When businesses compete in today’s marketplace, mammoth companies like Walmart and Amazon set low prices for their respective sectors and force everyone else to drop their prices, too, often at their economic peril. However, one class of business – boutique firms – chooses not to get into that boxing ring. These organizations set their own business terms by selling customized products and services at premium prices. Boutique business experts Sarah Petty and Erin Verbeck explain (and sometimes repeat) the basics of the boutique business model. getAbstract recommends their insights to would-be entrepreneurs and small-business owners who would like to determine if turning their companies into boutique firms is an appropriate tactic they can use to avoid being competitively forced to discount their prices.
In this summary, you will learn
- What a boutique business is and how it operates,
- What business model is best for boutique firms, and
- How to know the time is right to open a boutique business.
About the Authors
Sarah Petty is the founder of a boutique photography business, The Joy of Marketing, where Erin Verbeck is the Chief Joy Officer.