733: Scaling Your Boutique Business

Boost Your Boutique with Emily Benson

1:30.1 This is one of the keys to, I think, the problems that happen among so many boutique owners is you just have so much space.

1:45 But It allows you to overbuy and overbuying is one of the quickest ways to not scale your business to become very much unprofitable and to always be struggling to make the revenue that you want.

1:56.9 So first and foremost, the conversation around assortment has to come from the fact that we don't want to overbuy.

2:29.8 If something is really working in your store, you could bring something back in another color, in another print, in another material.

3:31.3 Now as you start to grow and scale, you have to start to get comfortable with your assortment, understanding what is truly working and what is not.

6:21.6 Now, value of items has been so diminished over the years because people are loving to give lots of discounts and have affordable pricing, which is fine, but like, I just don't think it's going to work for much longer.

8:50 The Gucci belt principle is that if you have a higher end brand, adding something that's a lower price, that's more accessible to a new customer, someone who's just trying you out or someone who just really can't afford what you sell, you're giving them a piece of the pie. You're giving them something to love on of your brand because really, brand is everything.

9:34.9 So if you have a business, a retail store, a boutique, where you're selling things for 100 to 200 to 400, I really urge you to consider adding some things that are really special, really cool, really branded, but maybe aren't as tricked out as the more expensive things in this under 100 price point.

10:03.4 But you make it a little bit more accessible to people. They get to wear your brand. They get to like be a part of the mystique.

10:33.6 The biggest mistake I see when people try to scale their boutique and retail businesses is that they expand the wrong way.

11:55.5 But the logical answer to trying to scale your business is not to add department, like not to add categories, genders, gifts, whatever. The logical answer is to expand on what's working.

12:25.6 You expand on what's working. You don't try to go and do something new that you don't know much about.

12:55.8 anyone these days can start a retail business or a boutique, but not everyone can scale and maintain them and stay profitable.

Resources:

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