You’ve heard the saying “If you fail to plan, you’re planning to fail”.
To have a successful business you must gain clarity before you start.
The traditional 20-page business plan that takes you weeks to complete will probably be obsolete by the time you actually decide to start your online boutique.
You need to get organized quickly so that you can take real steps toward creating the business of your dreams TODAY, not months from now.
Starting an online boutique can be a daunting task. There are so many things to consider before you actually launch your new business, from the initial planning stages to setting up your shop and marketing it. That’s why it’s important to have a business plan in place before you do anything else.
Many aspiring boutique owners make the mistake of not creating a business plan before starting their business. This can lead to a lot of problems down the road. And make you feel more confused, stressed, and overwhelmed.
A business plan will help you stay organized and give you a clear road map to follow as your business grows.
In this blog post, we’ll discuss what you need to think about before starting your online boutique and give you a simple business plan template that you can use as a guide.
Why You Need A Business Plan For Your Online Boutique
As we mentioned before, there are a lot of things to think about when starting an online boutique. Starting a successful online boutique is more than just choosing a name, buying some clothes and having an Instagram profile.
It’s important to understand who you’re selling to, what you’re willing to invest, where you’ll spend to grow your boutique, and how you’ll know what’s actually working.
Creating a business plan can help you stay organized and give you a clear road map to follow as your business grows.
But it doesn’t have to be too complicated. The traditional 20-page business plan is outdated and time-consuming, especially if you’re starting your online boutique on your own or with a friend.
All you need is a simple business plan for your online boutique that covers the essentials.
You’ll be able to have a brief overview of your goals and tasks so that you can move quickly, stay focused and actually get results.
What To Include In A Business Plan For Your Online Boutique
Business plans are important for all new businesses but especially for online boutiques.
With so many things to balance—from planning inventory, taking photos, and marketing on social media—you have to be clear on the goals and tasks that will help you be successful (not just keep you busy).
So there are a few key things you’ll want to include in your business plan.
First, you’ll want to write out your business goals and objectives. What do you hope to accomplish with your online boutique? What will make your boutique stand out from all the boutiques already out there? What types of products will you sell and at what price point?
Next, you’ll want to understand your options for marketing your online boutique. What strategies and platforms will help you get the word out about your business? How will you get strangers to buy from you (more than once)?
You’ll also need clarity about your finances. How much money do you need to get started? How will you generate consistent revenue? How much will you set aside to buy inventory for your online boutique? What will you invest in marketing for things like ads, social media growth or working with influencers?
Finally, you’ll want to set clear milestones and timelines. When do you hope to have your online boutique up and running? What are the markers for success?
When you can clearly and confidently answer these questions, you’ll have a much better chance of success with your online boutique.
Business Plan Template For Your Online Boutique
Now that we’ve gone over what you should include in your business plan, let’s give you a simple business plan template that you can use as a guide.
This will help make the process easier and less overwhelming, especially if this is your first time starting a business.
And the best part is that this business plan is only one page!
Plus it helps you think about some of the issues that most new boutique owners skip over, like the mail carrier you’ll use or how you’ll package your products.
By following this simple business plan template, you’ll be well on your way to starting a successful online boutique. Just remember to stay organized, set realistic goals and timelines, and be prepared to put in the work.
That’s the only way to guarantee success with your online boutique.
Below, I’ve compiled a list of key questions to ask yourself before starting an online boutique business.
- What is the name of your online boutique?
- What will you sell?
- Who will buy it?
- What makes your online boutique different than what’s already out there?
ALL ABOUT THE MONEY
- What is the retail price range of your boutique?
- How will you accept payment?
- What is your initial purchasing budget?
- What is your marketing budget?
GETTING THE WORD OUT
- How will customers learn about your business?
- How can you encourage referrals?
- How can you encourage repeat purchases?
- Will you offer free shipping?
- How will you deal with returns/ exchanges/ refunds?
- What mail carrier will you use to ship your products?
- Will you need to keep multiple packaging options on hand (poly bags, boxes, etc)?
- Will you have custom or plain packaging?
- What vendors will you get your packaging from?
MY ONLINE BOUTIQUE IS SUCCESSFUL WHEN IT HITS THESE METRICS
- Number of customers served:
- Number of orders processed:
- Annual net income:
I created my one-page online boutique business plan — with everything you need to know, do, and track on just one simple sheet of paper. Click here to download the free template.