Setting up a business takes a lot of effort. And even more than efforts, it takes hopes, ideas, money, planning and of course, energy. Especially in these times, it seems very difficult to set up a business with small capital. After the great recession, the world, at large, is still grappling hard to overcome its effects. And amidst such baffling economic scenario, realizing your dream of a business becomes a bit tough. Cliché it may seem, cliché it is not- Where there is a will there is a way. However, one needs to go an extra mile. With reserved funds, one has to be wiser at utilizing each penny.
When one thinks of starting a boutique, there has to be clarity in what exactly they want to get into. Would it be just a retail apparel boutique or the one also provides tailoring services. Which product would it be all about? So, there are a few questions that need to be answered at the very initial stage of planning. Secondly, sourcing plays an important role. This step is crucial to your business as it would decide all the costing and pricing of your products. One must ensure sourcing at minimum possible rates as it would allow you to have more margins. Here one can save a lot of money. Get the best deal from wholesalers or suppliers.
Hiring can also be a key factor in cost-saving. Try to get your staff like sales executives, tailor, and cutter at affordable salary or on contract basis (at least for initial months) that would ensure less fixed monthly expenditure. One must not compromise on the quality of the products to save money. For sure, there are many other ways to do that! Identify an affordable space on rent or lease but there should be potential customers around that locality. If you have your own space, nothing to match that.
After all these steps, advertising is the main area that requires your focus. One can look for cost-effective and low-cost alternates but neglecting this step will make things fall flat. One does not need to arrange promotion workshops and promo booths if one has limited funds. Lots of leaflets, brochures work well. Distribute pamphlets in all the surrounding areas. One can also put inaugural discounts for a few weeks as discounts really attract customers. Banners are not expensive and advertise a business wonderfully. Sign boards stuck at various happening places can grab attention of many people. Banner stands should carry eye-catching visuals and glow-banners will be an add-on. Lights have a powerful effect and they work wonders in hooking people. Not only display stands, but the store itself should be well lit in order to increase its visual appeal. Undoubtedly, stylish furniture will cost much so it’s a great idea to concentrate more on paint and texture of walls and keeping the furniture simple yet elegant. Outdoor display boards or pop-up ones- are just magnetic and are affordable too.