Retail is going through one of its most disruptive periods with pressures coming from all corners. This disruption provides new opportunities and a window into where you can go next with your fashion brand to transform your business into a retail powerhouse. Now is the time for brands to adapt to a customer-led environment by sharpening their technological capabilities so they can prosper in this new environment.
It's no news that pricing your product right will have a big impact on your sales.
But what is pricing it right means?
This question can be even harder to answer if you are just starting your fashion brand.
There are few ways to determine the right prices of your fashion products even at that stage. It requires some research, but It all comes down to defining your market positioning, your specific target customer and the value of your product for that customer.
Helping you avoid the thousands of pitfalls that can shatter your fashion business dreams.
That is my job!
And I love it!
However, as a result, in the majority of my content I usually address what mistakes to look out for, which doesn't leave much room to talk about the great things that our fashion industry has to offer.
After all, there is a reason why soooo many people want to be part of this industry.
The most challenging part when running a marathon is the middle part.
This is where the excitement of the beginning is starting to fade out and the finish line seems far far away.
This is when thoughts of quitting start to surface inside our heads and we start to feel that something big has to happen otherwise we will never make it.
I'm not looking to raise money or bring on investors so why do I need one?
This is usually the respond that we get when we ask designers if they wrote a business plan for their new start-up fashion brand.
Quite frankly, I don't blame them for thinking this way, I myself thought the same until I started my fashion brand.
When I first heard about cash flow in relation to my fashion business I thought to myself: What does it have to do with fashion??? I went to fashion school not accounting, right? ....Just checking.
And my ego added: I have a great style, people love my designs, they'll buy them and my brand will be successful...
As I mentioned before...I made quite a lot of mistakes with my fashion brand and paid heavily for them, the above was one of them.
What is cash flow?
Cash flow is the net amount of cash moving into and out of a business.