Are you toying with the idea of turning your passion for fashion into a career and opening your own boutique? Here you can find out what you should consider.
We have summarized the most important tips for you and talked to a founder who has already gone down this path: Angelika Staab decided to found a franchise system. She repeatedly has her say in our article and lets us share in her very practical start-up experiences.
Personal and formal requirements
There are no formal requirements – basically anyone can found wholesale boutique clothing in Germany. In theory, all you have to do is register your new fashion shop with the responsible trade office, fill out the questionnaire for tax registration and send it to the tax office, and you can start selling clothes.
But it’s not quite that simple in practice. Without thorough planning and a sense of business, you’re going to have a hard time. This is also emphasized by our founder, who we asked for her personal advice for other founders. She knows that you need a certain understanding of retail to survive: “If you want to survive in this trade, you have to understand what it means to start a business: What are the costs involved? How much do you have to take each month? How long will it take you to recoup your investments?”
And of course you should also have fun with fashion and a soft spot for beautiful fabrics and cuts – why else would you want to open a boutique?
Closing gaps in knowledge in good time and gaining experience
If you have never dealt with commercial questions and have little or no experience in the textile retail trade, you should urgently catch up. Inquire, for example, about start-up seminars or further training for the self-employed that are offered by the Chamber of Industry and Commerce or the adult education center in your city.
You learn the most when you work in a clothing store for several weeks and see what is going well there and what is not. At the same time, you get a realistic impression of everyday work in a boutique. It doesn’t just consist of selecting the most beautiful collections and presenting them to enthusiastic customers – it also includes tough negotiations with suppliers, training staff and the less than glamorous bookkeeping.
Motivation is important
In order to get through the often long working days, especially in the first few months after opening your boutique, you need a lot of motivation and commitment. And Angelika can think of another quality that you should bring with you: authenticity. Her most important tip for founders of a boutique is therefore: stay true to yourself and look for a niche that really suits you.
Angelika is certain: the success of her small boutique is primarily based on her honest advice. “My customers trust me because they know that I’m open about what I think. I don’t force anything on anyone, but sometimes advise against a dress or a blouse.” Even if that means forgoing sales, this sincerity pays off in the long run. Because only customers who really feel well advised will come back.
A business plan creates an overview
Angelika got off to a good start with her shop for Italian women’s fashion and almost completely recovered the investments in the first year. However, this success did not fall into her lap – it is the result of careful planning. In order for you to succeed in entering the fashion market, we recommend writing a meaningful business plan. He will help you to mature your idea into a viable business model that you can really live on.
What belongs in a complete business plan?
In your business plan you answer all the important questions about your start-up:
- Where do you sell which goods, to whom and at what prices?
- What is special about your offer? What makes your store unique?
- How strong is the competition and how do you stand out from them?
- How do you want to reach and keep your customers?
- What are your costs and what could the turnover be?
- How much money do you have to put into your start-up at the beginning?
- Where is this money supposed to come from?
- How long will it take you to recoup your investments and pay off your loans?
Your business plan is the ultimate reality check and protects you from nasty surprises. It is also the basis for your financing: After all, your financiers want to see that your start-up project is not based on daydreams, but is economically feasible. Take a look at our free business plan template with various business plan examples for help.
Here you will find the information you need for your business plan
Franchise founders like Angelika have a clear advantage when writing their business plan: They can draw on the experience of their franchise association in essential points, for example in terms of sales, personnel requirements or the costs of shop fitting. If you plan your own thing, you have to find out this and much more information for your where to buy wholesale clothing for a boutique yourself.
You can find a lot of information on the Internet or get it from the IHK or from industry associations such as the BTE – Handelsver band Textile. Even more important than official statistics, however, are your own surveys. The more concretely you can substantiate the assumptions in your business plan, the lower the risk that you will later have to wait in vain for customers.