Opening A $102K/Month Boutique Business (See What It Takes)
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- Опубліковано 30 чер 2024
- For fashionable entrepreneurs, opening a clothing boutique is a great way to turn your passion into a career. That’s what Lee Smith did when he opened Urbanity.
This video is sponsored by Shopify, a leading name in eCommerce solutions. Find out more here: www.shopify.com/upflip
Lee was a fresh college graduate when he started Urbanity in 2009. He saw an underserved market in the Seattle retail sector for one-stop style and aimed to fill that niche. In the years since, he’s expanded to two locations and built a reputation as a top Seattle source for exclusive products from top fashion brands.
In this video, we’ll get the inside scoop from Lee on how to start a clothing boutique. We’ll find out how much it cost to get started, how to market your boutique to build a client list, and how Urbanity stays on top of fashion trends and gets exclusive access to unique brand-name inventory for their customers.
Along with their brick-and-mortar locations, Urbanity has an eCommerce portal on their website. We’ll ask Lee his tips for starting an online boutique and setting up the eCommerce side of a fashion retail space. He’ll also share his revenue figures and what percentage of his sales come through his online store, along with strategies for increasing traffic and growing sales both in-person and online.
If you want to get into fashion retail, the advice in this video can help you go from the idea stage to “I’m opening my boutique today!” You can learn more about Urbanity or check out their inventory at their website, urbanityshop.com/.
For a complete guide and additional how to's check out the following article: www.upflip.com/blog/how-to-st...
Want more real-world business advice? Check out our newly-released podcast: www.upflip.com/podcast
Want more advice from fashion business owners? Here is another interview you’ll want to watch:
How Afshan Makes $60K/Month From Her Shoes Business ►
• How Afshan Makes $60K/...
Resources:
www.upflip.com/academy - Launch and scale your business with our expert-led Academy
www.upflip.com/equipment-list... Premier Equipment List
Timestamps:
0:00 Intro
1:58 Meeting Lee
3:46 Initial Budget
5:16 How Long It Took To Break Even
6:25 Tips For Getting Financing
7:27 Monthly Revenue
9:12 Advice for Finding Clothing Boutique Brands
10:21 Profit Margins
12:02 eCommerce Site Revenue
13:46 Inventory That Doesn’t Sell
15:10 Social Media
16:45 Being An Exclusive Boutique Store
18:19 Choosing a Location
19:13 Inventory Management
20:38 Staying Ahead of Trends and Competitors
21:40 Cost to Run a Boutique Store
22:26 How Lee First Got Customers
24:43 Advantages of Having a Brick and Mortar Store
25:18 Initial Store Buildout
27:27 Biggest Challenges Lee Faces
28:22 Contracts and Collaborations
29:23 When A Celebrity Wore His Brand
30:40 Hiring Employees
31:23 1 Thing He Hates as a Business Owner
32:24 Tools To Find Brands and Trends
33:14 Skills That Contribute To Success
35:47 Advice for Entrepreneurs
#boutique #clothingboutique #openingaboutique
Join UpFlip Academy and learn from the best in the industry: www.upflip.com/academy
WHY IS HOLIDAY MONTHS A SLOW SALE SEASON FOR URBANITY ? its the BIGGEST SALE TIME OF THE YEAR !!!!!! WORLDWIDE !!!!!
ALSO .......HOW MUCH FOR THE LIST OF MANUFACTURES AND DISTR ??????
Love it 😍
Don’t have the capital
@@roycescott5521 Slow? I said thats the busiest times, but you have to plan for the slow months after holiday
I love that he asked the IMPORTANT QUESTIONS. Never seen a channel go this in depth before. Great content
Exactly! That's what we love to do. 😊 Thanks so much for watching.
I don’t think the owner expected these questions either lol
I was so apprehensive when I seen this video pop up on my feed, I thought it was going to be eye rolling egotistical. Was not expecting how realistic, humble and passionate this guy turned out to be. Currently staring my own business, found this really inspirational and helpful. Thank you!
Awesome Kirsty! We're glad that you decided to watch and that the video inspired you. What type of business are you starting?
I have been in business for 22 years. Custom clothing. Always enjoyed it but now I plan to join my sister to create a boutique! This has been the Best and Detailed info since business school. Now I am really excited to start this new venture with My Sister! Cheers!
Great stuff man. I'm on store number 4. I blew a fortune on the first store, learned so much from that experience. That build out, for less than 1000 sq ft, cost over 100k. The second store cost 25k for a store twice the size. We custom build all out shelving, but it's raw plywood mostly so much cheaper than finished wood.
That's great Asheville Comics. Congrats on your success. 😀Do each of the 4 stores sale the same type of inventory?
@@UpFlip Thanks! Three of the four are comic stores, they basically sell the same products, though the first one was sold, It was very valuable for being a sort of practice store, the one where I made all the mistakes, from build out, to products, and even location and store size, I learned what not to do. Now I own two comic book stores and a card shop, very different in some ways, but a lot of similarities and crossover with customers. The card shop is in the same strip mall as one of the comic shops, and we'll be opening a game store in the same plaza next year.
who did you hire for the build out
@@tonethbarrera6973 we did everything ourselves up until very recently we hired a local handyman for help. I simply don't have time to build anymore, goodbye splinters
@@ashevillecomics637 What were some of the biggest mistakes you made during the build out of your first location? How is the process of opening the game store going now?
If anybody sees this. I am extremely thankful for the information provided in this video. I plan on taking my brand to a similar vision as this one. So thank you Lee
Yes! Keep us posted on your business. How long have you been a business owner?
Amazing UA-cam channel. I love it when you guys divide sections of the video so I can skip to different parts of the video. Thanks!
Glad you enjoy it!
Thank you SO much for this content and kudos to the business owners who are humble enough to share knowledge. I’ve tried asking these kinds of questions to business owners out of interest and curiosity and so many get paranoid that you will steal their ideas or become their competitors. I was genuinely interested in their stories and the process… not necessarily their industry. This channel is awesome and so inspiring. I always enjoyed Shark Tank but had so many questions about how you get to that point where you’re ready for an investor and this channel answers so many questions. Please keep up the good work. I looked for the podcast because I’d love to follow but did not find it :(
I looked for the podcast on pandora and nothing.
This channel is really beneficial. Learnt a lot from watching these vids...Keep doing your thing
Glad to hear it!
Thanks for the video, dropping real world gems for small business retail start ups!
Hey Rob. That's exactly what we try to do. So glad you liked it. What was your favorite part?
This video is the answer to my prayers. 🙏🏾❤
This is the type of content I want , in depth 🔥
Hey Robert! Thanks so much for watching! So glad you enjoyed it.
Thank you!! you guys inspire me!!
Awesome job man, gonna do the same thing here in Toronto 2022. Loved the insight fam! keep up the good work
You Rock Dolapo. We believe in you!😀Are you going to sell the same type of product?
Amazing video! I’ve Known Lee for years and he’s the real deal! 🔥
He truly is!
Great video. I just ordered my first big shipment for my store. Blessing 🙌🏼
Best business video answered all the right questions. Kept it 100% real I appreciate this alot
Glad you found the video helpful and genuine! It's always refreshing to come across content that delivers valuable insights without any fluff, right? 😉
This was just incredible 👌🧡it just up lift me a ton!
Awesome interview and questions 👏
Great video! Been wanting to open a store for years and now Im more confident in taking the right steps. Thanks!
We're so glad you enjoyed the video Cy. You can do it. 😀💪 Would you sell the same type of merchandise?
@Cjmak808 What kind of store? Wondering if you ended up starting one and if so, how its going...
I do not know how I barely found your channel, what a great interviewer!
Welcome Estevan! We're so glad you're here. Videos come out every Monday. Is there a certain type of business you'd like to see on the channel?
This is what I have been looking for thank you so much man
Hope this episode made you kickstart your own biz 🔥
Thanks for asking the best questions
Would find and consider doing a carpets or rugs business. I want to start my own rugs business in Canada.. definately the best you tube channel who asks the meaningful questions... Keep up the good work...
i wish this video out 8 years ago. it woulda help me so much. super great video!
We're glad you enjoyed the video Above50k. Are you in the Boutique business?
You definitely asked all the right questions
Thank you!
This video was great! 💯
Glad you enjoyed it!
awesome! very well explained and well detailed. ty!
Glad it was helpful! Thanks for watching!
Who else watches from beginning to end? 🙋🏻♀️
Thanks for the support!!
Umm i don't think you can go end to beginning so me too!
The entire video is very informative and the q & a kept me interested.
That was great, thanks guys!!
Thank you for the interview Lee, it was so much fun!
Thank you guys. Success always.
Same to you!
First and foremost, this video gave me awesome insight. Im trying to bring a similar style shop to my hometown and it would be a first so that's big, but my question for Lee is, when you are moving towards a startup or starting a small business, would you recommend looking for investors, silent partners, or a small business loan? Reason I'm asking is because I have very little capital, so I'm worried I will have a hard time getting the loan. Ive ran my own Salon and was a hairdresser for 11 years so I feel like I've got some knowledge of how to make the experience people get top notch. I've just never been great with numbers, so its intimidating asking investors or a financing company not knowing the procedures to say the least. Sorry for the small novel, Im just thankful I stumbled on this video. It was the spark I needed to get this thing going.
Hey Shea. Thanks for watching! Glad you stumbled upon us. 😊 Here is a link to business financing options that we feature on the blog. I think this could help. www.upflip.com/business-loans
Hey Shea,
I’ve had partners in other ventures and it’s really tough. Once money gets involved then things change even if it’s a best friend/family member. I would just start small even if it’s online and build your way up. That way you can keep your other job and when you have built up the clientele and you feel it is time, you can make the jump to full time. I hope that helps!
Great vid! Wish you will feature a grooming or skincare founder in one of your next vids!
We'll be doing one of them next year ;)
Shoutout Urbanity. Love the store and the people there.
Thanks for watching! We appreciate you.
This is so inspiring!
Glad you enjoyed it!
This is seriously cool!!
so great how much these businesses share about their numbers and process
Great advice and very interesting to learn about boutique clothing. Please do an episode on starting a software business. Thank you!
We're so happy you enjoyed Jazzweather. We'll keep this topic in mind. Is this the industry you're currently in?
@@UpFlip Yes, and thank you for the consideration!
250k loan just from a business plan ?!
When a grass roots store starts, do the owners go to a middle man for products, or do they individually source every product?
Would you please do one with the owner of a smoke/beer shop? Or a glass shop that sells Tabaco products and stuff out of Washington.
Great information.. 👏
Thanks for showing me what NOT TO DO when I start. Much thanks.
This presenter is good you know. I like how you can set up the business and the advice you can get from someone who is already in the business. Wish he wouldn’t have told the whole world now how to set up the business 🧑💼
If you're inspired to be like him, please feel free to check out our channel for more inspiration. We aim to lay out "blueprints,” so other people will be successful too. Sharing is caring! Best of luck 👊
This was great! Just wanting to know if Lee does mentorship? This was such excellent information.
It's worth reaching out to know if he can offer you mentorship-head on to his website. Link's in the description! 😉
“rich is not what you have, it’s who you have besides you” -rich kids brand
Love it 😍
He's rocking it! Thanks for watching!
What I like to upflip, they understand the audience and raised a questions behalf of audiences 🎈❤
We really appreciate that RG. 😀 💖We want to make sure our audience is able to take information from the videos and use it in everyday life. Please let us know if we can improve in any way or what type of content you'd like to see in future videos?!
@@UpFlip you are doing great 😊. Keep rocking
Thank you ❤
How did he get a quarter mil at 23 with a business plan, what collateral did he use? Who helped him
HE SEEMS A GENUINE GUY MORE POWER TO HIM
Thanks for your kind words, you as well!
I have watched this many times over. It's a very insightful interview. But just quickly let's do some numbers. All following figures are estimates based on what he says in the video. He says it costs around $240,000/year for rent, $600,000/year for inventory, and let's say $100,000 in wages. The store makes $1,200,000/year in sales. That means $1,200,000 - $940,000 = $260,000 excluding other expenses/costs. So let's assume he does around $230,000 in profit per year. Minus tax expenses @ USA's rate of 21% and he is left with $181,700. For a company that turns over $1,200,000, that seems like a very small amount. Am I wrong in thinking this or am I doing these calculations incorrectly?
thank you for the video, wish you more success bro, however, i will get rid of those brands that don't allow you sell online as soon as i fell like i can. that's a shady business model,i would get rid of them once i don't need them anymore if i were you
Magnificent business
It truly is!
we are also a online shopify store!But we are mainly in display mannequins,head mannequins,half scale dress form and all kinds of mannequin.But i also watch Lee's video!helpful!!!
Thank you
Would love to see that business plan!
Same here!
Impossible. Its all trends and hype . Gotta be chosen
@@LostLoveFrenchies what’s impossible?
😂not literally he clearly did it . Shoutout to him though real motivation for others
Haha for real my boy
Good design and it is all about the building shop cost. If you need a better solution to build a store, feel free to reach out.
Thank you for watching Super U Shop Fitting. 😀We'd love to hear your experience on building a store. How long have you been in the industry?
Man i see some great Sneakers there...all this Airmax and the Colorways🔥🔥
Thank you for your comment. Is there a specific pair that caught your eye?
@@UpFlip Yes the Orange Airmax but i can see witch model it is..💯👌
It's the97 airmax 🔥🔥
Each time I have been to the Bellevue Mall and went by Urbanity, it is either closed or no one is in it. Mind you, this has been on weekends when traffic is heaviest. If they are generating $100K each month, I do not know where it is coming from.
Hey man I think you are confused. The side room is a completely separate business from us. I just rent that room out, so it was not included in our sales. We are open everyday 10-9. Sunday 11-7
Pot front :)
@@Urbanityshop well done Lee, wish you all the best, do you think 100k will be enough to open similar shop ,Thanks
@@abdiadam3808 Yes I do....I over spent, a $100k is plenty
A business plan is enough for a business loan? Are any collateral requirements? Or business previous experience required right?
Asking the real questions. He must have had a guarantor I reckon. I doubt a bank would give out a quarter mill to a young starry-eyed entrepreneur with a business plan and nothing else.
Hell. We are getting ready to launch a T-shirt business in Boquete, Panama starting in January. Will Gravity work for us here?
Great question, Ed! Thanks for watching!
very educational video < tons of free game given out
Thank you for letting us know!
Would Love to get something like this going in my area, looking for info.
Thats awesome! Hope this video helped in any way!
great video!
We appreciate that LifewithZoe.😀 Are you new to the channel?
@@UpFlip indeed I am
I am ready to start my children's clothing boutique. I will be mostly aiming it towards boys' graphic sweaters and hoodies (since I am a mom of 3 little boys) Children's clothing market is over saturated with girls' clothing and not really enough for boys, as I've seen. Hoping to take away a lot from this video.
You didnt ask about the book he recommends the last to shows you didnt. I look forward . To that.
We will keep that in mind for next time! Any other questions you look forward to hearing?
Check out Group Chat podcast, they drop a ton of knowledge on there
Dope insight
102k in sales or profit? .. very nice video
I appreciate L’s openness.
Yes! That's awesome! Thanks for watching! We appreciate you!
>.> ive got $10,000 worth of oakley sunglasses over 5 years of collecting tho
That's impressive!
Writing skills are fundamental for your business plan.
You might need loans to get started
I want to expand my business
Hello. Working on a business plan 🕹 🤙🏼
That's awesome! What type of business is it?
I'm opening A blue jean clothing boutique store 🎉🎉🎉🎉🎉
Pray for Jesus to bless and protect your daily bread ❤
Inspiring
Thanks for watching!
Would love to have my wife and I on your channel- started a Japanese trading card business and got featured in VICE news for it. Over 520K in revenue this year. Please Lmk if you’d be interested 👍
Hello! Where are you located? :)
@@UpFlip omaha NE :)
he sounds a lot like Brüno played by Sasha Baron Cohen 😁 and looks a little bit like him too
you guys needs to make more videos and create community to help new people to grow
$250k loan at 23 yrs old, you'll need to put a property up as collateral
To start a business, big or small, one must have capital to invest. Fortunately, there are plenty of ways you can get it. One way is to get a loan; for more information, you can read more on one of our blog articles 👉www.upflip.com/blog/startup-business-loans
Please feel free to browse and watch more of our videos to see how different business owners got their capital. Hope this helps! :)
tremendous value
That should be 100.000.000 a day business
Hardest part about building a store front is the upfront cost, property and utilities alone can be steep
Thanks for the feedback Antonio. Yes, upfront cost can range in price depending on the business. What type of industry are you in?
I mean they are pretty basic like most stores and like most stores they don't have my size. So I just have to continue to find better stores.
Have you considered opening one thejuice32 for others who may feel the same way?
@@UpFlip I'm not in the business of selling clothing. Though you'd think with some many clothing stores like this I'd be able to find more stores that do since mybsize is always the first to sell out. Good luck!
why would you want to be in a mall in 2022 this is quit outdated the bricks and mortar as a small business. Its very risky and not a good idea
Why don’t I believe the numbers 🤔
right, they don't even have a running website and have very little interaction on IG. Their items do have high profit margins tho idk...
If I wanted to do something like this where would I get inventory from?
Great question Lea! You could make the product or purchase it from a wholesaler, warehouse, etc. What type of clothing would you sell?
@@UpFlip I'm wanting to do something like him and open a boutique but always wondered would I contact the manufacturer personally or is there a wholesaler I can contact?
🎉🎉
How many times y’all gonna change the thumbnail? Lol
Testing and improving our CTR ;)
Where do buy your stuff from ?
If you're starting out, you can source your items from your local suppliers. You may also check online for bulk items. Whichever you think you can get value from! 💪
I went back to school in my 30s to improve my career
That's something to be proud of! ☺️
That's a FOOL'S business we're just keeping it funky 💯 .
So u making 120k a month huh?
@@kiddchamberline750 we're making 35k a month selling Cannabis fool.
@@kiddchamberline750 they're fooling you ya dig.
@@kiddchamberline750 the bank own him 🤣
@@kiddchamberline750 this dude probably not making 120k a year lol
Cómo puedo tener contacto con ustedes..de México
Thanks for watching! We appreciate you!
Make vedio on a small houses construction company
🔥🔥🔥🔥🔥
Reyes sent me
The new generation made this happen
The moral of the story is you need money to start up no matter what. Also, fix your credit. this dude got 2 250,000 dollar loans with good credit. yes, they believe in him, but they also believe in his credit.
Hi Bigben1986. Do you think someone could start a business without good credit?
@@UpFlip That my friend is something that I suffer from. so our best route would be to get a government grant for a small business start-up. most of the time you don't have to pay it back. problem is finding the info to lead you on the right path to look for a grant. also, make sure you write out a good business plan so they can give you the money. aka convince them of the business you are starting up. The only way you would get a bank loan with bad credit is if you have a co-signer with great credit and even with that, they won't give you 250,000 they may Lend you 25-40 k at most. Hop[e this helps! Good luck with everything -Ben
Bros not doing anything special Zumiez has million dollar stores as well since you spoke on them. The demand for hypebeast street wear is at an all time high. He just tapped into a good market you just need lots of money for a start up. Not that special but I respect him for doing it and not just saying it. He definitely had some money going into things idc if you come in with bill gates and Elon musk if you have no prior credit, collateral or expendable income there’s no way they just gave it to you especially a small local bank.
Thanks for watching Eraww. So, do you think if someone stayed consistent even if they didn't have startup capital, they could still be successful?
I have a business with 100k revenue and could barely get a 25k loan 🤣