Our students are successfully running their Fashion Boutique and Beauty Parlor with MIFT support in both online and bricks mortar environment from website design to store visual merchandisng, from product design to advertising.
Since it’s clothing, there is no necessity to obtain a special license to launch your online boutique. Therefore, you’ll just need to look into the small business laws of your state and figure out the type of licensing that’s required in the area. This comes in handy for tax purposes and for avoiding any problems that may arise in the future.
The first order of business is to decide on a super specific niche.
It may sound like a good idea to take an approach similar to that of large fashion companies by selling everything from men’s clothing to jewelry, pants, shirts, and socks. But, the most successful brands start with something much smaller.
When thinking about setting up shop online you might worry:
- Will the price tag of opening an online boutique be too high?
- How good with computers do I need to be?
- Won’t it take too long to get established online?
- Will I need to hire a professional designer?
Now in 2019 there are many tools to help; Online store builders are drag and drop tools that allow anyone to create a beautiful and professional ecommerce site.
The process is simple and intuitive, so even the least technically savvy among us are now able to join the ecommerce retail community and thrive in it.
So you have decided to start your own online clothing store. It’s no surprise why: with online clothing stores being a multi-billion-a-year industry, it’s by far one of the most popular eCommerce niches. With sales expected to reach $713 billion by 2022 and emerging worldwide middle classes with disposable income, there is a lot of potential business to cash in on.
Basic steps before starting Prototype online fashion boutique :-
Step 1: Search for the gap in market and Gather Your Ideas Together then do physical and online survey.
Step 2: Do survey data analysis Which Products to Sell in Your Online Clothing Boutique
Step 3: Create or Source Your Products & do survey, collect data
Step 4: Get the Word Out take feed back and improve daily
Step 5: Set Up Your Finances for a Successful Online Business
Step 6: Manage Your Inventory for an Organized Online Business
Step 7: Build an Prototype Online Store that is On Brand then Kaizen ( Change for improvement) this for better profitability
For the majority of the population, starting a brick and mortar fashion boutique is simply out of the question. But guess what? Technology has made it possible for you to open your own online fashion store. And better yet — you don’t need any experience or money to get started!
Whatever business you decide to start you must have a passion for what you are doing. Without enthusiasm and excitement, you’ll likely become bored, and ultimately it will fail. Just because it’s online boutique is low cost doesn’t mean that it’s always a good fit.
Make questionnaire and do survey to decide your target market
In business, it is nearly impossible to target everyone as your customer, especially if your product only belongs to a specific niche or market segment.
Learnin Fashion Designing, Create or Get a supplier
Do you have a supplier? No? Then source out one who is reliable. A business person who wishes to be carrying an inventory will need to look for a supplier who will guarantee a full-size run of the products he wishes to have in his store.
Learning Advertising. Branding and Promotional Techniques
Your online shop is where you can showcase the quality of your goods the most, so it is very important to choose the right platform for your business. If you haven’t found one yet, consider platform like Shopify because they made it really easy.
Product Design Quality and Segmentation
Before finalyzing an online clothing store product range, you must consider the type of clothes you want to sell. Perhaps you can sell baby clothing for expecting mothers, back to school clothes for students or sports attire for gym goers. It is important to know who your target audience is before you start your business. This will help determine everything you do from the types of clothes you sell to how you advertise to your clients.
Franchise or Individual
Starting as a franchise can give you an upper hand by buying into an already established brand. However, within the online boutique space, there are not a lot of options. In many cases it is more cost effective to either start your own brand or buy an existing one.
There are two ways to sell your products on Facebook: setting up a Shop Section on your brand page or connecting a third-party eCommerce service to Facebook.
Once you have a business page, you can set up a Facebook Store by adding a Shop Section to your page. This feature will allow you to sell products to your customers directly from your page, and it will appear next to the other sections on your page, such as Timeline or About.
When it comes to starting an online business, your startup costs will depend on several factors! Here’s a list of some of the other things you need to consider as well.
- Revenue Velocity – How long after launch do you expect to make significant money?
- Barriers To Entry – How hard do you want it to be for someone to copy your business?
- Portability – Do you want to be able to run your business from anywhere?
- Scalability – Do you want the business to scale easily once it grows?
Dropshipping is by far the cheapest and easiest way to start selling goods online which is why it tends to be the business model that most new entrepreneurs gravitate towards.
For one thing, the revenue velocity of a dropshipped online store is much lower compared to a store that purchases inventory up front. After all, not having to worry about inventory or fulfillment costs comes at a price.
When it comes to dropshipping, your wholesale price will be higher. In addition, most dropshippers also charge a small fee whenever a dropship order is processed.
BFMEA Business Failure Mode Effect Analysis & Kaizen Business Model
Daily or Weekly do FMEA i.e. write all possible and impossible reason which can affect your business. Your FMEA plan is priority one, as it represents your goals and documents your angle and strategy; essentially your road map to achievement. The business plan should include an executive summary, financial aspects of the company, operational procedures and future projections for at least five years. You should also include any applicable investor information, details about products and services you intend to offer and marketing information.
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