There are many people venturing into vintage boutique style businesses in recent years. There seems to be quite a demand for these sorts of items and so many entrepreneurial types have looked into this area as a means to earn extra cash or even as a new primary business. Some people do so as a way to channel their creative urges whilst others see a niche in their local market which they can fill. There are many different types of companies which people can set up which would constitute a vintage business such as clothing, furniture or general brick-a-brac. Many small businesses fail in the first couple of years so what should you be doing to give yourself the best possible opportunities on your investment?
Play Devil’s Advocate with Yourself
Do you really have the passion and commitment to do this? The worst thing anyone can do when it comes to setting up their own business is to do it on a whim. Yes it might seem like something you want to do at a certain point in time but have really thought it through? If you end up realising that you are not fully into the idea after a period of time you will have lumbered yourself with an enormous burden which you no longer feel entirely committed to. Question your motives and make sure this really is the business for you.
Have a Physical Shop Not Just an Online One
When it comes to a vintage or antique company it will more than likely fall flat on its face if you are planning to go solely down the route of e-commerce. Given the nature of the products you are selling, people will want to touch and feel them and see them in the flesh. Many sales can be lost as people might not appreciate the beauty of a product when they can only see it through online pictures – no matter they good they might be. This industry will often thrive of word of mouth advertising as well as online marketing so having a physical shop will help your exposure and it can promote your brand both locally and further afield.
Are You Finding The Right Niche?
Explore your region and get a feel as to whether you are realistically going to have enough business. Certain areas will simply not generate enough custom to make it realistic. There could even be similar stores to your own who have already established themselves and the market may be too saturated to accommodate another similar shop. You might have to fulfil your passion by tweaking your business plan from your initial ideas. Perhaps you wanted to set up an antique store but there are already a couple in the region. You might well do better to set up an antique reproduction shop so that you can work in a field you love but still be profitable.