Should I take the leap to start my own online boutique?
I have an online group of about 1,000 members I currently do discount buys for. I have been wanting to open an online boutique but I'm scared to take the leap. My reasoning is the supplier for great quality clothing that I use requires me to buy 20 pieces of the same item (but can mix sizes and colors). I’m afraid to put so much money into it as a startup and have it flop. My family doesn’t have a ton of money saved, but if this works out it would be a great source of income. Thoughts? Spend the money and take a chance? If so, how many different clothing items would you start with? Keep in mind I have to do 20 of a certain print/type. Thanks!
Online boutique development can definitely bring a lot of advantages. When you are at the beginning only, it’s obviously more rational to start small. Let’s see why:
- Adding a big amount of your products to a catalogue may overload your newly-made website and complicate its launch;
- You may receive an excessive number of orders you will barely handle without additional help. It may bring obstacles and problems to your supply chain and subsequently lead to a client dissatisfaction;
- Note that fashion trends are volatile. At the start it’s better to focus on casual style to stabilize your market position.
Well, there are much more secrets to reveal.
If your 500 members are loyal, they should provide a good revenue stream. If you give replicate and increase what you have already been done, then why not?
Best of luck!
I would start by surveying your 1,000 members. Would they be interested in shopping at an online boutique you may open? If so, what types of items would they be most likely to buy? This could help you get a better understanding of whether your boutique might be successful, as well as what kinds of items would be most likely to sell right away.
If you really want to do this then you should do it. If money is an issue then you should find some funding ideas to help you get this business started. Some ideas may include a car wash or a yard job. Look for any side job you can find.
Are your 1,000 members loyal? Do they provide a stable revenue stream? If you can replicate and grow what you've already been doing, why not?