What Degress Do You Need To Own A Boutique?

So, you want to open a clothing boutique? Small businesses are making a comeback as more and more people are focusing on buying locally. If you have an eye for the latest trend in fashion and great people skills, you could be well on your way to owning a clothing boutique of your own. However, you may be wondering if having good people skills and a great fashion sense will be enough to make your shop a success. What about a college degree? Would having a degree be beneficial to you as a business owner, would it be an unnecessary expense and a waste of time? Fortunately, I have the answer to that question.

You do not have to have a college degree to own a boutique, having a bachelor’s degree in business, a degree in fashion design, or a combination of both would be helpful to you. A degree in fashion design would be beneficial in helping you select which brands, designs, and clothing lines you decide to stock. Meanwhile, a Bachelor’s degree, a Masters, or a Doctorate in business would greatly assist you with the financial aspect of being a business owner.

In this article, we will dive deeper into the ins and out of owning a small clothing boutique, as well as take a closer look at how beneficial it can be to you if you have a degree in fashion design or in business. I will include some of the major highlights of both business degrees and fashion design degrees that are sometimes overlooked by small business owners, but are valuable tools to have in your skill set. Finally, I will also include a brief analysis of what the market looks like regarding the future of small boutiques in the United States.

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How Can A Bachelor’s Degree In Business Help Boutique Owners?

Owning any business is an investment in your future. The same concept applies to owning a boutique. Whereas most large companies have entire departments dedicated to accounts receivable and accounts payable, more than likely you will be the person responsible for your business’s invoicing. While there are several software options to aid you with the financial aspect of your boutique, it certainly doesn’t hurt to have a background in business. This is where having a bachelor’s degree in business would be extremely helpful not only your business, but also you as an individual. You are probably wondering if there are any other ways that a bachelor’s degree in business would benefit you as a boutique owner. Well, please allow me to elaborate a bit more…

A few of the areas that play a significant role in owning a small business in which a business degree would be of assistance include sales forecasting, marketing and sales, leveraging, creating a business plan, and financial adjustments per Bench Mark One. The ability to write and execute a business plan is essential to the success of your boutique. It helps to think of your business plan as a GPS system that is guiding you toward the success you want for your boutique. However, sales forecasting is an often overlooked skill that is absolutely necessary to the survival of your business. This skill will not only help you to predict sales more efficiently, but it can also help you with cash flow, marketing, inventory management, staffing, and adapting more easily to changes in the market.

Furthermore, if you or not yet convinced that a bachelor’s degree in business is a necessity as a small boutique owner, College Consensus says that nine of the ten most beneficial degrees to have as a business owner are in the business. Having a bachelor’s degree in Business Administration is the most commonly earned degree, and it is associated considered as one of the best degrees you can have as a small business owner. However, if you are, you can always pursue a Masters or a Doctorate in Business Administration as well. Why is a degree in, Business Administration so valuable to business owners? Some of the skills that are taught while earning this degree include organizational strategy, communications, finance, marketing, business development, and human resource management. Each of these skills will provide you with a wealth of knowledge that will be of great use to any boutique or small business owner.

How Can A Degree In Fashion Design Help Boutique Owners?

If you have a good head for business, but your heart is in fashion, you may prefer to pursue a degree in fashion design rather than in business. Nevertheless, working for a major fashion label does not appeal to you. Will your fashion design degree translate into success as a small business owner? While the majority of us would say that having a degree in fashion design is a necessity if you want to work in the fashion industry, but is it necessary to open a clothing boutique? Although it may not seem like a necessity, there are three degrees that you can earn in fashion which will be especially helpful in running a boutique.

The website Fashion Schools States that three of the degrees that you can pursue in the industry that will serve you well as a boutique owner include:

Fashion Design – Having this degree should provide you with the knowledge you need to stock your boutique with the latest and top-selling trends. This degree will also give you an insight into how clothing is made, and also give you a better eye for quality.
Fashion Marketing – Learning how to market in the world of fashion is an essential skill you can put into practice as a boutique owner. You will need to have the ability to get people into your boutique if you expect to sell clothes. Marketing will get you there.
Fashion Merchandising – Once you have gotten the merchandise into your shop and drawn people in with your marketing prowess, you will need to know how to sell your merchandise. This degree will teach you how to donate exactly that.

What Is The Market Forecast For Small Boutiques?

Now that we know how beneficial a degree in business or in fashion design can be to a boutique owner, let’s take a peek at the financial forecast of clothing boutiques in America. To get a better understanding of the future of clothing boutiques, we must first be aware of how many boutiques are currently in business, and if this market is predicted to grow in the near future. Per Ibis World, there are currently 158,931 small clothing shops in the United States, and that number is expected to increase by 3.5% by the end of the year. While it may initially seem like more boutiques opening would insert more competition into the clothing market, you can also choose to see this as a positive statistic. If more boutiques are going into business each year, then the demand for small clothing shops must be expanding as well.

So, with a surging number of clothing boutiques opening annually, rocketing revenue and profits are sure to follow suit, right? The short answer is “yes” Per the Marketplace website, clothing purchases made in person from small shops has risen by 22% from a year ago. Does this mean that opening your own clothing boutique is a good business opportunity? Well, according to Bloom Wholesale, it takes new boutiques approximately two to three years to see a profit after opening. In addition to that, 20% of small businesses close within a year of opening. By year five, an astonishing 45% of small businesses are forced to close their doors. Simply put, owning a small business in America involves plenty of risks, but the reward of a successful, self-made business can be quite satisfying.

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Conclusión

If you want to open a small clothing boutique, having a college degree it’s certainly not a necessity. However, you may be surprised at how much a degree in business or in fashion design can help you run your business. Earning a Bachelor’s degree, a Master’s degree, or a Doctorate in Business Management is widely considered to be three of the best degrees you can have as a small business owner. Having one of these degrees (especially an MBA) will not only attract potential investors to your boutique, but they can also provide you with a number of skills that are essential to a small business owner. Cash glow, staffing, inventory management, and marketing are just a few things that you can put to use in your boutique.

Having a degree in fashion design can also assist you as an owner of a small clothing shop. A degree in Fashion Retailing, Fashion Marketing, or Fashion Merchandising can provide you with a better understanding of the financial aspects of the fashion industry.

If you are wondering if now is a good time to open a boutique, if you consider the fact that there are over 190,000 small clothing shops in the United States with an average annual growth rate of 3.5%, it would seem like the market is occupied with too many clothing boutiques. However, over the course of the last year, in person purchases at small clothing shops have risen by 22 per cent, which would indicate that now is the perfect time to open a shop. There is one thing that I would like for you to keep in mind. It takes anywhere from two to three years to see a profit from a clothing boutique, and 45% of all small businesses are no longer open after 5 years. With that said, if you have the education and the business savvy it takes to be successful, now is as good a time as any to pursue your dream of being a business owner.

What Are The Pros And Cons Of The Fashion Industry?

What Degress Do You Need To Own A Boutique?

How Can A Bachelor’s Degree In Business Help Boutique Owners?

How Can A Degree In Fashion Design Help Boutique Owners?

What Is The Market Forecast For Small Boutiques?

Conclusión

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