At the age of 23, I decided to pursue opening my own store and am proud of what I accomplished in the end. When I first started — I had no one to guide me and no one that I could ask questions to see if I was doing something correctly or not. All in all it was a lot of trial and error.
A business plan AND your marketing plan? These are two separate plans, yes. There are so many intricate details that preparing a thorough business plan will identify and reveal to you! A business plan will also highlight your strengths, weaknesses and opportunities!
Do not skimp here on the business plan. Without direction, you will fail fast! There is the luxury plus size, Contemporary plus size, Fast Fashion, and Discount plus size fashion.
For each subset within the niche, there are certain demographics, psychographics, and expectations for each subset! Which leads me to… Research, Research, Research While you have probably heard this before, I cannot stress this enough. It is imperative that you research the who, what, when, where and the why of your store!
As the plus size fashion industry is still in its growth and more plus size boutiques and designers are emerging, you have to be able to identify your audience, tell your unique story, and be able to answer what will differentiate your boutique from the others!
There are mounds of resources for you to use- both free and paid for! Blogs, Magazines, and online communities give you your start. Retail trade publications like WWD, IBISand a variety of other market analysis will deliver in depth analysis of the plus size fashion industry!
Utilize all of your tools to thoroughly know your potential client inside and out! Legal Ease Whether a sole proprietorship or LLC, trademarked or copy written, registered in Delaware look that up or in Nevada, selling through PayPal or using an online payment gateway such as Authorize.
Also, when you name your boutique, do your research. Double check that your company is not infringing on another brands name! Ignorance is not a legal defense should you violate any of these!
It is imperative that you create an OTB Open to Buy plan- so that you can allocate your financial resources throughout the year and keep newness in your store! Also, one thing new companies often have a problem with is remembering to allocate funds to their marketing and advertising!
Not only magazines and social media outlets, you should also budget for events that you can sponsor and help promote! This is ONLY the beginning of where you should begin!
Make sure you stay tuned as I will be delivering more and more tips about the plus size industry, blogging, and more!Do you need a business plan for your online boutique or retail store?
A business plan helps give your boutique direction from marketing to inventory cost.
Here's what you should have in your plan. Download a free Boutique Business Plan Pdf | Page 20 to make your document professional and perfect.
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LONDON, United Kingdom — In Part Two of BoF’s Fashion Business Basics, Imran Amed explains the importance of a business plan and how to approach writing one.. KEY LEARNINGS: A business plan is an essential tool, not just for raising investment, but also for clarifying your goals and objectives, and communicating these to your wider team of employees, business partners and clients.