Boutique business plan helps the entrepreneur to understand, to visualize, to plan and to identify risks even before making any investments in the business. Preparing a business plan involves detailed research so that all the aspects of the given business is evaluated and appropriate decisions are made. Women influence the majority of the retail market. Women constitute 48% (145 million) of the Indian population but they control and influence over 85% of all purchase decisions for household products. The purchasing power of women is increasing their contribution in the workplace is on the rise. These continued developments have created a positive impact on the quality products and designer clothing market in India.
The top 24 Indian cities contribute to more than 30% of the total retail industry. The share of fashion and apparel industry estimated to be the 14 % to 18% of the retail industry which is expected to grow to reach $865 billion in 2023.
A typical costs involved in starting a boutique business are like showroom rent and advance, initial inventory, licence and insurance, human resources, furniture and other accessories. Depending on the initial inventory the start-up cost will be around Rs.30lakhs to Rs.2Crores and half of the cost is contributed by the initial inventory.
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All organizations are made up of group of capabilities that are coming from People, Processes and Systems. These capabilities are working together in a seamless manner to deliver the requisite capabilities to the customer. The various capabilities that need to be addressed in a boutique business plan are given below:
Apart from the owner and founder, people required for the boutique are, part time manager, sales personnel, part time style concierges and a buyer if required.
Processes involved are sales, building customer relationship, advertisements, building awareness, providing customers with adequate information, accounting and purchasing.
Payment and billing system, inventory management system, purchase management system. Other equipment like furniture, table, show cases, mirrors, flowers, computers, printers, telephone.
Most of the businesses have professional bodies across the globe and being associated with these organizations tremendously helps in understanding the current trends in business. Some of the professional bodies are listed below for your reference:
International Association of Professional Boutique Owners(IAPO) 1120, Connecticut Ave NW
Washington, DC 20036
Association of Designers of India ( ADI )#12-08, MAS Building
10 Shenton Way, Singapore 079117
EuratexEIBFS Building, 4th street, AL Moroor street,
Abu Dhabi, United Arab Emirates
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