 |
|
ab |
|
|
|
|
Starting a
Retail Boutique
| |
 |
|
Q.
I'm 25 yrs old and
have established my work history in a myriad of professions. All of which
focused on customer service and fashion. I recently moved to Georgia from
Florida and have found a virtually non- existent provider of fashionable
"young clothes". In Florida, specifically in the town where I lived
in, there were quite a few small retail shops with terrific ambiance and
specific brand name clothing they somehow made available. Where I currently
reside is a college town with a lot of financially sound persons whom I know
would love to buy these clothes without driving 2 hrs to nearest metro city or
buying on-line. I don 't design clothing. I only want to make popular trendy
clothing with a new and unique atmosphere available in this area...can you
help??? -- Manuela ...Columbus GA
Advice
by Susan Martin
| |
 |
|
Hi Manuela,
It sounds as though you've got an interesting idea there! You've identified
a niche, and how to fill it. Perhaps before you get started on something like
this you'd like to ask yourself some questions:
- Describe your ideal customer. Are there enough of these people in your
area to keep you in business?
- Are there enough people in the immediate area who would be willing to
buy the items you would sell, at the prices you would need to
charge?
- Have you checked out the competition? Where are the nearest places that
sell the same type of merchandise? Do they discount?
- What would be the best location for a shop such as this? What are the
rents? How much merchandise would you have to sell each week to cover your
expenses and make a living?
- What would be the costs involved in the start-up? (security deposits,
cost of renovating space, signage, business registration, insurance,
security system, opening inventory, phones, fixtures....)
- What would be your ongoing costs? (overhead such as rent , utilities,
insurance, salaries, maintanence, marketing...)
- How long would it take to break even? How much money totally would you
need to launch your business and keep it running until you cover initial
costs, and start to make a profit?
- Where would you come up with this money?
- How would you live until you could aford to start drawing a regular
salary?
- What kind of markup would you have work on for your business to make
money?
- What would the items you're selling cost with this mark-up?
- Have there been other similar shops in this area? Do they still exist?
If not, why?
And finally, examine what type of lifestyle you'd be living if you were to
become a retailer. How many hours a day, and days per week would you have to
be open? How does the idea of running a shop and living that kind of lifestyle
fit in with your overall plan for your life?
Hope this helps! Let me know if you have any further questions.
Warm regards,
Susan Martin
About the PowerHomeBiz.com Guide:
Susan Martin is a Strategy Coach who works with business owners and
professionals who want to make more money, have more fun and more time! A life
long entrepreneur, Susan learned sales & marketing, management, finance,
pricing, negotiation and a host of other business skills through running her
own successful businesses for 30 years. She is an adjunct professor at the
Pratt Institute in NYC, where she teaches a business course called "Going
Pro". Susan is a Registered Corporate Coach, and a member of the
International Coach Federation, The National Association of Business Coaches,
and Coachville. Visit Susan at: www.thecoachinglounge.com
to learn more and subscribe to her free newsletter.
The opinions expressed in this column are those of the
author, not of PowerHomeBiz.com. Users should not treat the Guide's response as
legal, accounting, or professional advice as all answers are intended to be
general in nature. Such advice can only be properly given by qualified
professionals who are fully aware of a user's specific geographical areas or
circumstances, such as an attorney or accountant.
|
| ab |
|
|
