3 Keys to Boutique Industry Success | Meet Ashley & The Boutique Hub

Episode numero uno welcome to the boutique chat podcast. Let's talk about your business strategy and the juicy details of what actually works from mainstream fashion to fashion on Main street and the entire ecosystem behind it. How do we scale your company and do it with the balance and the happiness that we all seek? Let's hear from those insiders, experts and strategists that actually make it happen. I'm your host Ashley Alderson from the Boutique Hub and I can't wait to chat. Hey guys. Welcome to the long awaited podcast. Episode Number one. Oh my goodness, it's finally here. Do you ever feel overwhelmingly impatient? I know it's something that I can certainly struggle with from time to time and I think that so many entrepreneurs do. We set goals, we hold big visions, we have a clear focus on the end result and the long term plan. But as we do, it's that stuff that happens in the middle that can drown us in that feeling of impatience. We know where we're going and by gosh, we want to get there yesterday. I hate to admit it, but this podcast has had me so excited for a long time that it has felt like an eternity to finally hit publish. But now that we're here, I'm reminded of what I know to be true. And the more I visit with entrepreneurs who have been in the game for some time, and the more we study positive psychology and successful leaders of today, it's the more that we finally come back to center and recognize that it's not about that end goal or the finished product or hitting publish. Instead, it's about the journey to get there. So admittedly, while I've been learning and building patience along the way, I'm grateful to look back at launching this show and can sit back and say I am truly humbled, honored and grateful for the stories that we're about to share with you. There's the inspirational ones, like how one woman went from being homeless and dropping out of high school to creating one of the largest retail boutiques in the United States to another who launched a business from a card table at a small town rodeo and grew to create a mega e commerce store in the multiple millions. And then there's strategy from retailers, wholesale brands and industry experts that are going to leave you with actionable tips and tactics to implement the moment you hear them from how one social media strategy helped scale a business from $30,000 a month to $100,000 a month plus in a short period of time, as well as why your cash flow statement holds the key to your entire buying strategy and how to unlock it. And there's more from a budding designer who built a wholesale brand literally with her faith on her sleeve and has now scaled it to major retailers and boutiques nationwide. We're also going to be diving into some industry hot topics, from buy in groups to IP concerns that are sweeping wholesale lines today. There's so much to cover you guys, and each Tuesday on Boutique Chat, we're going to dive into the details. So to kick it all off today, I wanted to start by covering something that I know is so valuable to each and every one of you listening, and that is the three keys to fashion industry success today. And I want to leave you with the action that you can take immediately to see growth in your business, no matter if it's wholesale or retail, and no matter what stage of the game you're at. But first, if you're not already a member of our growing community at the boutiquehub.com, a hubby or a boutique boss, or you're not even sure what the heck those are, I want to give you a quick look at what we're all about as well as a bit more about me, your host. I'm Ashley Alderson, the founder of the boutique Cub. I'm a wife to my dear husband Eric of 10 years this year, a mom to Hadley, Easton and Jade, all under the age of seven. And yes, I am an admitted cheesehead packer fan from the Midwest who lives the daily adventures of running a busy startup while managing family life, kids, sports and herding cats. Before the boutique hub began five years ago this year, I was a marketing and PR major in college who fell in love with boutiques as I traveled the United States and Canada as Miss Rodeo Americ. For those of you who are unsure of what that might entail, let me back up. I grew up on a ranch in rural North Dakota and rodeo was our favorite sport turned lifestyle. So for one year, for 365 days, I spent 320 of them on the road in a Miss America type role, representing my industry and the entire Western way of life. Now, at that time, fashion was something that I loved dearly, but to be honest, I felt a bit like an outsider. I loved creating my own trends and styles, but mainstream fashion seemed like it was something that was a little bit too LA or New York for someone like me to feel included. And yes, that was my perception. But when I began to discover boutiques at that time, I soon realized that they were the front lines of fashion across main streets worldwide. They were the faces that had that opportunity to make all women feel appreciated, beautiful, and to build esteem. With a few kind words and education about how to dress different body types and trends, they could really impact people. I was so intrigued that I wanted more. And I felt like these people finally understood me no matter where I lived in the United States. And I was hooked. It was then that this dream of a community of boutiques really began. But at first it was from a retail shopping perspective. So of course, as life goes, I didn't get started with the idea right away. And instead I spent seven years running an economic development corporation and focusing on business development in my community and in my state with businesses and development projects of all types and sizes. And it was there that my passion for business development, technical marketing and entrepreneurship really began. I had worked in retail since age 14 when I could first drive and yes, that's the law in North Dakota. Pretty awesome, right? Finally, almost five years ago now, my family and I relocated out of North Dakota. And it was then that I left that career that I love so much in economic development and had time to explore an idea that had been rolling around in my head for quite some time now. I knew there was a need to connect the boutiques that I loved, both from a retail perspective for fashion lovers like me to shop, but also from the perspective of entrepreneurs that I had been coaching. They needed a central connection point that allowed them to meet others, to find inspiration, business tools, training and events. They really needed a community. And like any startup story, we started with a need and $0 and managed to find a developer to begin building this wild idea. And after some trial and error, our community began to take shape. And now in the past few years, like wildfire, We've supported over 5,000 entrepreneurs looking to connect and grow their businesses. It's been pretty humbling and very exciting to watch. So what is the boutique hub? We're a two sided connection point for fashion. We help consumers discover great boutiques to shop worldwide. And we're a central connection point for the industry itself. Of retailers, wholesalers, service providers, bloggers and industry insiders. We provide that training, education, events, meetups, a wholesale marketplace, exclusive member perks and discounts. But more than anything, we're a community of like minded entrepreneurs who live in the spirit of community over competition on a daily basis. And we build friendships while building other businesses. So with a vibrant spirit and tons of daily activity amongst our members, we've also become keenly aware of trends in business and fashion and the industry as a whole. So why not kick off this first episode with those three keys to success for Fashion Retail entrepreneurs? Let's do it, shall we? Alright, let's start by breaking down a few simple strategies that we know can help you scale your business in the year to come. 1000 superfans is always better than 100,000 followers the world of social media has built this generation of vanity metrics where individuals and businesses will do anything for more likes, comments and followers. But at the end of the day, in friendship, who's going to be there when you need them the most? And in business, who really buys your products and pays the bills? All too often we see retailers and wholesalers too concerned with the growth in these metrics, but yet they aren't maximizing the community that they already have. So stop chasing likes and fans and start building superfans. Build your tribe. This is the one simple mindset shift that does have the power to impact every area of your business from buying to to your messaging profits and your long term reach. So who are your superfans? What do they have in common and why are they with you? Well, let's start here. Have you asked them? As you ponder that question, keep in mind that the only way for them to show themselves is by you. Leading by example. Building a personal, authentic brand is key today. Whether you're in retail or wholesale, people want to do business with people. People, not companies. So stop hiding behind that computer or your back office or your business page or even your staff. Step out, Build a group, go live, run your Insta stories or Snapchat and meet the people who are following you. Ask them questions, build relationships and serve them. There are a million places that they could take their business today, but there's something different about you that's going to keep them coming back for more, right? If you're wholesale, are you building a unique brand that stands out in their minds? Or is it your boutique that really understands the greatest needs of your customers and you're having a real conversation about it? Serve them before you sell them and you will build super fans. Number two, Cash is king. So stop wasting time living in the dark. Retail is an easy entry business and for many the glamor of working in fashion, going to market, or simply getting to hang out with your girlfriends daily becomes a very alluring part of the job. But don't be fooled. I don't want to crush your dreams or be Debbie Downer, but owning a business comes first. A business and to succeed, it's going to take some work and knowledge of what's working and certainly of what's not. Being a successful retailer or wholesaler today is a four legged stool of buying and styling, marketing team and project management and financials. And unfortunately, it's the last part, the financials, that are often overlooked and last considered by those who are newer to business. We see too many retailers, designers and even wholesalers today building their business in the dark with no understanding of the numbers. Cash in, cash out and as long as there's money in the bank, they spend it. They sell a million dollars or more a year, but some fail to even pay themselves. So how can you avoid this pitfall? Well, let's go beyond just tracking your numbers to analyzing them. Everyone should have a weekly date with their QuickBooks account not only to fill in those numbers and reconcile, but to go deeper and to let those numbers tell a story. What will both your accounting software and a true point of sale system tell you about what's working in your business? Are you looking at those sales reports by brand class, day of the week, hour, team member or acquisition channel? What is your turn rate? What's your open to buy? What's your markdown strategy for the next month? What is sitting there and need some spice to get moving again? Trust me, I hated math worse than anyone. Literally. I hate to admit this, but I did cheat to get by the Excel formulas and some of algebra because I was terrified of numbers my teacher and I was terrified of looking silly. And yes, you heard me right, I made some poor choices that I wish I wouldn't have, but it taught me a valuable lesson as I've grown in life. It wasn't until I met a very energetic accountant who took the time to sit with me and would repeat to me, ashley, let the numbers speak to you. What is the story they're trying to tell you? From her lens I could see that the more data that I had, the more I could see trends and make better choices and find where to spend more time and resources where I could afford to enhance our operations. It was those small changes that took place when the numbers finally made sense. And ultimately they're the ones that made that big fat number at the bottom very clear. And that was the number that was going to the bank. You can't operate your business in the dark, so start letting your numbers speak to you too. And don't be scared of them. 3. Community over competition in my economic development days, we're really living in the past today. By the way, I will never forget a conversation that I had with a Main street retailer. It was a clothing store that carried men's, women's, ran embroidery and also some shoes. And they came to me very concerned because the clothing store that was actually across the street from them was planning to close. And they urged me, they said please help them sell the business to another person or find a replacement to open another clothing store in the same spot. I can remember thinking now why would they want more competition across the street? Wouldn't they be happy with this news and see it as an increase in their traffic and sales? They would be the last ones I would expect that would want another clothing store on the street. Well, they must have seen the look on my face because they quickly followed up with this. They said anytime there's two or more similar businesses in the same area, you become a shopping destination. People love options and when we can offer them, it's now worth their time to come to the community and shop. The same is true for inventory, Main street success, shopping malls and dozens of other examples. So your community is your ally, not your competition. It was my first encounter with this philosophy and one that today I will say our entire community is built. Community over competition. Today, working with other local retailers and fellow business owners is an opportunity for cross promotion, traffic generation, idea sharing and support on those issues that are important to your business locally and on a national level. It's brand research, idea sharing, collaborations, but more importantly it's friendships with those who really get it and they know just what you're going through. Each second that we spend worrying about what someone else is doing, our competition in retail or wholesale, or how you don't like how so and so had it easier than you did. How she's taking all your vendors and now she's even using the same color in her logo. Are your precious moments that you're spending on that competition ever going to come back? No. They're the critical moments that you could be using to focus on what you can do, how you can build relationships with others and to serve your customers, stand out and to grow your business. Success is being keenly aware of your surroundings while staying in your lane to not become sidetracked. It's rolling down the window and lending a hand. It's working with your neighbor to build something better than you could have done on your own. It's an open palm of abundance versus a sweaty closed fist living in lack. So how will you collaborate this year and rise up? How are you going to live in the spirit of community over competition? I want to hear about it. Over in the Boutique Hub community. So that's it for this week. I hope you join us next week on our episode when we interview a boutique owner that I know we all admire so much. She's one that needs no introduction. She's built a well known boutique empire from a rural community in South Dakota. She's as real as they come and she isn't scared to take risks to be on the cutting edge of what's next. So are you excited for what's next? Be sure to hit subscribe so you don't miss an episode and let us know what you think over inside of our Boutique Hub membership community@theboutiquehub.com and until next week, thank you guys so much for tuning in and listening to Boutique Chat. Hey guys, thank you so much for listening to this episode. We hope that you loved it. Don't forget to hit subscribe. Subscribe and leave a rating and review down below for a chance to be one of our featured listeners each and every week. For more information on our spirit of community over competition and how to access complete show notes and bonus downloads from our guests, head on over to the boutiquehub.com and join the community. We'll see you next week. Sam.