6 TIPS FOR THE FASHION DRIVEN ENTREPRENEUR
When you make the decision of turning your passion into a profession, it can be complicated to get into the proper business mindset. You feel this project so close to your heart that it feels almost as if you are betraying it if you look at it from a purely logical perspective. But every business needs a solid foundation, and there are things you absolutely need to look at if you want to make sure that what you are building will be sustainable in the long run.
1. Effort Management
Because this is something you are really passionate and excited about, your first instinct will be to dedicate all your time, effort and resources to this. But this is not sustainable in the long run. You need to make sure to set boundaries for yourself and think of this as a job.
Yes, when you are starting a business you will need to dedicate a lot of time and effort to make it work, but you also need to make sure of having time to rest, socialize and keep learning.
Consider as well, you are just starting. You have no orders, no customers at the moment. The workload associated with this project will increase with time, and if you start at a hundred, you are not leaving yourself room to grow.
2. Have a roadmap
I see this very often as well: you get so excited about this project that you envision what do you want your business to become in the future and you want to fast-forward to that point. But things don´t work like this. Rome wasn't built in a day! Although it is fantastic having a clear idea of the goal you want to achieve with this business, it is also important that you understand the different steps that are required to achieve this, and allow yourself to take them on one by one.
Passion makes for a fantastic fuel, but fuel without a plan...is no good! Imagine if you are driving, trying to reach a destination, but have no map and no idea how to get there. Yes, maybe you can start driving and randomly turning right or left and you might eventually reach your destination, but odds are you are going to waste a lot of time and effort.
3. Eyes on the price.
The ultimate goal of every business is to make sales and to turn a profit. Period.
When you are starting, your resources are limited, so it is critical to make sure that every activity you dedicate yourself to directly and positively affects your sales and your profit.
Especially if you don´t have a lot of experience in business, I´m sure you will be asking for advice and everyone is going to have a different suggestion on what should you be doing. This is perfectly fine, but before spending several hours learning a skill or developing a certain strategy ask yourself: "How is this going to help me get more sales?". If you can´t really find a connection, it´s probably not the best use of your time.
4. Know your strengths
We all have things we are naturally amazing at, and things that we struggle with, or simply don´t like that much. Make things easier for yourself and develop a strategy that will allow you to rely on those things that come easier to you first. This will allow you to progress faster while feeling confident and motivated. Why put yourself in a difficult and uncomfortable situation from day 1?
Think about what are the things absolutely required for you to kick-off (or grow) your business and decide which ones you are confident about taking on yourself and which ones you would rather avoid. And if you are convinced they are necessary, consider finding someone that can support you with those!
5. Keep track of your finances
Most creative and passion-driven entrepreneurs tend to feel very uncomfortable around numbers. I understand, I come from a design background and was feeling a bit scared of numbers as well, but the truth is that being familiar the figures behind your activity is absolutely necessary to understand how is your business going and how to build it up moving forward.
You are going to need to understand your traffic, your engagement, your conversion rate, your sales, and your margins - so the sooner you make friends with numbers, the easiest is going to be in the long run.
If you don´t even know where to start, you can take a look at our Profit tracker in the free materials section of our website. I know it might seem a little overwhelming at first, but just start little by little.
6. Know the difference between you and your business
Especially if you have a business model where the service that you are offering is your own talent, your own creativity or knowledge (like an artist, a designer, or a coach for example) this line is very complicated to visualize.
Remember to keep in mind that the point of building your own business is to be able to be in charge of your life, not for it to take it over completely. You need to be able to know where the business ends and where you, as a person, begin. The goal is to make this business succeed and grow, so eventually, it will be bigger than yourself - if you don´t start understanding these boundaries now as the business grows you will find it more and more difficult to delegate and distance yourself from it.
You need to understand in terms of time management, and you need to understand this in terms of money (which expense is for "the business", which expense is for you).
I understand that looking at this project from a merely rational point of view can sometimes feel like you are betraying your passion and your calling, but this is not the case. Your home is so much more than just a building, right? But you still need to do things like paying your rent and your utility bills. These things are necessary for the maintenance of the house but don´t take away from the sentimental value that your home has to you.
If you have any questions about how these tips particularly apply to your business, you can comment on this article or contact us, you can also visit our facebook or Instagram, and watch this article on video on our brand YouTube Channel!