3. What Sources of Funding Do You Have To Start Your Boutique?
Starting a boutique, or any other business for that matter, requires financial means to get the business off the ground. It is advisable to have enough money upfront to keep your business running for the next six months after its opening. Most companies do not make a profit in the first few months.
You will need a security deposit for renting a space, paying employees, buying inventory, and decorating up the store’s exterior and interior, just to name a few expenses. You can use a bank loan to cover your costs. However, many other types of lenders are now available for new businesses. These options can be much faster than going through the bank. Some of the best alternative financing options you can consider are business credit cards, merchant cash advances, revenue-based financing, SBA loans, and peer-to-peer lending.
The ideal capital you need to start your store will depend on the location of your store, the type of clothing you want to offer, the size of the store, hiring employees, decorating the store, other costs, etc.