they really want, and designing working hours that fit in with your lifestyle. To open a clothing store you have to have an eye and be able to choose what’s right for the customer, but then you have to be able to sit down and combine the aesthetics with the numbers.
- Research, research, research
Research is very important when coming up with an idea, be it a business concept or any other concept. The first thing some prospective business people do is to read books related to the various businesses then, come up with a clear concept. Conduct feasibility study and ask questions relating to setting up a fashion store. This costs little or nothing. There is also need to grow your store as a brand in a bid to have a clear idea and a narrow concept. According to Renowned boutique owner Erica Kiang “I researched and read small-business blogs to accumulate any kind of insight or advice. I talked to small business owners and I even worked in a little boutique to learn the ropes.”
- Consider the location
Getting a good location is huge. Prospective business people are constantly on the hunt for a space. There are better chances of getting good space by hitting the streets and keeping your ear to the ground. In a society filled with competition, the good spaces go quickly. Thus before there’s even an advertisement online or on the tabloids, it’s been rented. Thus it’s also important to know your neighbourhood.
- Know your neighbourhood and your customer
It is important to know locations where you can favourably compete with fashion businesses similar to yours. Erica Kiang, the 29-year-old founder and owner of the New York City boutique Babel Fair, “I sat outside my store for many hours to see who was walking around the area and whether they were carrying shopping bags. She really wanted to understand the mentality of her potential customers. “Which bags are they carrying? How are they shopping? I noticed that people shopped in pairs: mothers and daughters, or two friends,” she said.
- Figure out your budget and stick to it
Your budget is specific to your store and your location. There is no law that says fashion store owners should start with big places, air-conditioned, flood lights and other fancy stuff. According to Kiang, “I did everything on a shoestring budget; we built and painted everything ourselves.” It is so important to track money and prioritize what you spend on. “Retail is all about nickel and diming; you have to be eagle-eyed and watch your margins.”
- Work your connections
You have to get out there, network and talk to people. Many businesspeople become popular for the valuable relationships they’ll forge. All the same, it doesn’t mean you should waste money in a bid to make connections. Wise boutique owners will rather put that money into the business. The world has become global that you can easily make connections just by picking up the phone. Also, remember that you can learn anything on your own, whether it’s by calling up another store owner, or even taking classes if you feel like you’re missing a skill set.
- Use the free resources that are out there
Kiang emailed trade commissions in foreign countries and found out that there are a lot of sponsorship programs, including buyer programs at no expense to the buyers. “I’ve travelled to Brazil, Seoul, Singapore and Hong Kong, where I’ve found new designers that I carry in the store,” she said. “I found a lot of resources and templates on SCORE. You can also choose to meet with a mentor in your industry. I saw free counsellors and took advantage of groups for female business owners. There are so many entrepreneur resources out there.”
- Manage your stress
There is need to know how to run a business in the least stressful, most productive way. One important tip is to come up with systems and formulas that you’ve created for your specific business that keeps the business running whether or not you’re there.
- Know your documents
This may seem difficult but it’s a good idea to have a legal adviser in order to understand your contracts and leases.
“Entrepreneurship is unbelievably exciting and fulfilling. But you have to go in with your eyes wide open and make sure you save at least six months of full income before you open,” Steinberg said. “Statistically, only 1 in 10 businesses succeed. Do whatever you can to protect yourself from future debt. “Try opening your store online first to generate income virtually before you invest in expensive overhead of rent and equipment.
