Boutique businesses are quite a different prospect to scale – they are not focused on volume – but on the opposite – typical words to describe boutique businesses are premium and exclusive. These businesses service a niche and the very best ones drive themselves further and further into that niche, specialising their service offering and their product focus until it is BOUTIQUE.
Some typical examples are Rockpool restaurant in the Rocks in Sydney – expensive, great food, premium wine list, really strong service – this restaurant is built around a celebrity chef in Neil Perry and is well known to the niche market it is targeting. Neil Perry is the chef for Qantas – but only for business class and first class – again supporting the premium positioning this restaurant and its chef enjoys.
It is important to recognise how we add value in these businesses – simply put drive further into the niche – specialise, improve service and product. Become more premium and more exclusive – price is never an issue in these businesses.