“I’m convinced that about half of what separates successful entrepreneurs from the non-successful ones is pure perseverance.” – Steve Jobs
With all that has happened in the first five months of 2020, you may be tempted to hit pause on any entrepreneurial inclinations you may have – well, I want to persuade you that there is now a no better time to start your own small business boutique.
The advantages are obvious: you can manage it by yourself, you don’t need a huge amount of starting capital, and they allow you to flaunt your creativity. Starting a business can be easy. Getting it to a place where it can thrive is where it gets challenging. As the quote from Steve Jobs shows, perseverance is going to be your most important strategy.
In saying that, this article is going to give you four additional tips to bring your small business from an idea to an actuality. Undoubtedly, having a clear reason in mind for your business, using a platform that fits your business model, and following a well-thought-out business plan can make all the difference in the world for a small business boutique in 2020. Before we discuss the tips, check out these boutique name ideas on Technasite.com.
First Tip – Be Nimble
Without a doubt, having a business strategy is the most important thing you need to have settled for starting a boutique business. The change to the small business market affected by COVID-19 is not to be underestimated, and those wanting to start a boutique business need to work around this. At the very least, you need to be prepared for running your business under quarantine. This would mean setting up processes where you can supply your customers without the need for physical contact and the ability to go completely digital.
Small businesses with their low-overhead and ability to adapt quickly to changes such as a quarantine may actually have an advantage over larger businesses – this is good news for you! While the world may have changed because of COVID-19, the opportunities are plentiful for those who are plucky and determined to adapt to a changing economic environment.
Second Tip – Image is Everything
Ultimately, it’s going to be your products that need to stand out. Your branding could be a magical mix of elegance and cohesiveness, but if your products aren’t the front and center of your image, then you will miss out.
That being said, your brand is vitally important too. Branding is who you are as a business. It’s the personality. Are you an unconventional, hipster-like accessory retailer or a purveyor of elegance and luxury goods? The important thing is that your brand is a coherent style that pervades your whole image. Your products, website, and even the set-up of your store should be presented to the customer a cohesive brand.
What’s a personality without a name? Deciding on a name for your business can be fun, but it does need some thought. You absolutely 100% need to love the name you end up choosing. This is your baby – you aren’t going to name it “Dorothy’s Mega-Cool Fashion Store” because, well, I shouldn’t have to explain why that’s a bad idea.
Altogether, your business’s image is going to be key. It’s what makes it stand out to the world. By highlighting your products, developing a consistent brand, and naming it appropriately, you will be well set to draw customers into engaging with your boutique store.
Third Tip – Have Great Online and Offline Presences
Perhaps more important in the COVID-19 world than ever before, the second key thing to keep in mind is to choose a platform that suits your business style but also promotes versatility. Obviously, you are going to need a strong online presence, but you could also have a physical store as well.
No question about it. Your website is going to have to be top-notch. It is shocking how many small businesses have a sub-par online presence, and this is driving customers away. Fortunately, there are several fantastic website-building platforms that bring webpage design and creation within reach of the average internet user. Shopify Plus, WordPress, and Bigcommerce are some examples. It is worth doing some research to figure out which one has the features that suit your needs. Furthermore, robust engagement with your customer base on social media can develop loyal customers, free promotion, and establish a healthy reputation.
You may think COVID-19 will make having a physical store not viable. Our response to that is, well, not necessarily. The last quarter of 2019 revealed 88.6% (at least in the US) of retail shopping was still done at actual stores, so being online only means you miss out on a massive portion of the market.
If you choose to set up a physical shop, it might be wise to consider leases that accommodate changes in your business. Profit-sharing leases where the rent is based on a percentage of the profits might be a good way to ensure you haven’t left financing the rent should a quarantine hammer your sales. This mentality synergizes well with the idea of being nimble. Whatever you choose, your focus needs to be on accessibility to your customers while being flexible to the ever-changing circumstances of this COVID-19 world.
Your Boutique Business
Certainly, the world has changed a lot of the last five months, and the considerations that go into starting a small business boutique in 2020 are different from starting one in 2019. More than ever, the ability to quickly adapt to changes is quintessential to survival but could be the advantage you will have over larger and clumsier companies.
Along with being nimble, branding, and presenting to customers, a unique and attractive brand is worth investing time into. Finally, your visibility and accessibility to customers is vital: What are the ways you could run your business in lockdown just as effectively? While starting a small business boutique can seem daunting, perseverance counts for a lot, and the rewards for the tenacious certainly makes it worth it.