Everyone is always looking to “grow their fashion business” but not many people are able to identify the major factors that go into growth. A few are obvious– like making more sales or growing your audience. But there is also a list of things at the root of the business that need to be addressed. Doing so will make a massive difference in your ability to grow.
Step 1: Decide what you want
There’s no way you will see growth in your business if you don’t know what you’re looking for. You need to have a clear picture of what you want right now. Now, this may change over time, and that’s fine. But you have to start somewhere so that you can create goals that support what you want, rather than arbitrary goals based on nothing other than what you think you should be doing next.
You should be able to answer these questions in detail:
- What do you want for this business?
- What do you want for your life?
- How do you want to serve your audience?
Step 2: Get your head straight
It’s absolutely necessary that you get your head straight when it comes to running a business. What I mean by that is working on your mindset. Things like lack of confidence, constantly comparing yourself and your business to others, and being unkind to yourself will be your ultimate downfall if you don’t take the time right now to fix it.
- Create a mantra for when you’re doubting yourself
- Unfollow any accounts that make you feel less-than
- Catch yourself when you say things like “I can’t do this” or “What a stupid mistake” and turn them into supportive statements like “I can do this,” and “OK, I can fix this.”
Step 3: Make your money plan
It’s not enough to save some money and launch your brand. You have to have a money plan.
How will you fund:
- first production run
- marketing efforts (this should not be ignored early on just because you don’t have a product yet)
How will you pay your bills and have money to live off of for a few years while you’re trying to get real traction in your business?
If you’ve been flailing because you didn’t properly plan your money, it’s okay. Don’t beat yourself up. But you need to make a change now. There’s no way you’ll be able to stay in the right mindset if you wake up every day worrying about money. This worry will fill your thoughts, cause doubt, and drive your decisions, none of which you want to happen.
Helping you create a money plan is something that we do in The Designer Membership, our online resource center and community, specifically for independent startup fashion brands. We’re open now for a short time. Click here to learn more.