In this article, I shared 4 reasons why you need a business plan for your fashion business and how to get the blueprint for creating one yourself.
It is common for fashion entrepreneurs especially in Nigeria, to think they don’t need a business plan. I’ve found that most of them don’t bother because they can’t write one themselves or feel it is useless.
Some fashion business owners have said they think it is a large document they have to hire someone to write for them. Which is partly true.
However, hiring someone to write a business plan for you is not the only way. It is very possible to write your business plan by yourself. It isn’t necessarily a large document. A business file can be a single page or fifty pages. It all depends on the size of the business.
Business plans are a very essential recipe for business growth and should not be ignored.
Here Are 4 Reasons Why You Need A Business Plan For Your Fashion Business.
#1.) Easily Source for Capital
One essential part of your business plan is your financial projections and growth road map. Convincing people to invest in your business is almost impossible without a business plan. Even angel investors will need a business plan before they invest in your business.
Don’t wait until you desperately need a business plan before you create one because you’d have to settle for just any type of business plan that may not pass a litmus test.
#2.) Set Clear Goals
Setting goals isn’t the hard part, fulfilling them is. When writing a business plan, you also include actions steps on who to achieve each goal. Taking action is everything. Which means, the minute you figured out what the business objectives are, you need to set SMART goals.
You will clearly know what you should be doing and at the time you should be doing it. It eliminates confusion and helps in your decision making process.
You’d be able to profile your target buyer, figured out your pricing etc.
#3.) Stay Accountable
I understand that being passionate about your business is very good. However, you need to know the difference between flogging a dead horse and when you need to improve your strategy. Your business plan is like and accountability buddy that you can check in and see if things are going well or not.
With your business plan in hand, you can ascertain what is wrong with your business and not be blinded by your emotions. You’d need to honestly answer questions that will shape your business right.
#4.) Avoid Making Costly Mistakes
I wasn’t joking when wrote down 12 reasons why your fashion business will fail this year. I knew what I was doing and avoidable mistakes is one reason fashion businesses fail. You will lack direction and be all over the place without a business plan.
I have said it countless times how I had to restart my business because of the mistakes I made. Mistakes I could have avoided. Facing obstacles in business is very common and should not be attributed to spiritual attacks. If you don’t set up your business for success with a business plan, then your business will fail this year.
In conclusion, creating a business plan is not a hard job that requires you to gnash your teeth or sweat profusely. Once the document has a detailed explanation of the capital, profit projections, required skills, etc. then you are on the right track.
Writing a business plan without actually following it through to achieve your business aims and objectives is a waste of time. Planning alone doesn’t produce results.
In my e-course, I share the step by step process to write a business plan like a pro and give a free business plan workbook to help the make the process easier. Do you have a business plan? If NO, why? If yes, how did you create yours?