It seems like creating your own boutique is a popular side hustle this year. Especially with all the unknowns in our own jobs. So, if you are looking to start your own boutique here is what you will need and a few tips I learned along the way.
1. Business License -
Different states require different licenses, so I recommend checking the SBA (small business association) for what you may need! Spoiler alert NC does not require a business license.
2. Tax ID -
You have to pay taxes. I know it sucks. But it's part of it. Visit the IRS website and register for one here.
3. Consider an LLC -
If you plan to ever have someone work for you, now or in the future, look into an LLC. An LLC can protect you personally from your business. That means if anyone sues your company they have to take your company to court and not you personally. This can become kind of blurry when it comes to finances so I highly recommend you consult a lawyer before starting!
4. Investors or Grants -
You need money to start a boutique. It's just a fact. You need money for marketing, product, operations, events, and branding. So if you don't have investors or grants from your school or city, consider saving your money and funding your own boutique.
5. Business Bank Account -
It's very important, from the beginning, to separate your business's finances from yours. That means pulling any money you need from that fund and NOT pulling from your own funds when you want something for your business.
When I was going to look for items for my shop I had two options, to attend a vendor show... or try an online wholesaler. What worked best for me was trying an online wholesaler. The two I used the most were Orangeshine and Faire. Now I would recommend you use orange shine to find the vendors you like and apply to be a wholesaler on their individual websites but that's another blog for another day!