Ten Common Mistakes To Avoid When Launching Your Clothing Line
The moment you have been awaiting for all your life is finally here. As an entrepreneur in the fashion industry, you now feel that you are ready to start your own business. Yes! It feels exciting, it does feel amazing but hey, wait a minute, and there are things that you need to know before venturing out on your own. In order to make the ride a little bit smooth for you, here are 10 mistakes which you need to avoid if you are thinking of starting your own fashion line.
1. Starting out too big.
Starting out big is not a bad idea, however, you need to be very cautious when doing this. It is advisable for you to start with a few styles and build up on them. You really wouldn’t want to start with more than you can handle and lose the essence of your style in the many designs.
2. Having inadequate funds.
This is just common sense, any business requires some amount of capital to get it off its feet. Your clothing line is no exception. You need to have a reserve of cash for you to even be able to meet your clients’ orders. Make sure that you have enough cash to cover emergencies and even last-minute orders.
3. Surrounding yourself with the wrong people.
You just need to show me your friends and I tell you who you are. Surround yourself with people who bring on board value. Invest in friends, family, business partners who make a positive contribution to your business.
4. Failing to invest in good marketing.
Branding is everything, your image is everything. Invest in good marketing strategies to make your clothing brand visible and attractive to prospective clients. Set aside budget to cater for all your marketing expenses. Utilise social media platforms like Facebook, Instagram and the rest to the maximum.
5. Assuming the details.
When you fail to pay attention to all the aspects of your business you are likely to have a number of setbacks. Some of the things you need to do include:
- Have a business plan that will guide you,
- Make sure that you have everything written down
- Keep abreast with the numbers. Numbers never lie, have a good financial analysis of your cash flow projection.
6. Having bad relationships with suppliers.
Your business can’t operate without good vendors and suppliers. You therefore need to create a good rapport with them and make sure to maintain the ties.
7. Failure to spend money wisely.
When you are starting out, you need to keep track of your budget. That is the most integral part of any business. Make sure to allocate money where it is supposed to be allocated. Have enough money for taxes and other important bills you need to pay.
8. Bad pricing.
This is actually the biggest mistakes that beginners make. You tend to under-price your items and hope that it will attract more clients. This is so wrong and it will be hard for you to even break even.
Make sure to meet your deadlines. If your suppliers give you a certain completion date, you can always schedule your calendar at least 2 weeks ahead so that you avoid disappointing your clients as well.
10. Being irrelevant in the market.
You need to be relevant in the market and maintain it. This you can only achieve by being creative and always improving on your style and designs. These are just some of the top 10 things you want to avoid when starting your clothing line.
In a nutshell, a successful entrepreneur always seeks to be creative and innovative. Take calculated risks, establish your brand and be wise with your money. Keep your overheads low in order to maximise on profits and you will be successful.