A Complete Guide on How to Start a Boutique Business
Starting a business requires planning and a proper source of funds to operate it without any hiccups. Similarly to start a boutique, you will need funds with a proper boutique business plan. These will help you take your business a long way and invest in its popularity which at last will help in expanding it.
Creating a business plan can be easy, but having the required funds may not be easier. Hence, you can apply for a business loan after comparing the interest rates of various lending financial institutions.
Our Partners
|
Minimum Interest Rate
|
Maximum Loan Amount
|
Maximum Loan Tenure
|
|
---|---|---|---|---|
Bajaj Finance Limited |
11% p.a. |
₹35 Lakhs |
72 months |
|
CASHe |
27% p.a. |
₹4 Lakhs |
18 months |
|
Federal Bank |
11% p.a. |
₹5 Lakhs |
48 months |
|
Fibe |
14% p.a. |
₹5 Lakhs |
36 months |
|
Finnable |
15.95% p.a. |
₹10 Lakhs |
60 months |
|
IIFL Finance |
18% p.a. |
₹5 Lakhs |
42 months |
|
InCred |
16% p.a. |
₹10 Lakhs |
60 months |
|
Kissht |
14% p.a. |
₹4 Lakhs |
24 months |
|
Kotak Mahindra Bank |
10.99% p.a. |
₹40 Lakhs |
72 months |
|
KreditBee |
15% p.a. |
₹5 Lakhs |
24 months |
|
L&T Finance |
12% p.a. |
₹7 Lakhs |
48 months |
|
moneyview |
1.33% p.m. |
₹10 Lakhs |
60 months |
|
mPokket |
24% p.a. |
₹45,000 |
90 days |
|
Muthoot Finance |
14.50% p.a. |
₹15 Lakhs |
60 months |
|
Olyv |
18% p.a. |
₹1 Lakh |
12 months |
|
PaySense Partners |
15% p.a. |
₹5 Lakhs |
60 months |
|
Privo |
9.99% p.a. |
₹5 Lakhs |
60 months |
|
SMFG India Credit |
12% p.a. |
₹25 Lakhs |
60 months |
|
Upwards |
1.5% p.m. |
₹5 Lakhs |
36 months |
|
YES BANK |
10.99% p.a. |
₹50 Lakhs |
72 months |
|
Zype |
18% p.a. |
₹3 Lakhs |
12 months |
|
**Disclaimer: The interest rates mentioned in the above table are subject to change. For further information, please contact the lender.
It is very common to apply for a business loan while making a business proposal for a boutique. Here, the eligibility criteria to get this loan easily without facing any rejections are as follows:
1. Nationality: Indian and Non-NRI
2. Age: 25 to 65 years
3. Employment:
Self-employed individuals
Self-employed professionals including doctors, chartered accountants, etc.
Self-employed non-professionals including traders, manufacturers
4. Business type: Sole proprietorship, partnerships, limited liability partnerships, or private limited company
Now that you know about the eligibility criteria and all the important documents required, it is time to apply for a loan. The steps to apply for a business loan to Start a Boutique at Bajaj Markets are as follows:
Step 1: Go to the ‘Business Loans’ category, in the ‘Loans’ section, and click on the ‘Apply for Business Loans’ option.
Step 2: Start filling out the application form which includes details like name, DOB, mobile number, profession, address, etc.
Step 3: Click on the ‘Check your offer’ option to go to the next page.
Step 4: Here, you will find loan offers from a list of lending financial institutions. Analyse the data and select a lending partner.
Step 5: Choose the loan amount and the repayment tenure as per your convenience.
You will receive the loan amount after the application verification.
Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.
Yes, it is possible for you to make your boutique store function via online. For this, you will have to create a website in which you showcase all your collections, their prices, discounts, etc.
If you are successful in setting up your fashion boutique store online, it will be much more profitable in terms of investments. You will not have to set up a separate store for the boutique and invest in its maintenance. This way you can save a lot on building your boutique store, which you can use for purchasing more raw materials and increasing your stock.
While employing staff members in your boutique business, it is necessary to look for people who have experience in certain fields. The required fields are tailoring, dress designing, production department, operations, administration, stylist, customer management, etc.
The mandatory permission or licence that you should get before starting a boutique store is the ‘doing business as’ licence (DBA) or ‘fictitious name’ licence. This is necessary for your store even if it is registered as a sole proprietorship, a company or a partnership firm.
The success of a boutique is possible if you understand its role in the market and make a boutique business plan accordingly. Every market has some gap in terms of customer demand and supply, which will fetch you a lot of reliable customers if you successfully address them. Moreover, being consistent in bringing new products, understanding customers' demands, proper marketing, etc., will also play important roles in its success.
A boutique is a store selling a unique assortment of stylish clothes, accessories, shoes, and more. It is usually set up in a little store or within the speciality section of a big store. You can also set up the store online to serve personalised experiences to customers.