Saturday, 21 November 2015

How to Start And Run A Successful Boutique Business

How to Start And Run A Successful Boutique Business

Running a successful and profitable boutique is all about selling a good quality cloths to your customers and keeping them loyal to come back and buy more from your boutique. If you you are thinking of a business you can start on part-time of full time,think of boutique clothing business and in other to help you succeed here are few tips to help you succeed if you adhere to them.

1. Choose your target market.

You cant just jump into a business like boutique without choosing a market segment you want to satisfy. You can create a niche on Children's wear,Female or Men's clothing line and you can as well combine one or two products together. Then you can as well narrow down your niche to a particular segment like in Children's clothing line you can decide to base on everything about babies, you can specify the age you want to serve like 5 to 12yrs old clothing etc.

2. Sell quality products:

The products you sell should be cost effective and a good quality material. People should feel that the clothes you sell are worth their money.

3. Sell at fair price:

The price of your products should have an edge over your competitors,it should be affordable not too cheap and not too with a high cost.

4. Offer Excellent Customer Service:

This is very important than it appears. Customers prefer friendly shops and friendly sales rep. Train your staff so that they will increase customer satisfaction. An effective marketing campaign is absolutely essential for successful running of a boutique. Plan your advertising to suit the requirements of the target market that your boutique caters to. Make sure they are cost effective. You need to learn proper basic account keeping so that it would help you understand and hence avoid financial pitfalls. An estimation of future expenses and getting ready for them is very important. A festival season may ask for more stock. You need money to purchase that more goods. So planning your finance well in advance is a must for running your boutique without loss.
As a boutique owner you should know how to handle your daily cash flow. Daily sales record will help you know how well you perform. Running a boutique successfully needs an eye for detail and implementation of some policies. Here are they to help you running a boutique.

5. Stock for the Season:

Every season has its own market and demands. Identify them and stock your boutique accordingly. Festival season Valentines, Children day, Christmas and new year means more sales. Be prepared for that with extra stock.

6. One Mistake You Need To Avoid Is Over Stocking:

Excess stock can result to imminent loss. So avoid that. Estimate future sales from past records and buy your goods accordingly. Proper amount of stock is very essential for the smooth running of a boutique
,not just stocking but stocking the right materials.

7. You Can Arrange for community events like fashion shows.

Even sample sales would attract customers to your boutique. Give out promos like buy 3 and get 1 free and also offer special discounts etc.

8. Try To Control All The smallest expenses.

9. Be alert to the latest fashion trends. Design and maintain an attractive interior. Make regular changes to the looks of your shop inside and out.

Running a successful boutique shop is as professional as any other business. It needs proper planning and being prepared for it well in advance. With a little knowledge and a little effort you can be running your boutique successfully. I believe with these hot information, you should be able to start and run your own profitable boutique shop. Think Positive. You can share your comments and ideas here using the comment box below.

Hope Uchemadu.
Speaker,Live & Small-Business Coach.

The Worlds Second-Largest Diamond Discovered in Botswana.

The world's second-largest gem quality diamond has been discovered in Botswana, the Lucara Diamond firm says.

The 1,111-carat stone was recovered from its Karowe mine, about 500km (300 miles) north of the capital, Gaborone.
It is the biggest diamond to be discovered in Botswana and the largest find in more than a century.
The 3,106-carat Cullinan diamond was found in South Africa in 1905 and cut into nine separate stones, many of which are in the British Crown Jewels.
"The significance of the recovery of a gem quality stone larger than 1,000 carats, the largest for more than a century... cannot be overstated," William Lamb, the CEO of Lucara

Diamond, a Canadian diamond producer, said in a statement .
Lucara says two other "exceptional" white diamonds - an 813-carat stone and a 374-carat stone - were also found at the Karowe mine.
"This has been an amazing week for Lucara with the recovery of the second largest and also the sixth largest gem quality diamonds ever mined," Mr Lamb said.

The stone is yet to be evaluated, but commodities and mining analyst Kieron Hodgson, told AFP news agency that "the potential to be one very expensive diamond."
In April a flawless 100-carat diamond was sold for $22.1m (£14.8m) at Sotheby's in New York.
The gem, originally mined in South

Africa, had taken more than a year to cut, polish and perfect.
Botswana is the world's largest producer of diamonds and the trade has transformed it into a middle-income nation. Culled from bbc business news.

Basic Truth About Marketing Research

Basic Truth About Marketing Research

I am very sure that you are happy about your new business enterprise. I also know you have a great idea. A great idea is the birth of a new
small business.
But as a boss of your own business, you can’t afford to take chances on ideas without getting more information about what your entire market audience wants and what they are willing to spend their hard earn money on. Talking to just 20 or 40 people is never enough to make high sales. You have to talk to thousands of people,yes even more than thousands.
So, how can you gain advantage of placing your idea at the top of the chart? The only answer is
market research. Market research is a study of your consumer’s preferences and your competition. It is also called a “feasibility study.”

Through surveys, literature research, internet research, and other information gathering techniques both primary and secondary, you can learn the trends in your industry, as well as individual preferences of your potential customers. If you’re in a well-defined industry, like building materials or car  manufacturing, you will find that the professional organization has already conducted research studies on behalf of the members of the organization.

Why is market research necessary? Because we all have different tastes,believes, different ideas about what’s important in our lives, and different ability to pay a particular price for what we want. Most of the time the small business owners thinks they have a great idea for a new product or service, only to discover that people either don’t
want that service or product, or they’re not willing to pay the price that the small business
owner have set in order to be profitable.
Sometimes they discover, joyfully, that not only do people want this new product or service, but that these same people can suggest other new products and services that would work well with
the new idea, allowing the small business owner to see future growth into new areas. Or maybe they discover through their market research that if they made a small change in their product or service, for instance, increasing the quantity of a product or changing the pack from plastic to bottle with a new label, that people would buy it more than what they do sell before.
Another important purpose of market research is to discover
what your competition is doing. You may want to create a new school bag for children with special features and pictures of Ben-10 or any other popular cartoon, and you might discover that your competitors have already created a product line like that to solve the same problem as your product solves. Okay! Does that mean you should then quit and give up precious idea just like that? Negative sir. What it means is that you now know exactly what you are contesting with if you want to go shoulder-to-shoulder with these competitors.

You need to know the basic truth about your ideas before you spend countless hours and money taking and pushing a new product or service to the  market. Don't be discouraged, but I’m encouraging you to find out what your customers want, and what they will really pay for willingly, so that you can ensure future success in your new and existing business. You will succeed.

Think Positive
Hope Uchemadu.