Mad Love Boutique | Application Preview
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General Information
Business Registration Number: 82-0546761
Location: West Lafayette, IN, United States
Length of Operation: 2
Number of Employees:
Annual Gross Income:
Annual Gross Expense:
Open to Loans: YES
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Funding Usage
We are looking to move locations from a side street and onto Main Street in our downtown. This would provide better visibility, and also allow us to carry a wider variety of items We currently have a very small store, with extremely limited inventory. In addition to a wider inventory, we would be purchasing new fixtures and displays, as well as updating our POS to one that integrates with our website. We do carry locally made jewelry, and handmade items from women artisans in Guatemala. Due to COVID-19, we have had drastically low sales. We are the only store on our end of the street, so our foot traffic is extremely low. Being on Main Street would be vital for us to stay open. We also own a photography studio, so we would be carrying two monthly rent payments. Any assistance would be greatly helpful and appreciated in ensuring that we can stay afloat while we make this important move.
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Business Plan
I have great visions for the future of my store! Since I opened at my current location, I have wanted my store to be a space for all women. I open my store for private shopping parties, but a couple of those really showed me how limited I am in what I can offer, and how limited my space is. I have maximized the space as much as possible, and still can only fit 4-5 people in the store at one time, comfortably. I am active on social media, but my side street location is difficult to find, and most women walk by without even realizing I am there. As part of our plans to continually grow my business, we work very closely with our chamber of commerce, and are very active in planning downtown events, challenges for shoppers, and marketing initiatives to bring people into our downtown to shop, rather than travel to the surrounding big cities. I am a hardworking female entrepreneur. I am married with three children, co-own a photography business with my husband, and still sing professionally when I can. COVID-19 brought all of our businesses to a screeching halt, and as such, our income has been greatly reduced this year. My husband has been able to pick up in the photography, but my singing has been canceled for the remainder of the year, at least. My shoppe will have done just under 20% of last year’s sales by the end of this year. We are struggling to keep it open. Many other shoppes and businesses downtown have closed their doors permanently due to COVID-19, as well. While we truly miss those businesses and their presence downtown, we also see an opportunity to expand our location to accommodate a wider variety of inventory, more space for customers to shop and mingle with ease, and renew our visibility/presence. I currently have no space to store out of date inventory, so I do have items on my rack that I have had since I opened in 2018. Having more space would allow me to put things away as the seasons and styles change, rather than my customers seeing the same items each time they come in. Everyone that shops with me comments on the welcoming vibe, and charming decor, but are tired of seeing the same things over and over. I simply do not have any space to accommodate new or old inventory. I am a dedicated member of our downtown community, and I’d love the opportunity to stay downtown rather than close my doors forever. My boutique has been a blessing to many, including my family, so losing it would be devastating.
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Self Identified Competition
Target, Retail Therapy, Dawson and Daisy Boutique I have a true heart for people. My customers are loyal, and I know them by name. I curate my inventory to what I know my tribe will like. I have been a loud voice for other entrepreneurs in our town, and work hard to bring new businesses downtown. I pour my whole heart into everything I do, and I always look for how those things will benefit others. My family helps me with my boutique. From helping build things, to helping pick items, to hanging out quietly while I work. My customers can tell you that when you walk into Mad Love Boutique, even if you don’t buy something, you leave with a friend.
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Contact Applicant
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