Your dream is finally coming true. You’ve been designing for years, but it took some time to get the other elements — like business cards, a website, a logo and employees — in line. Congratulations — you’re about to launch your very own small business! Although a lot of the hard work is already behind you and you definitely deserve all sorts of accolades for that, it’s important not to lose the momentum you have already achieved with your new business. As you break into the fashion industry, nail down your dreams with these small business-starting tips:
Don’t Dip Into Your Savings or Purse
This isn’t the time to rest on your laurels, but rather stay on top of things and ensure a successful launch of your new fashion brand, site or shop, including all things financial. As you launch your store, be sure to not mix your personal and business finances. It can be really tempting to whip out your own personal card to pay for your business expenses as they come along — and they will come along. But as a Fox Business article cautions, this practice can lead to trouble. Business credit cards can have features for expense reporting, tax filing and budgeting, the article noted.
In addition to causing big-time problems with APRs, using a personal credit card for small business expenses can lead to some major record keeping problems.
“…These bookkeeping features aren’t usually available with personal cards, which might have categorized spending reports, but aren’t meant to be used for business reporting.”
Although it can be tempting to use your personal bank accounts to pay for things — and reap the benefits of card bonus programs — arrange to get a small-business credit card and save both potential legal APR issues and bookkeeping nightmares.
A Pretty Price Range
Before opening your doors (or launching your site) for business, you should also determine what your price range will be. If you want to compete with more well-known brands and other local businesses, you have to price your merchandise or business appropriately. At the same time, your customers might not be willing to pay top dollar for your products or services, as incredible as they may be. Consider pricing your items reasonably cheap, especially as you get your business off the ground.
Attitude is Everything
People who keep their chin up and look on the sunny side of things tend to have more success, and when it comes to starting your own business, attitude is everything. Even if sales or customers are a little slow at first, it’s better to stick with it. Even Tom Ford and Buddy “Cake Boss” Valastro were newbies at one point. The new adage of “Keep Calm and Carry On” never seemed so relevant.
Know Your Goals
Launching your own brand involves keeping your target demographic in mind at all times. Over the years, you might have been the one to design clothing for all of your friends and family or the one putting together all the crafts, but this isn’t the time to be so broad in your thinking. Keep a specific demographic in mind, and always think about it when designing new products. You’ve gotten this far, keep pushing — you’re almost there!