According to the federal government, 75% of wedding artists – planners, caterers, flower décor, dress designers, shop owners – are self-employed. With an average wedding dress worth over $ 1,000, opening a bridal boutique may seem like a sure thing. Boutique owners can make excellent salaries, but only if the business is successful.
There are no fixed salary figures for bridal boutique owners, but fashion boutique managers as a group can make around $ 100,000 if they close their shop. The Career Bliss website profiles two stores online, and its owners receive annual returns of between $ 70,000 and $ 92,000 – another successful store owner generates between $ 46,000 and $ 56,000, depending on the store’s profits. Your income may be much lower when the store starts.
As a shop owner, how you pay is up to you. You can treat yourself as an employee and pay yourself a regular salary, or pay yourself the top by claiming a portion of the profits after paying all the bills. Before you start your business, it may be worth calculating how much you want to earn, then using it based on how much you will be paid for the first year or two. That frees you up to put the rest of your profit back into the boutique.
Unless you are successful overnight, the business can be very solid in your business in the first two or three years. Start-up costs — Setting up your shop, buying clothing and equipment, paying for a business license, and paying your other employees can make you lose money during this time. Income can be low unless you build a reputation. Before you open your store, you need to make sure that you have cash in hand that can run red for awhile.
One way to get an idea of what your store can earn is to sit down and write down your business plan. Based on your knowledge of your local wedding industry, figure out what gowns, staff, location-and how much it will cost to make your store a success. Do a thorough research of the market and how much your store can bring, not next year, but a few years down the road. This will give you an idea of how to be able to stand out from the profits without harming the business.