Hey everyone! Today, I wanted to share a post for the boutique dreamers. You might be in the process of going from boutique dreamer to boutique builder or maybe you are still in the boutique dreamer phase and want to have the option to pursue your boutique later down the line. How can you make this dream a reality? Well, the first step I suggest is to start saving!
Saving, ugh that can be such a daunting word. We hear it in all areas of our lives. First, you save for a wedding, a down payment for a house, retirement, emergency funds, future babies college tuition, and so on. Saving can be an area that many of us avoid like the plague. But I want you to realize that you can do this and I want to help you find a way to start saving AND budgeting without feeling the burn.
In a previous post, I shared some of the significant expenses associated with opening and running an online clothing boutique. Today, I wanted to share tips on how to start saving to build your online dream shop.
First, let’s talk about a new concept of saving called Goal Saving. Goal-saving allows individuals the ability to save for particular goals rather than putting all of your excess money in one savings account. This will enable you to focus specifically on what matters to you and helps you plan for your short term and long term business goals — for example, saving $3,00 for inventory and $1,000 for a graphic designer/web developer.
How can we incorporate this idea of saving into a boutique builders financial plan and budget? Well, I discovered an app called Qapital that allows you to set up direct deposits from your bank account into individual funds that you define yourself. This allows you to build up enough funds to open your boutique. This is ideal if you have the opportunity to save for a few months or to a year before opening your online shop.
Let’s take a look at a few of the big areas you might want to consider saving for before opening:
Inventory
Website setup costs
Advertising fund
Launch giveaway goodies
Boutique Office supplies
Storage
Hangers
Shipping supplies
Camera/video equipment
All of these expenses add up and can put a massive dent in your budget if not prepared for in advance. I highly suggest creating a Qapital fund to begin saving for your boutique and then prioritize which expenses should receive their fund and how much to transfer to each fund weekly. You can save as little as you want, but I would suggest at least $5 into each fund every week.
Setting up direct deposits into individual expense buckets will allow you not only to begin saving but prioritize which areas you want to spend the majority of your money saving. If you start today, you could easily save up to build your dream boutique in less than a year without breaking the bank all at once.
Sign up for Qapital today. Use my link and receive $5 to start 🙂