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how to make money in your boutique
Today in my series about how to get started in your boutique, I think I should address most new boutique entrepreneur’s worry of MONEY. How do I get enough money to open? Or “How do I fund this boutique dream?” I get this question all the time and I want to give you easy and accessible ways to find money.
To be honest, since the crash of 2008, small business loans a traditional banks are hard to get. Generally you need to show 1-2 years of sales history and present a business plan- which for so many just isn’t where you are at! I want to give you alternatives in this article!
I also want you to know that Kickstarter is a TON of work and you need a massive network to make it work… and everyone that asks about government grants, really? Won’t it be so much more rewarding to figure this out on your own and not have to spend time researching and applying for grants? Maybe it’s just me, but I’m pretty scrappy and can always figure out a faster way to get myself going in business… I don’t like depending on others, or the government for that matter.
First, I want to tell you that you don’t need a ton of money to start! I think it’s best to start small to minimize risk and grow into a BIG boutique. You can always go UP!
Here’s my top 3 ways to be a scrappy, startup hungry entrepreneur that will fund your boutique business:
1. Save a set amount a week from your paycheck: Parkinson’s Law says, the demand upon a resource tends to expand to match the supply of the resource. Basically, if you make $500 a week, you’ll figure out how to expand your spending to spend $500 a week. Let’s say you immediately transfer $100 a week to a savings account. In just 2 months, you’ll have $800 saved to start your boutique. 4 months, $1600, which is a TON of money to buy inventory (and do everything else in a free or super resourceful way!). You can self-fund your boutique business this way and you’ll be more invested in it since you truly are your own backer!
2. Start with 75: I’m going to guess you have, or can borrow from a family member, $75, right? $75 is enough to buy about 12-15 pieces of jewelry/accessories from a wholesaler. Let’s say you open a free Facebook page or Instagram page to sell those pieces. You add in shipping to you and a bit for an envelope to ship the jewelry… then mark up the items times 3 (or more if you can!). The potential sales is about $225-$250 when you sell ALL of it!! Amazing right?
Ok, go back to the jewelry vendor and only spend $75 again. You are still have $150 in your bank account and now, when you sell out the second order of $75, you’ll have $350 in your bank account. Maybe this time you spend $100 on items… sell that and you have $550 in your bank. Hopefully you are following this? My point is that you can turnover and turnover jewelry or small accessories inventory (think: one of a kind, limited edition pieces!) until you have enough saved up to purchase clothing and continue to expand. Imagine your a million dollar business telling the story to your team about how you started with $75 and a dream. THAT’S inspirational!
3. Sell things you own on Poshmark or Ebay or FB Marketplace: Seriously, you have things in your closet that will make you money right now! Have a cleaning afternoon and start listing your stuff! This will give you amazing practice in photographing, writing descriptions, pricing and talking to customers! All the things you need to be a great boutique owner.
In general, $1000-2000 can be plenty to start an online boutique. Obviously if you want a mobile or back and mortar, you’ll need more! But, what if you started online, in a small way, discovered if you really like having a boutique and then went on to open a physical store? Starting online is a great way to dip your toes into the boutique world while you’re still at a 9-5, or have little kids at home!
How did you start your boutique business? Tell me below!!
🔥Q&A: Ask Me Anything! Hint: IT'S A REALLY GOOD ONE!
Boutique Business - Mindset - Marketing
- Driving Traffic to Your Website
- How to Manage your Mindset every day, and when issues are going on around you
- Shopify vs. Other Ecommerce-POS-Website choices
- Why we don't need to compete with Amazon
- How to "REFRESH" old merchandise to sell it
- How many styles do you need to start your boutique?
- How to find vendor events and pick the right one for your store
- When and how to launch your boutique business
- Need "The Ultimate Boutique Handbook" because you are at step one is opening your boutique? Head here to get it: bit.ly/boutiquehandbook
- Ready for the next step to build your business plan to launch your boutique? Boutique Basics Bootcamp is perfect for you! www.BoutiqueBasicsBootcamp.com
- Need a mindset boost? Want to learn ALL of my daily mindset practices? You need to take Retail Money Mindset here: www.RetailMoneyMindset.com
- Want that Visual Merchandising Training (& and entire LIBRARY of retail specific trainings?) Join www.BoutiqueEliteMembership.com right now and get immediate access!
Have you dreamed of opening your own Online Boutique? In the planning stages or just about to open it? Are you exhausted from searching the internet for answers that barely scratch the surface of what you feel you need to know? Stop right there!
What if you could easily learn from a Retail Expert how to open your boutique with the most success possible? Start off with a bang?!
I want to teach you:
>> How to find customers who buy!
>> How to use Social Media Marketing for sales!
>> How to find and pick inventory that sells!
>> How to make the most amount of money from your merchandise!
I’ve helped thousands of women open and grow their own independent boutiques. Some work from the comfort of their home. All of them get to support their family and share their love of styling and clothes with the customer base they have built. You can do it too!
In Boutique Basics Bootcamp, a self study online course, I’ll teach you the EXACT STEPS to open an independent boutique! In-depth training videos and workbooks will guide you through each step and you’ll be able to ask questions and get help!
Learn more here: www.BoutiqueBasicsBootcamp.com
Bootcamp member Caylee says: "I've had almost $4k in sales at my first 2 events. I just keep looking at my Shopify app because I can't believe it😆!"
Boutique Basics Bootcamp will give you everything you need to know to go from pages of notes in your notebook and worrying about what friends and family think, to owning a boutique you feel aligns with your passions and that you are PROUD of!
Learn more here: www.BoutiqueBasicsBootcamp.com
I'm going DEEPER with this whole 'YOU'VE GOT TO PAY YOURSELF" idea this week. Because really guys, you HAVE to start taking a salary from your boutique business... and this week I'm going to tell you WHY you MUST pay yourself! I feel like I'm trying to convince boutique-land to adjust from a very old martyrdom mindset, to a "money flows in and out of my business with ease and grace" mindset!
Here's my top 3 reasons why you really MUST start paying yourself:
1. We have to evolve into a modern relationship with money! Te internet has changed everything but our ideas haven't- we still get caught up in the 'work hard, make money' mentality. Let's get excited to unplug from the old and plug into the new concept of money!
2. Most flows as energy-- when you don't pay yourself, you won't be able to spend it and they cycle of in/out energy flow gets blocked.
3. We love to be rewarded as humans!! Even a small amount to allocate to yourself to get your nails done or a dinner out can feed the positive flow and give your brain a pat on the back for putting your all into the business!
I’m in this interesting place in my business… maybe you can relate?
I’m growing at a fast rate, but I still have big goals and a good amount of ‘work’ to be doing each day/week. I really try to take days off... but I LOVE my work and it can be tough.
But about every 4 weeks, and yes, it’s totally a ‘moon cycle thing’ (TMI)… I get really tired. Like, I don’t want to do anything but sit around and read articles on the internet and watch a movie or two.
Problem is, I’ve started this freight train of a business rolling down the track… and if I stop, it stops. Well, kind of. It used to- but not anymore!
Yesterday I was on a group coaching call with Danielle LaPorte as the guest coach. If you haven’t heard of this NY Times Bestselling author, you should look her up. Most recently, she wrote a book called “White Hot Truth,” and she started out 8 years ago as a business coach. So much of what she said on yesterday’s call was amazing. But one thing stuck out at me…
“You can win by being the most consistent. But consistency isn’t glamorous.”
So many of us start businesses with the hope, dream and wish of it being easy, making us tons of money and then being able to retire at 45. (Well, maybe that’s just me… I bet you have goals though, right?)
What if you knew you could get to all of those goals just by being consistent? Consistently learning, consistency posting, consistently responding to customers, consistently keeping expenses low… you see where I’m going with this yeah?
Looking back at the past 7 years, I know the times when I haven’t been consistent with my intention and action is when I’ve seen my income go down. Only recently have I learned that I need protection for myself and my business to allow me to savor in the slow days I really need. I also have learned that the most valuable thing is setting up systems for when I need a break.
Currently I can slow down, because I have:
- Great Facebook Live videos!
- Holly scheduling out content on the FB biz page & group!
- Holly answering client emails that don’t need my attention!
- Automated emails and systems on the back end that just run!
Have you thought about how you can put automation and help into place for when you need to slow down?
TO TRY: Right now, write down at least 3 ways you can get help or schedule automation into your business. Set the intention that you will have these completed over the next 2-4 months.
My deepest desire is for you to have a successful boutique that supports your passion and life. In the work that I do with clients, I not only lift them up to fly, but I also help them figure out what needs adjusting in their business plan (that's the "consulting" part of what I do)!
I've just opened the doors to a new way to have me coach you each month- the Boutique Elite Membership. I launched the Membership last year as a training portal- full of trainings, meditations and quarterly group coaching calls. But frankly, seeing how many amazing woman joined last year, combined with my desire to interact with you more, I decided for 2018 to expand it and make the membership even more valuable.
Click here to learn about how I've packed $25,000 of value into this membership!
“I can buy anything I want.”
That saying started it all. Started me on this journey from worrying about my debit card working in line at the grocery store, to booking trains and apartments around Europe.
You see, in 2015, I was struggling. My boutiques had been doing incredible for 4 straight years. But suddenly, I wasn’t doing great. I was unhappy, overworked, depressed and because of all that, not making much money anymore. I saw a HUGE decrease in sales all of a sudden.
I went from #SixFigureSuccess to worried about literally every penny. It kept me up at night. I was scared to open my banking app because I hated seeing it with $8.00 in it. I would make a bunch of money, pay all the bills, and then have just enough to get groceries.
Was it the economy? Was it a snowy winter? Was it women just not wanting to shop?
Nope. It was me.
I was a hot mess who had hit a wall.
To be honest with you, I ran on straight adrenaline in the first 3 years of my business. Magazines called for stories and photos, customers raved about my product, and I felt like I was on massive high all the time. And after 3 years, inside I felt like… “This is great, but what is next?” and “Gosh, I’m pooped.”
While I looked for answers and was forced to rest, my bank account got a bit hairy.
Until I was introduced to this thing called Money Mindset.
All of us have it, and we’re either living in one of 2 money mindset states, abundance or lack. And the energy we feed into that state is how our outside world shows up. Because I was worried about money, I had little money. (No, not the other way around!)
I was living in a state of lack, constantly talking about how I didn’t have enough, I didn’t know how I was ever going to make the next sale and always focused on how my bank account was low.
Most women I work with think it goes the other way: When they have no money, they worry about money.
But really, think about it… have you seen that when you are worried about money is when THE worst things happen. A parking ticket, unexpected bills, some random thing you owe money to all of a sudden? Yes! It’s like ‘waking up on the wrong side of the bed’ (or bank!) and as the day goes on, it just gets worse. Bad money days can last a lifetime.
Most likely you have thoughts about money (a “money story”) that were stuck in your head a longggg time ago. And because you haven’t realized or been told (hi!) yet that you have a superpower to change those thoughts, they simply haven’t changed.
What I need you to know is that YOU CAN CHANGE THE TRAJECTORY OF YOUR MONEY STORY. I did it, and you can too.
When I was introduced to this idea, I thought it was bullsh*t. 2 years later I’m riding high as a kite on my fab money mindset. So yeah, I was dead wrong. Fixing my money story allowed me to open up to find my next path in life and has lead me down the rabbit hole of trying to help you!
You need to know that there is no level of Facebook or sales training that will work when you have a mindset of lack.
But what happens when you face the crappy money mindset and re-organize the energy to one of abundance (even if it feels fake at first) is things start to change. Orders start coming in, random emails from new customers, or big opportunities show up for you.
Again, I know because this has been my past 2 years. The abundant opportunities continue to show up over and over in bigger and better ways. Last month, we were upgraded to a $900 a night 5-start hotel suite in Bath, England just because. SERIOUSLY. I can’t make this stuff up!
If you aren’t in one of my programs yet, let’s start here. I need you to stop talking smack about not having money. What you think about you create… so want to become a powerful creator?
Two of the most crucial keys to success in retail business are MONEY MINDSET and FACEBOOK LIVE. I truly believe that once you have these two things ready to go, you'll have the kickstart you need to crush the holiday season!
For a very limited time, I'm offering this bundle at an insanely low price to help you get your money mindset in check so you can become the wealthiest version of yourself!
Right now you'll get:
- Money Mindset Mastery: a 20 page fillable PDF mini course that will show you the exact steps I've taken to open myself up to abundance and my second six figure business!
- Facebook Live Like a Pro: a Step by Step mini course on how to get clear on your Facebook Live selling strategy! Wondering how to make sales when you hit "Go Live"? Just plain terrified about showing up on your FB page? I'll show you how to create a plan, show up, and sell!
But I believe that it's important you invest in yourself, and why not invest in something that's going to make an incredible change in your life? If you are ready for a shift, this bundle is for you! Both mini courses are self-study so you can get them now, start today or next week!