Starting your own product business can be fun and scary at the same time. Your first six months can be the most critical — do you have all your ducks in a row? By then, you should.
So to help, I am featuring an article by Jane Hamill from Fashion Brain Academy.
1) Not being clear on the goals for the business so you don’t have a PLAN.
- Defining your customer
- Thinking about what you really want out of the business…
- Getting to know the competition
- Making sure you have the right mindset – believing that you can do it. …
- Making sure you are prepared to be a boss…
2) Forgetting to be a businessperson first and a creative person second
The whole idea of a business is to MAKE MONEY. And yet, over and over again we see designers treating it like a hobby. …
3) Not choosing a true niche or focus
It really comes down to having a clear, compelling, product concept. … Think hard about your product assortment because you really want to be GREAT at one thing before you add to your line. Get known for something and be an expert at it. …
4) Money mistakes
- Not starting with enough money and not knowing how much you will need.
- Not understanding how your cash flow will actually flow.
- Not costing and pricing things correctly – including not valuing your time. …
5) Trying to do everything at once – and doing it all yourself
I see this one all the time (and I definitely WAS this person) and it ties back into your goals for the business. … You simply cannot do a decent job when you try to do everything at once and you will be frantic, broke, overwhelmed, and miserable….
In my opinion, Jane hits the nail on the head — and not just for fashion businesses but for everyone wanting to develop a product based business.
So what about you? What are your thoughts on the subject.
And make sure to read the read of Jane’s article.