Inventory Management 101: How to Start an Online Boutique With Little to No Money

If you are interested in starting an online boutique with little to no money, you’ll be interested in hearing five tips to help get you started. It’s a common misconception that you need a ton of start-up money in order to open an online store. With these tips, you will be able to officially open the virtual doors to your boutique and start turning a profit.

1. Map Out a Business Plan

Starting an online boutique might be more simple than you imagine, but it still takes diligent planning and hard work. When you’re outlining your business plan, it should include these five steps: locate products for inventory, sort out paperwork, set up your shop, market your business, and start making sales. Once you’ve mapped out your business plan, you’re ready to proceed.

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2. Buy and Sell Refurbished Electronics

Refurbished electronics are known to be as good as new, with a less expensive price tag. TheStore sells refurbished cell phones, computers, navigation systems, and much more on their website.

All of their products are from top companies. TheStore sells almost every technology-related gadget you could possibly think of. You’ll be able to stock up on inventory for your own online boutique without burning a hole in your wallet.

3. Peruse Other Boutiques

Visit as many online boutiques as possible. Write down how much they’re charging for the same merchandise you plan to sell. This will help you gauge the best way to price your items. If you’re selling a refurbished iPhone 11 for $100 more than other online stores, you’re unlikely to make a sale. Of course, you want to turn a profit, which is why TheStore is a great place to buy high-quality items for an excellent price.

Conversely, if you’re intending on selling a MacBook Air for $200 less than other online shops, you’re selling yourself short. You may sell a ton of them, but you won’t make as much money as you should. The best way to decide on pricing is to price your items accordingly to other websites; set your prices similar to theirs.

4. Run Email Checks on Potential Investors and Competitors

If you’re planning on starting out with one or two employees, you’ll want to run email checks on potential investors and competitors. GoLookUp is an international-based website that allows you to search for information online.

Using their email address lookup feature you can ensure you’re getting into business with the right people. Once you have the green light from GoLookUp, you’ll feel safe conducting business with the people you checked out. These are all matters of public record, so don’t feel as if you’re violating anyone’s privacy.

5. Purchase a Domain Name

You’ll need a domain name for your website. GoDaddy sells domain names for just several dollars a year. After you’ve chosen a name for your company, you can see if that name is available on their site. If it isn’t, you can choose something similar or use “.org” instead of “.com.” Sites that sell domain names offer various options to help you get the website name that you truly want.

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A few other suggestions are looking up local yard sales, antique stores, and estate sales. You’ll often find a great bargain on all different sorts of items. When you’re store is up and running, you can start implementing marketing techniques. Facebook ads and Google ads will gain the attention of potential consumers. And don’t forget to have fun with it! Sell what you want, know that you don’t need a lot of money to begin, and watch patiently as the cash flows in.

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