You can’t avoid making launch mistakes if you don’t know the right thing to do. It doesn’t matter how good your intentions are or how bad you want it. There are some non-negotiable things you must do to set your business up for success.
It is pretty easy to quit a job in Nigeria. You may decide right now not to show up at work tomorrow and just launch your fashion business. You won’t be the first to have a fashion dream or abruptly quit your job.
Howbeit, you have to avoid making launch mistakes if you want to survive in business because this is one the reasons many reasons your fashion business will fail this year. Too many people have the right intentions, they launch and everything goes well for a bit.
They start to feel like they have actually found their calling and followed their hearts. Some even start dishing out business advice and motivational quotes on social media.
Then things go south.
Things literally fall apart.
It is common to see fashion businesses like that these days. Not only on instagram and facebook.
Some of these business that start so well and look very promising crumble because of launch mistakes. Yes. Avoiding launch mistakes is very important if you want your business to survive for long. So I’m going to share some of the steps you can take to avoid launch mistakes and subsequently survive in business.
STEPS YOU CAN TAKE TO AVOID MAKING LAUNCH MISTAKES
#1 Have money to invest
Launching a business without saving enough money for the quiet beginning is a bad move. Too many people start their businesses with just enough launch capital because they expect to start making profit immediately. Of course they lose hope when things don’t go as planned. You need to understand that the first phase of launching your business requires you to SPEND money. You need to be fine when you invest in your business. That’s why it is important for you to do these 5 things before you quit your job and launch your business.
#2 Prioritize your spending.
I know some people that spent more than 50% of their capital on hiring influencers instead of focusing on other marketing channels. When you try to look big and impress people at the beginning, you set up your business for failure. You really don’t need celebrities to wear your products in order for you to make sales. Especially when they don’t even influence your target buyers.
Just because your competitors are using them doesn’t mean you need to use them too. Endorsed by a celebrity doesn’t equal profit. Get your priorities right and spend on the right things at the right time.
#3 Have clear strategies
Having clear business and marketing strategies are important. Your business strategy tells your money where to go and shows you exactly where you should invest in. Your marketing strategy tells you how to attract customers, increase profit and stay relevant in this cut throat industry. You need to know all the must haves in your prelaunch marketing checklist if you don’t want your business to fail this year.
If you don’t have strategies in place, you will go now where. You’ll end up making an effort here and there but you won’t really see any tangible results.
#4 Learn the basics of pricing
Pricing goes way beyond producing something for 1K and selling it for 10k. It isn’t so easy that’s why there are various pricing methods today. Some people don’t even know pricing models exist. That’s why you might not be able to tell me exactly how much you should make from every collection after giveaways, discounts or slash sales. Learning how to price your products is easy and I can teach you if you want.
#5 Learn how to start and scale a fashion business
You may not be able to intern under coco channel but you can learn fashion business online at your own pace and be a pro in as little as six weeks or less. The Fashionpreneur Launchpad e-course is designed to give you the foundation you need to launch your fashion business without any mistakes and survive! I put all the knowledge I give my one on one clients (they pay per month) into this and you get to go over the course as many times in a space of 6 months!