Tips for Retail Boutiques

Starting up a boutique can be a real undertaking. Doing some research and taking the advice of seasoned veterans of the business can save you time, stress and money. We've compiled these basic tips from experienced boutique owners around the world to help you get started off on the right foot. With a little help, you'll be running your boutique business like a pro in no time!

1) Consider what you are going to carry for a long time. Your merchandise says everything about you. Look into using different manufacturers and wholesalers to compare products and prices. Attend some trade shows and get a feel for what all is out there. Don't be afraid to ask questions of everyone around you. People, including other boutique owners, are usually more than happy to help out a fellow entrepreneur. Find out which wholesalers are reliable. Find ones that use automated systems so that you can check up on your orders whenever you please. Do a lot of research before you buy your inventory so that you end up with the best deal possible.

2) Set your prices based on the expectations of your customers, but also on the fact that you should expect to lose some money. Your profit margin should be high enough to cover losses due to theft. They should also be high enough that you are able to invest in retail supplies, insurance, rent, and fees that could pop up throughout the year. You will also want to be able to offer incentives to your employees to keep them happy and productive. Make sure that you don't start out with prices that are too low.

3) Prevent losses whenever possible. Use mirrors, cameras, glass display cases, and implement employee practices that help prevent as much loss as possible. It is common for retail stores to forbid employees from bringing in book bags, purses, or other accessories that might make it tempting for them to steal. Keep smaller or more valuable items locked inside of display cases. Have the employees inventory these cases at the beginning and end of their shift so that they feel personally responsible for what leaves that case.

4) No matter how great your merchandise is, it won't sell if it doesn't grab people's attention. This is why it is important to keep your store uncluttered. You can use display systems, such as slatwall or gridwall, to keep items up off the sales floor and within sight. Slatwall panels and slatwall accessories make it easy to create displays. You can use lightweight mannequin forms on the wall to draw attention to promotional items and your best merchandise in your slatwall display. Take all of your display designs seriously and work hard on making them pop, grab attention, and set the tone for your store on a daily basis.