95% of fashion businesses fail in the first 5 years. This comes down to many startups having ideas but failing to plan strategically. Setting a foundation for your business is incredibly crucial in order to build a successful brand.
Be honest with yourself do you actually have a solid foundation?
We understand the frustration of attending workshops that serve no purpose and teach you methods that aren't relevant and can't be implemented into your business. But FASH:ED strictly deliver useful, practical and honest educational workshops.
If you're free on Thursday July 13th we will be holding a 2-hour work on business planning 101. This is a workshop suitable for pre-startups, startups, independent brands and anyone with an idea.
Click the link in our bio to secure your space! Certainly not to be missed!
The interesting thing about being a female founder is that now and then you like to crawl out of your start up cave and seek a little "inspiration porn" to a) learn from others in the start up world b) keep you going when times are tough. I find it utterly amazing that I can go to events and see the people behind the products in my home - such as Made! I was at a brilliant @allbright_foundher's Female Founder event yesterday and I was so impressed with @chloe_macintosh's views on life & business. Here are three points I took away that I would like to share with you all. = @chloe_macintosh
1. Experts will always tell you your idea is impossible, often because they operate within their own constraints. When we entered the home decor world it was old fashioned. The impossible became the motto for our growth and we looked at what worked well in other industries such as fast-fashion to see how we could apply this to furniture.
2. When running a business you can't be everything to everyone. There a real need for economy of decisions. You have to focus.
3. Write a manifesto for your life and what's important to you. Ask yourself how you want your life to be and who you want to be professionally.
Today’s topic about equipping yourself with knowledge.
If you are running a business, do you know how well you are doing aside from the revenue you receive at the end of the month? From various conversations, I realized many small businesses have either small marketing budgets or none. And one of the biggest reasons, I believe is they don’t see the value of marketing. They don’t see how that would translate to paying customers. This is when having data or knowledge of your own business is very important. Without capturing data, it’s like driving with your eyes closed. Even without a marketing spend, you first need to get the basic numbers in your hands. Do you know how many people come to your website everyday? Do you know where are they coming from? Do you know what pages do they visit? More advanced questions, how many of those people who come to your website becomes a paying customer? What’s your cost per client acquisition? What’s your customer lifetime value? Starting with these basic numbers, marketing spend would make more sense and you are more likely to see the effectiveness of the spend. With only revenue numbers at the end of the month, you are unable to adjust your marketing approach along the way and you take a long time to find out what’s precisely wrong with the business.
With today’s technology, getting those numbers is very easy. With the information, you are more equipped to make better and confident decisions. So if you don’t have those baseline numbers on hand yet, time to get down to business. Credit via @marksamms
If you know of anyone who doesn’t know their baseline numbers, tag them below to tell them to get started straightaway!
Diese Woche beschäftigen wir uns mit dem Thema "Die Essenz aus allen guten Büchern über Persönlichkeitsentwicklung"
Kennst Du das, man liest ein Buch mit 200 bis 300 Seiten, dabei geht es in dem Buch um nur ein bis zwei Ideen?
Natürlich lässt sich das Buch besser verkaufen, wenn der Umfang größer ist. Worin überschneiden sich aber all die Bücher, die Dir dabei helfen, dein persönliches Wachstum zu steigern?
Ich habe für Dich 7 Lebenslektionen herausgearbeitet, welche die Essenz der meisten Bücher abbildet.
Wenn Du diese Lektionen verstehst und für Dich umsetzt, wird sich dein ganzes Leben verändern.
Diese Woche also die Essenz aus allen guten Büchern über Persönlichkeitsentwicklung!
Was sind deine Gedanken dazu?
Hinterlasse jetzt einen Kommentar!
It's easy to waste/spend a lot of money when starting a business. With so many voices and businesses clamoring for your attention, you can find yourself buying courses, products, coaching services and other things you don't need right now.
So how do you keep expenses down when starting a business?
1. Fund your business with your earnings. Figure out the "must haves" that's the tools that are absolutely necessary right now. Assign everything else to the "will purchase with profit folder" if possible.
2. Spend more time than money at the beginning. Try to DIY as much as you can. It's easy to set up a website or blog on WordPress. All you need is a theme (I like the Genesis framework and child themes from Studio Press). There are lots of tutorials on how to set up a blog on WordPress.
3. Create a budget for your business and stick to it.
4. Track your expenses and spending so you know where your money is going. It's important to spend money wisely when starting a business.
As soon as your business starts making profit or generating revenue you can increase your budget and splurge on more tools and resources to help you grow. Just do enough to look professional for your customers.
What did you spend money on that you wish you hadn't? Leave a comment below. Thanks!