What do I do now? This is the refrain being said all over the world, especially in the fashion industry. The Corona virus is hitting us hard. With many businesses unsure of what to do.
Let’s face it. Fashion is not a dire need. Masks are a need. Toilet paper is a need. Fashion is a want. Since retailers have closed shop it leaves fashion brands with reduced outlets for selling their products. Which means production slowed down, photographers aren’t shooting, trade shows are cancelled, and buyers aren’t buying. The ripple effect is being felt down the line. The worst part is we don’t know when it will end. The prophets are out there saying the quarantine could last 1-month to 9 months and maybe into next year. Who knows?
So that brings me to the question I am being asked. What do I do now? I think the first step is to stop making yourself crazy. Yes times are tough. But even in the worst of times businesses are out there making money. So while we can acknowledge the problems facing us, we don’t have to go down the rabbit hole of fear.
Right now is the time to look for the opportunities in the challenges. There are always opportunities in challenges. This is when you should put on your thinking caps and come up with solutions. So what can we do?
Here are some ideas to get your thoughts flowing:
The crisis we are having is about people getting sick. But, it is also about how the world’s economy survives. We owe it to everyone to keep our businesses going. To continue to employ our people and to be around when this is all over. Recognize the problem, but look for the opportunities.
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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