Since I have done this several times I will speak from my own experience. Having a million dollar or multi million business when run right makes money. And the more millions in sales you do the more money you make. Let’s face it, that’s why we do this. We want to change the world but we need to make money while we do it or what’s the point?
In order to have a million dollar business you need to concentrate on 3 things:
There are other details like accounting, shipping, and production but you are better off having someone else to oversee it while you concentrate on the 3 things that build your million dollar business.
First you have to have a kick ass product that people have to have. It needs to stand out from the market and priced with value in mind. Study your competition and see what you bring that’s different and make sure it fabulous. If it’s dresses then make sure they are the best damn dresses out there. Great ascetics, great fit, and amazing quality will get you there.
Secondly sales are paramount. If you don’t sell you don’t have business. Come up with a list of several hundred accounts to target and go after them. That means send email blasts, direct mail pieces, and keep calling them till you get them on the phone so you can explain why it is in their best interest to buy you. Remember stores need to make money, so how is your brand going to bring them profit? If you are consistently profitable with an account, they will be a customer for life.
Lastly or maybe secondly (this could reverse) you must market the hell out of your product. People like to buy brands and marketing helps create your brand. The difference between sales and marketing is marketing communicates the brand identity through ads, pr, and social media. While sales closes the deal.
If you do all 3 well you are on your way to a million dollar business.
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!