Are you considering making your business more specialized? A boutique business model may be for you. This is a type of business that doesn’t price sensitive and will not compromise the client experience that they may be receiving from you. In other words, it’s the quality of your product or service rather than price.
There are several methods that will help to make your business successful and may require some bold moves on your part. The first step is to be willing to take that ‘flying leap’ to take it to the next level. Multi-tasking will be a priority to integrate many different components of running a lucrative boutique business. Consider the mindset of being ready to multi-task and master all elements within your business to produce steady sales and stand out from the rest of your competition.
While there are many components to consider, here are 5 must-know approaches to help your business become a success:
- Innovative marketing strategies
- Local events
- Employ the right employees
- Ask for client feedback
- Keep your finances organized
Marketing strategies can be trial and error for your business as some techniques will work and others will not. Consider looking for approaches that will drive traffic to your business. If one method does not work, go back to the drawing board on methods. Take note of what works best for your business and understand the analytics on the return. It is also a clever idea to keep a list of potential marketing ideas to refer to if one method does not work.
Having a sense of community can be very important to some of your clients. Consider showing your involvement by participating in local events. This will give you the opportunity to meet with people in person and build relationships. If a client feels as if they know you, they are more inclined to do repeat business with your or make a sincere referral to your business.
Hiring the right employees is a must. When clients come to you, they should receive a personal experience from beginning to end. To provide excellent service, you need to enlist the most qualified and knowledgeable team member. Aside from a qualified list of attributes, they must be personable to your clients. Strong referrals and repeat business will come from clients that feel taken care of and respected.
Constructive criticism is sometimes a tough pill to swallow however this can help your business thrive. Consider sending client feedback or satisfaction surveys. Ask clients if they have suggestions on how your business can improve. Evaluating client feedback will help you to continually expand your business into the next level because you are taking their ideas into observation. This leaves your clients feeling heard and respected.
As you are growing your business, consider following a strict budget. Review your business spending to make sure you are not overspending on services and supplies. Create a simple spreadsheet that shows how much you are spending monthly and consider what can be purged and what is a necessity to your business. Aside from the obvious expense such as rent, utilities, etc.; here are a few other things to consider in your budget:
- Office supplies
- Shipping and postage
- Client lunches or dinners
- Dues for professional associations or networking
- Professional development
Your budget and finances should be reviewed monthly to make any necessary adjustments.
When looking at all components to consider, try making a list of just a few tasks for each category at first. It’s easy to feel overwhelmed with all the elements within your business so start small and focus on one task at a time. Here’s to making your next BOLD move!