709: Boutique Pop Ups: Should You Put Your Product in Someone Else's Space

1:36.8: Now a lot of boutiques will start online or they'll have one brick and mortar and there's all these opportunities to sort of rent a space inside. We see it a lot in salons. 2:09.8: If you are just online, it's definitely a good opportunity for you to be in front of people and see what the sales look like and see how things can change for you from an assortment perspective and from an ideal customer perspective. 4:22.5: My biggest question is how would I mark up these items where we are both making money on the deal? 

4:34.9: She started listening to my podcast and taking courses and attending retreats, and she's grown from a thousand dollars, barely a thousand dollars a month to making at least $25,000 a month. And she's only open five days a week, six hours a day. 

5:52.5: I would, number one, learn about who's the ideal customer in this pickleball situation. 

6:33.9: You're going to have to build into every product a margin where he gets a cut and you get a cut. Now, how do we do that in a way where, it doesn't blow the budget too, right? 

7:14.8: How often will you have to change merchandise? Will this be monthly? Will this be biweekly? Right? Are you gonna have a branded set of things?

8:14.9: My next step would be to build out an assortment plan and say, what do I think this person needs? What do I think realistically they're gonna buy too? 

9:24.9: I think when you start a new business, which let me remind you, this is a hundred percent starting a new business. When you are in this situation, you get to start from scratch, but you already have all the knowledge that you have currently. Right? So, I think it would be really nice to consider, like, what's the assortment, what is the space he's gonna give me?

12:10.2: A lot of it lies in the detail of the product. You don't know how much money you can make until you know how much space he's gonna give you. So you know, kind of your per square foot money that you wanna make. 

12:41.7: I think the big crux of it is figuring out are you gonna pay him rent and you invest in inventory and it's like you own a plot of land in his complex or is he partnering with you?

14:27.12: Another really good logistical question is how do I come up with a contract?

15:04.7: So the way I keep imagining it, to be honest with you is that you are renting space. Inside of his store, inside of his complex. So it's not his store, it's your store that you're renting.

16:04.1: You have to be able to run this and make money on its own without saying like, oh, this is great marketing.

18:50.4: I'm sure you can do research, maybe you play, but I would get to know that ideal customer, and this is the same if you were gonna do any popup or an event, like people used to invite me to do craft fairs. All the time at their church and I was like, thank you so much. Like I am so honored for the invitation. However, the craft fair customer is not my customer. 

Resources: Visit Boutique Training Academy - If you want to make more money in your boutique or retail business you're in the right place. We'll guide you step by step in your journey through Boutiqueland.