This weeks tip for fashion business owners is: Focus! Focus! Focus!
This is part of all my conversations with my clients. Many entrepreneurs have what I call the bright shinny penny syndrome. They hear of something and they want to try it. Maybe it is a fashion or trade show, or a marketing idea. It doesn’t work right away so they stop. They end up burning through their money with not much results.
As an entrepreneur chances are you are limited in your staff. By doing too many things, both in marketing and in your collection, you will spread yourself thin and limit both your effectiveness and productivity. Do one thing really well, and not 10 things poorly. It is very difficult to have a substantial presentation when you first start if you do apparel for mens and women’s, or shoes, bags, and accessories. Pick the category and when you have a substantial business you can add additional classifications to your brand.
Without focus, you won’t be as effective in your business, since you’re not concentrating on the right things that will drive your business forward. That is why a plan is so important. You need to come up with a blueprint that you follow religiously. That doesn’t mean you won’t course correct as you proceed. Seeing what works and what doesn’t will help you refine your plan and give you the results you need. On the other hand you can’t jump around like a ping pong ball. Sometimes it takes continuous follow through before you fulfill the goals you set. For example you might do a trade show like the Coterie and the first time is a dud. But, by the third one you start to see some traction.
If you study the many business experts you will find that focus is at the top of their list as key to the success for a start up. So this tip is especially important.
Maria Pesin knows fashion, especially the business side of the fashion industry. Do you know how Manolo Blahnik got his start in the industry? How he leveraged a paltry 3 grand into one of the world’s most famous luxury brands? While she doesn’t take credit for Manolo’s success, Maria has walked a similar path on numerous occasions. The world of fashion is not silicon valley, and it has nothing to do with Madison Avenue marketing. In this industry there is ALWAYS room for something new and exciting, but you have to have your ducks in a row. If that’s what you need, believe me, Maria is the General Patton of fashion ducks!
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