What to Avoid in Your First Year as a Fashion Business
Today we are discussing the top three killers during your first year as a fashion business. Common mistakes that often lead to bigger issues, avoiding these mistakes are crucial to keeping your motivation and perseverance. After all, we do not only want your business to thrive, but we also want you to thrive too.
1. Under-budgeting
First things first, do not underestimate the amount of capitol you need to start a fashion business. There are often hidden costs that tend to make launching your brand harder than expected, as stated by Startup Fashion, six hidden costs to look out for are:
Training – We all have specialist areas, but clueing up in other areas might require some training.
Online marketing expenses
Travel costs
Improving your space
Business insurance
Permits and licensing
Starting a business will always require capital, and often a lot more than realised. Be sure to always add a buffer into your budget, it’s better to not use it then to not have it. And remember, do as much research you can of costs before you start to spend.
As mentioned before, adding in a buffer to your budget can be useful. Especially on areas that need it, areas that are worth putting more money into.
Sarah’s top areas on what to invest in are:
Legal affairs and due diligence – Online templates are great, but please get them checked.
Accounting – If you struggle with numbers then invest in someone to help, they often give you free business help too.
Product development partners – Cheap consultants do not mean better, you need to find people to work with that you fit with.
2. Not reaching out for help
When starting out business owners tend to put pressure onto themselves, they feel as if they need to do all the work themselves or else, they failed. However, that is simply not true. Accepting help takes a lot of courage as it shows vulnerability, which can be quite daunting, but there are so many resources that are more than willing to support.
A lot of this support can also be at no extra cost. Local councils, businesses, and libraries all offer some free business help, whether it is workshops, networking events, or just everyday support for the day-to-day struggles.
3. Neglecting your own personal needs
Your business will not perform well if you yourself are not performing well, so it is best to avoid burnout. Sometimes burnout is inevitable, 48% of small business owners have experiences burnout in the past year according to Chamber of Commerce. However, resources are available and free ones are linked below.
Free resources:
https://www.leapers.co (An online community that supports anyone that works ‘differently’)
https://www.thisiscalmer.com/reignite (Free 10-week course to help prevent burnout)
https://econa.net (Taking the survey unlocks a free programme)
https://www.reboot.io/resources/self-guided-courses/#:~:text=We%20know%20that%20not%20everyone,and%20professional%20development%20in%20mind. (The self-guidance courses are free)
https://cdn.mentalhealthatwork.org.uk/wp-content/uploads/2018/10/09161042/fsb-mental-health-campaign-guide.pdf (A guide for new business owners and their mental health)
Now you know the top 3 killers of a new fashion business.
Under-budgeting
Not reaching out for help
Neglecting your own personal needs
From all of us here at SDS we hope that you avoid these mistakes and thrive in your new business.
Don’t be afraid to reach out and book an initial consultation with Sarah to discuss your own challenges within your fashion business.
Peace and Love,