The trade in children wears is a billion dollar venture
with many players. The reason for the proliferation of businesses that target toddlers
is increasing daily.
Astute entrepreneurs looking to cash-in on this growing
trend could lead to financial freedom. Interestingly the small outfits attract
premium price much higher than regular adult’s cloths.
Other niche areas that attract huge earnings are children
toys, baby wear and accessories. Parents are more emotional and illogical when
purchasing children’s wear.
They want their kids to look good as a reflection of their
own style. This is a growing trend among celebrities which opened the door for
children couture.
Baby boutiques are fast becoming a viable business
template, earning the investor huge profit on their investment. The major
advantage is that cloths business is not seasonal or subject to climatic
conditions and difficulties faced by other ventures.
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Baby products and services are constantly evolving with parents’
needs and wants. A baby boutique provides valuable services such as baby
cloths, shoes, hats, toiletries and socks. Other things you can find in an
upscale boutique are baby creams, soaps, pampers and accessories.
To succeed in this business you need to study the
prevailing trends in your immediate environment. Find a strategic location,
create an aesthetically beautiful store and apply proper management skills.
Important elements to success are good marketing skill,
visibility, quality items and proper branding. A baby boutique business is
moderately challenging because you need lots of finance.
Other things are fashion knowledge including careful
planning. Here are some ideas on how to open a baby boutique.
Planning
The venture needs strategic planning to have any chance
at profit taking. The reason is because there are many businesses selling baby
cloths. First carry out a feasibility study to have a clearer view of the viability
of the project in your locality.
The community, resident’s age group and financial
earnings could impact positively or negatively on your profit margin. Old neighborhoods
tend to have a large number of retirees and the aged.
This demography has stopped having children and their
children are adults living somewhere else. Locating a baby boutique in such an
area is challenging and might fail.
The best locations are new residential areas with young
new couples starting their journey. Study the age demography of the people in
the area you want to operate by carrying out a survey.
Select
a Niche
You need to select a niche for your baby boutique to
focus and specialize on the sector. There are many niche groups such as edible
toys and organic baby clothing’s.
Others are accessories
such as wristwatches, gold chains, bangles, designer’s cloths and second hand
cloths. Your boutique could sell wholesale or retail depending on your business
template.
Write
a Business Plan
Having a business plan is not mandatory to start this business.
However one projects product, staff and
management requirements. It also helps understand funding needs and future
projections for the business.
Branding
your Corporate Identity
Like other business ventures you need to register your
business as a sole proprietorship or a limited liability company. You might
need a trading license and local government permit.
Your corporate identity is very important especially the
name of the enterprise. Find a fun and memorable name that best describes your
establishment.
Parents and kids identify with hip trending brands and
names. A good descriptive name gives your enterprise a little leverage over a
generic name. You might need a reseller permit, employer identification number
and tax permits.
Funding
Startup capital depends on the size of your enterprise. High
brow areas are expensive and add to the cost of your operation.
You can use target savings by putting aside funds
dedicated to starting this project. You might need soft loans from friends and
family or bank loans. Securing a bank loan is difficult without any prior
knowledge of the business.
If you don’t mind having a business partner to share your
vision try a partnership arrangement. However, boutiques are best suited for
one man businesses than partnership arrangements.
Other methods include joining a cooperative society or
seeking a core investor.
Business
Premises
The location you choose will make or break your business
venture. To jump start your enterprises lease a shop in a very visible
location.
Ideal locations are close to maternity wards, large
shopping malls, business districts and urban areas. Others good locations are new
residential areas and at designated baby markets.
More ways to sell your baby wears is online, open market,
baby care events and flee markets. Once you have selected a niche and found an ideal
location design you store.
Use the services of an interior designer to create an
attractive store. The design should be practical, fun, provide easy navigation
and aesthetically pleasing to the eye. Choose color theme carefully to reflect
your company’s brand and image.
Storage
It is not practical to showcase your entire stock so you
need adequate storage. You can store your inventory onsite or at home.
Before you spend on a storage facility make sure it’s
secure from theft, rodents and insect infestation. To avoid stale smelling wear
make sure the storage facility is well ventilated.
You can arrange them in labeled boxes or shelves
according to groupings.
Buying
the Merchandise
Purchase your stock wholesale to reduce cost and increase
profit. Only buy quality cloths from trusted sources. If you have the funds and
artistic flare create your own in-house designs.
Creating your own designs is more profitable that purchasing
wholesale. Combine the two and you are looking at a highly profitable
enterprise.
Contact jewelry makes, toy makes and network with major
players in the industry. And remain abreast of changing trends by joining
retail associations for insider tips and advice.
Online
Store
You can sell your goods online via a website or blog.
Statistics show that businesses that embrace online commerce do 30% more
business than those without websites.
To get online buy a hosing plan including a domain name.
Build your website and add images of the outfits you sell. Include a shopping
cart, prices, discounts and shipment details.
Promote
you Enterprise
Baby boutique business is very competitive so you need
lots of visibility. Place advertisements in Newspapers and baby couture magazines.
Offer lots of discount sales by using ingenious promotional gimmicks such as
‘Buy 3 Get One Free’.
Other promotional tools are coupons targeted at places
such as kindergarten schools, daycare centers and maternity wards. You can also
use print and electronic media to reach customers.
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