Dreaming of having your own business
Dreaming of having your own business is one thing, but bring the reality to life is another. Lots of people have great ideas, but not many execute their plan the way they’ve always dreamed of. Making sacrifices to get to where one needs to be isn’t a walk in the park either; it can either make or break personality in this world, but when it comes to serving the upper class it sometimes will have the ability to crush the business owner. The transition from ordinary dreamer to actually becoming a fulltime, hardworking, determined entrepreneur is not only about having the knowledge and skills needed to run a business but being able to PLAN, EXECUTE and SUCEED.
In order to find the niche in the current market it is necessary first to get the basic knowledge about the product and also to conduct the marketing research, which would include the audience and its specific: age, sex, incomes, tastes and preferences. Is should be carried out by the interviewing local inhabitants, by visiting another existing shops in this area and for sure by observing people.
After completing the marketing research, it would be necessary to create the business plan- the guideline of the own business establishing. It will be useful in completing of wide range of activities- beginning from writing the contract and including HR, financial and marketing aspects
The business plan should include the following sections: planning and management: starting the business, preparing the board meeting and outlining the general resolutions of the store; legal aspects – establishing the business firm, protecting own ideas and assets and partnership dissolving; human resource – developing all aspects of fruitful collaboration with employees- beginning from hiring program, including the loyalty and bonuses program, workforce managing and also the hiring procedure developing; financial and accounting aspects- involving the monetary funds, managing of finances and insuring them; sales and marketing – attraction of new clients, developing and practical implementation of marketing campaign, collaboration with mass media, distribution channel expanding, marketing research and tendencies analyzing; logistics and operations – delivery system development, equipment purchasing or leasing; internet and technology- web site development and its promotion, development on-line shopping system and it maintenance; credit and collection; real estate agency services using – finding the hall for the shop and its renting or purchasing supporting.
After completing the business plan, it is necessary to look for business partners, who would provide the goods wholesale and delivery.
After forming the staff, it should include the shop assistants, accouter, loading workman, janitor. It is very important to organize the work of the staff properly – to clarify all obligations for every employee, to provide the basic ethical requirements and dress code for staff, to organize the personnel teaching and controlling over obtained skills practical application.
Also in our case it would be important to organize the distribution network- to involve periodically nonstaff promoters, who would distribute the advertising leaflets, dedicated to some sales or to the new collection, presented in boutique.
Every business project has got its pros and cons it is very hard to evaluate them, but each aspect of running business should be explored and developed by the entrepreneur in order to succeed in the competitiveness, presented by the current market.
To our opinion main positive aspects of the First Time Boutique of the Upper Class owning and managing is its audience- wealthy people, who are ready to give a solid amount of money for high-quality and unique thing and for good service; also, it is possible to become trendsetter and that would attract wide audience- people, who are willing to be up-to date and who have got monetary funds for that purpose.
To the main negative aspects of owning such boutique it is possible to consider the following: high competition on the market, additional expenditures for creating luxury interior of the boutique and high requirements for the staff and dependence on the human factor.
In order to occupy leading positions on the market and to get the high revenue, it is necessary to be educated in different fields or to collaborate with the experts of these fields: economists, experts in marketing, management, HR, finances and law. It is possible to collaborate on the freelance basis- that will save costs on official job placement.
Finally, after well-grounded preparation for the work and thorough study of the current market, it is possible to implement the business plan into the practice. Being skillful and having deep knowledge on the retail field will give its positive outcomes.
For sure, some time would be required to join the ranks of the market and to perfect staff’s skills, but after achieving good results it is very important to keep the positions and to provide the clients with declared quality of goods and services.
To conclude, we would like to stress that the ability to succeed in this industry is not a piece of cake. Although it may seem effortless from the outside looking in; it takes lots of monetary funds, knowledge, determination, time, and potential.
Owning and managing boutique means constant marketing research and world trends exploring, because fashion is not constant and it needs creative approach. If the owner is responsible, skillful and creative personality, it is possible to succeed in the retail field of economical activity.
- Business in a box. (2010) “Get a document for every business situation! [Online] (Updated 27 February 2010) Available at: http://www.biztree.com/?cm_source=go-sw&cm_adgroup=D014&cm_kw=how%20to%20create%20a%20business%20plan&gclid=CL6b5KbH0aQCFceR3wodoUooKA [Accessed 14 October 2010].
- Gerber Michael E. (March 1995) E-Myth Revisited: Why Most Small Businesses Don't Work and What to Do about It.
- Abarbanel, Karin (2008, February) Birthing The Elephant, The Woman’s Go-for-It Guide to Starting and Growing a Successful Business
- Segal, Rick (2008, September) Retail Business Kit for Dummies.
- January 2010) The Most Successful Small Business in The World: The Ten Principles.
- Sweeney Joe, Yorkey Mike (October 2010) Networking Is a Contact