There are smart things you need to do before you quit your job if you’re tired of your job and want to start your own fashion business.
Perhaps because you are passionate about fashion, want to be your own boss, (insert your valid reason here) etc.
Well that’s sweet! but it isn’t that simple. Taking the leap without doing some background work is why some fashion businesses will surely fail this year.
I highly recommend these 5 steps because they are very necessary so that you know what you are going into and don’t get ugly surprises along the line.
5 smart things you need to do before you quit your job or you’re screwed.
#1.)Talk to your target customers:
One of the worst mistakes you can make is thinking you know what your potential customers need. You are just guessing and you don’t want to build your business based on guess work. You might create something valuable but if they don’t know they need it, it remains of little or no value to them.
Before you decide on what to do, you have to make sure solving that problem is a priority to your potential customers. They too have a scale of preference when it comes to spending money on solutions. So is it something they can do later or it is something they MUST do now? You don’t want them procrastinating about patronizing you because the problem your business solves is not a need but a want. It is not enough for you to solve a problem, it needs to be a PRIORITY problem.
If your solution doesn’t rank in the top two of their top three problems, don’t do it. You will never be able to sell to them at the speed you need.
They will say things like, “I can’t really afford this right now, let’s say December?” Well, you won’t be in business anymore by December. One good reason about talking with potential customers is you may discover a much better idea on what to create from them.
When you ask customers question with an open mind, you’ll be able to understand what solutions they would gladly pay for. If your potential clients don’t like your idea, and you are really sure they are your target customers then it is great to find out before put in money!
#2.) Research the industry (specific niche in fashion)
This is one thing a lot of fashion business owners don’t do. You can’t go into an industry without researching it! In fact, one of the first things you should do is research.
Is there a lot of competition?
- the top 3 brands dominating it?
- some products/services do offer and at what price point?
- their strengths and weaknesses?
- the things I can do to stand out?
How do my potential customers feel about them?
You need to know if there is a gap in the market for you. If there is no competition, that isn’t always a good thing. Trust me, it can mean there is no viable market. You should also consider location when doing your market research. This step is necessary and will help you avoid making launch mistakes.
#3.) Test your business idea
This is another one of the smart things you need to do before you quit your Job. Don’t spend time building a product only to launch it and nobody wants it. Instead, market it like it is ready and ask people pre-order it or sign up to be on the waiting list.
Pro tip: Having a prelaunch marketing checklist is important so you don’t miss any steps.
Have a target number in mind and if you meet it or are at least close, you start creation. You can even promote it via Facebook and Instagram Ads. If it sells, you will be more confident creating it because you know there is a waiting market. It is far better to fail faster and more cheaply at the beginning, than to fail after investing time and money.
#4.) Save up money
When I started my fashion business, I saved up money first. I didn’t just quit my job and everything fell into place. It was intentional, especially the money part, so I wasn’t even joking.
Truth be told, it might take time for you to be profitable and you’re going to keep spending to sustain your business even when the money is trickling in. So you need to save money for capital, marketing, miscellaneous, panadol etc.
My advice is; save as much as you can before starting because you don’t want to be worried about paying workers, or completing your rent when you should be focused on scaling your business. Don’t even think about investors at the beginning. Instead save like you have no one and if you get some, then perfect!
#5.) Get Help
When I started my business almost a decade ago, there were so many things I didn’t know. I didn’t even know who to ask for help. Everyone was super stingy with their knowledge and when I was bold enough to ask, they hid behind “it’s just God o” instead of showing me the way.
I wished I even knew these things I’m sharing with you for free. Knowing these smart things you need to do before you quit your job and not doing them is very possible.
I know people who pay hundreds of thousands for information and don’t even put the the knowledge they get into practice. So that’s why I try to help in every way I can and found a way that actually works.
I can’t say this enough but I made mistakes.
I wasted time, energy and MONEY.
I basically kept throwing shit on the wall until something eventually stuck. So I get it when I meet newbie fashionpreneurs who are frustrated and have tried everything.The secret to starting and scaling a fashion business is not “it’s just God o”. The bible says people perish for lack of knowledge. Don’t let your business perish for lack of knowledge.
I want to help you.
I started Fashion Biz Academy for fashion business owners like you. And at the time of writing this, I have helped over 50 fashion business owners start/scale their businesses.
I’m working on a course for newbie and on-going fashion business owners to help more people at once without burning out. So I want you to take a chance on your business and invest in it. If you join the waiting list, I will tell keep you updated about the course, you can suggest what you want included in the course, and you’ll be the first to know about the early bird discount I will be offering.
I too had a soul sucking job (you know how tedious working in a Nigerian bank is). And I could leave it without looking back because my business is successful. I know people who quit and went back because their businesses failed.
I can hear you thinking, “What if I wing it and something sticks?” By all means!
But what if nothing sticks?
What if you lose all your money on trial and error? What if you waste your time and energy?
Are you willing to risk all that or you want to join my waiting list and get all my tried and true strategies to start and scale your fashion business?
I employ you to join the waiting list for free HERE.