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HOW TO MANAGE CASH FLOW IN YOUR NEW FASHION BUSINESS

HOW TO MANAGE CASH FLOW IN YOUR NEW FASHION BUSINESS

by | Jun 17, 2021 | Business of Fashion, Fashion

3 Tips On Managing  Cash Flow In Your Fashion Business

What is cash flow in business?

The amount of cash that passes in and out of a business is known as Cash Flow. It could be from operations, investing or financing. Cash received in a business is known as inflows, while cash spent is known as outflows. 

The effective management of your cashflow plays a major role in the success of your business. So as much as you are trying to sort out operations, employees, and marketing, you also need to spend some time understanding the concept of cash flow as well as how to make the most of it.

Why is cash flow important for fashion businesses? 

Having said that, you might still be wondering what does cash flow have to do with my fashion business ? After all Fashion is about dishing out good designs and getting people to buy them right?…Just saying.

You have to realize that Fashion is like every other business, with many channels and sections You still have to divert funds into the different stages of the business such as design, sampling, fabric sourcing, marketing, salaries, etc.

And as a start-up brand, you can only hope all these will generate enough revenue for you to plug back in against the next collection or season. If you neglect your cash flow and refuse to monitor it, you are definitely going to run out of business, no matter how creative you are.

cash flow management in your fashion business

So basically managing your cash flow helps you to do the following ;

  • Settle debts
  • Reinvest in your business
  • Pay expenses
  • Provide buffer against unforeseen financial challenges .E. t. c

Have you been monitoring your cash flow? If not, then this article is exactly what you need to get started!!!

How do you manage cash flow in a fashion startup? 

#1 DO YOUR RESEARCH

As a start-up, you might feel there are a lot of things the business needs, and then you get carried away spending and probably not even taking time to know if you really need it. Perhaps you could have even gotten it at a better price somewhere else. You need to take your time to explore some options, you could collaborate to save costs, research the suppliers you were considering before you make any payment. Ensure you have defined your market strategy before you invest so much into marketing so you won’t be throwing away money.

Doing research might seem like a herculean task, trust me it will pay off. You don’t want to spend a huge amount of money on some fancy packaging material you just saw online, and you realize that might not be appealing to your type of market. Check out this article for important costs you need to plan for in your business.

 

 

prioritize the right things in your fashion business

#2 PRIORITIZE THE RIGHT THINGS

Have you ever heard of the phrase “misplaced priority”? It simply means giving attention to what is less important while ignoring the important one. So as a start-up Fashion brand, you don’t want to do this at all. At the end of your research, you should be able to understand what is important, urgent, and neither important nor urgent.

This will help you ensure you save some money rather than spending it on something that will not yield profit.

For instance, at the beginning of your business, you do not need to spend hundreds of thousands on a website when you could have gotten a cheaper one that you can manage effectively and then upgrade as the business grows. 

Don’t get me wrong, I am not saying having a beautiful website is bad, but I am saying you could start with a free website, google my business, or even blogger. Then as you scale up, you can upgrade. You get my gist, right?

And finally for today!!!

#3 DON’T OVERSTOCK 

This one is very important!! The fact that you have a large network of people around you does not necessarily mean they are your target market. If you rely on family and friends alone to buy from you, then you are not in for some business. You need to have a strategy to figure out your ideal market.

You may be tempted to start with a variety of styles, colors, and fabrics. That can make a big difference in your overall cash flow. Your inventory can be the difference between a successful launch and a flop–not to mention a number of problems with Money. 

In conclusion, how you manage money in the early stages can set your business up for failure or give you a good foundation to build on. How else do you new fashion entrepreneurs can manage money? Share with us in the comments…

Enjoyed reading this article? Join Our Business Webinars every Thursday, @ 8 pm WAT, live on Instagram where Professionals share fantastic tips and tricks to help your business grow.

Recommended Resources

 

Automatic Cost and Price Calculator

Important Costs To Plan For In Your Business

How To Scale Your Business

 

 

 

 

 

3 EFFECTIVE WAYS TO PROMOTE YOUR FASHION BRAND IN 2021

3 EFFECTIVE WAYS TO PROMOTE YOUR FASHION BRAND IN 2021

by | Jun 17, 2021 | Business of Fashion, Fashion

How To Effectively Promote Your New Fashion Brand 

To stand out in the crowd, you need to figure out effective ways to promote your fashion business. You and I know that numerous businesses keep sprouting, yet not all of them even survive the first 2 years as reported by the Bureau Of Labour Statistics as reported by Fundera. Moreover, the advent of covid -19 also contributed to the need for businesses to go digital…Well going digital has long been existing, but it increased drastically in 2020. 

As a result, e-retail sales account for 14% of retail sales worldwide, which has been predicted to increase to about 22% in 2023 irrespective of the global economic state, now is the time to start! Fashion trends are very volatile, consumers are having more options to choose from and ready to hop on the next thing. However, you can still attract your customers with the right marketing strategies.

Despite the fact that a lot of brick-and-mortar stores shut down, statistics still show that some Fashion brands made some enormous sales during the pandemic.

 

Okay let’s get on with it!

Below are 3 ways to effectively promote your fashion business, especially a new brand.

#Get Social 

Now is not the time to be antisocial especially when the bulk of your target market belongs to the millennial generation. By the way, getting social goes beyond posting content, you need to engage with your audience online. Understand what interests they have, tell your brand story in a way that resonates with them. Great quality images, videos, and start utilizing reels to grow exponentially.

Social media is active all the time, so besides posting daily, make sure you’re consistently dishing out quality and engaging content.⠀

Easy ahan??? Let’s dive into the next one!!!!

 

get social with the media

#Influencer Marketing 

Another way to effectively promote your fashion brand is by adopting influencer marketing. Let me put it this way, influencer marketing can be summarized as;

  • A type of social media marketing.
  • It involves the use of endorsements and product mentions on social media platforms.
  • It is a well-trusted social proof.

Having said that, we have to realize that people no longer depend on or trust TV ads, more so, not every fashion brand can afford that.

Consumers want a form of proof that can make them trust your brand. Hence the more reason you need to pick the right influencer. The right influencer communicates with the right crowd. Some influencers get money or your products in return for their services. Yeah, it might seem like an expensive investment, trust me, it pays off when done correctly.

 This brings me to my final tip!!!

 

#Collaboration

I cannot overemphasize the benefit of this. Now is the best time for every fashion brand to put their best in all they do. No room for mediocrity. Work on your strength and collaborate with people that can promote your business effectively. Eg, collaborate with photographers, models, in fact, outsource whatever might slow you down including your marketing and production. If creativity is your core strength, then build on it and get yourself an outstanding team.

One bonus tip>>>>>>

 

#Get a Website!!!

 

There is no e-retailing without a website and if you want your audience to know you exist, find you on google search, then owning a website is inevitable. Moreover, a website allows your audience to know more about you through your company profile, blog posts, podcasts, events, etc. Check out this article on how to improve your website traffic.

In conclusion, your website is also a good data source. You can review your marketing and advertising strategies to know what works best and study the trends to make informed decisions. That being said, which of these ways would you love to start with ? Well all 4 ways discussed have their specific benefits, so you can start applying them one after the other. 

Enjoyed this article? Join Our Business Webinars every Thursday, @ 8pm WAT, live on Instagram.

Drop a comment for us, we would love to hear your take on effective ways to promote your fashion brand.

 

 

Recommended Resources 

 

The Best Five ways to Improve Traffic on Your New Website

HOW TO FIND NEW CUSTOMERS AND INCREASE SALES: Without Spending Much Money |BNM #4|

HOW TO GET CUSTOMERS TO FIND YOU |BNM #5|

HOW TO INCREASE PROFITABILITY IN BUSINESS; 2021

HOW TO INCREASE PROFITABILITY IN BUSINESS; 2021

by | Apr 27, 2021 | Business of Fashion, Fashion

4 Changes You Need to Make To Make To Increase Profitability In our Business

There is no doubt that creating and increasing the profitability of your business can be challenging at times. Even when you dedicate full-time effort. Sometimes you get to a point where you are making no progress at all.

 But the honest truth is that if you want things to change, you have to make changes, according to Tope Williams Adewunmi, Fashion Professional and Founder of Martwayne, a Training and Consulting Outfit that helps Individuals and business owners turn their passion to profit and a viable business.

Here Are Some Changes You Need To Make In Your Business To Increase Profitability

STOP PLANNING, TAKE ACTIONS

The starting point of many great businesses started from having an idea and backing it up with appropriate actions. Too many entrepreneurs set out plans on how to start and manage their business, marketing strategies and even plan the funding. Sadly, some get overwhelmed with the planning or able to see the end results but fizzle out without even making a move towards this goal.

It is one thing to be aware of the changes you need to increase profitability in your business, it is another thing to act on it. So how exactly do you avoid fizzing out? It’s quite simple! 

Just do it! Yeah, don’t overthink it. Do the necessary research, map out your steps, break them into milestones and take it one step at a time. The first step usually seems like the hardest, once you make the move, you begin to have a sense of fulfillment, at this point your “Why” becomes your motivation. 

LEARN MORE

Even experienced entrepreneurs do not relent in acquiring knowledge. They keep learning so as to evolve and make more profits. To make more profit, you need to learn more. Technology is advancing every day, new innovations and techniques are developed. The only way to stay abreast is to be curious enough to want to learn more. 

Never be satisfied with the little profits you have and think yes you are successful. As they say, learning is a never-ending journey. From cradle to grave, we are in a continuous cycle of learning new things. 

Read books on topics you need to improve on, business updates, even stories of other business professionals and stand on the shoulders of the giants. Hence, you won’t have to make the same mistakes they have made.

Aside from enrolling in a course to acquire some knowledge, you can also attend Seminars, Conferences which puts you with people of like -minds. Consequently, you are able to make new connections and networks. More connections more chances of getting more business opportunities ,as a result, increase your profit.

UNDERSTAND YOUR INDUSTRY

Trust me, if you are in the habit of looking away from updates outside of your niche, then you will need to make a change now!

Inasmuch as Marketing is perhaps the most important activity in a business , as an entrepreneur, you need to understand your industry. Not just your own niche but the industry as a whole so you will know the disruptions happening and how they impact the industry. As a result, you will be able to make informed decisions. 

For instance, the advent of Covid-19 led to numerous changes in different industries , ranging from the education sector, to Fashion Industry, Finance , Food Industry. Some business owners were smart enough to do their research , understand the changes and tapped into the available solutions.

 Fashion brands had to release diffusion lines to sell clothes suitable for staying and working from home.

Some top brands switched to the manufacture of nose masks and scrubs. All these changes were possible because they decided to stay abreast ,understand what was happening and adapted quickly!

MARKET MORE

There is no doubt that marketing has a direct effect on changing the profitability in your business and it should be taken seriously. Having a well optimized website, an active social media presence, an effective sales team etc.

Irrespective of the size of your business, you should invest in marketing . People need to know you exist for them to patronize you. You need to be creative with how you reach and manage your target audience . This article will help you understand how to improve your website.

BONUS TIPS!

If you want things to change, you have to make the changes. If you want to see change in the profitability of your business, you have to be ready to take actions, learn more, understand your industry and market more.

Here are some bonus tips!!

1. Be Optimistic.

2. Learn to Listen.

3. Share your burden.

What changes are you ready to make to improve your profitability in your business?

 

 Recommended Resources

MARKETING STRATEGY-Why Instagram and Facebook should be a part of your Marketing Strategy.

Fabulous Ideas to Market Your Clothing Brand Online

The Best Five ways to Improve Traffic on Your New Website

 

 

 

 

 

 

 

STAY TRUE TO YOURSELF

STAY TRUE TO YOURSELF

by | Apr 26, 2021 | Business of Fashion, Fashion

WHAT DOES IT MEAN TO BE  TRUE TO YOURSELF

To be true to yourself is to discover your strengths, passions, limitations and purpose in life and you are completely honest with yourself, open-minded and fair. However, the only way to truly know yourself is by living life. I mean by finding out what works for you what defines you.

 

discover yourself

“The moment you try to be someone else you lose your identity and cease to exist”

Okay let’s talk about “Why you need to stay true to yourself”

 WHY IS IT IMPORTANT TO STAY TRUE TO YOURSELF?

Choosing not to live by someone else’s opinion or standards does not make you disrespectful and you really do not need to care about what people think of you. You have to remember life is an individual race and you are in charge of every decision and action you take. 

 

1) You will discover your purpose

When you discover your purpose, that is, the reason for which you were made and how you will achieve it, then you will be fulfilled. Being true to yourself will give you inner peace and the assurance that you own your race. You are in charge!!!  

2) Discover Your Limitations And Strength

 

To fulfil your purpose , you need to be able to identify your strengths and limitations.

What are your limitations as a person? What are the things that you consider as difficult or hard for you to accomplish or believe in?

What are the things you do effortlessly? 

Being true to yourself makes you answer all these questions.

In other words, you know what to channel your energy towards, where you need to put in more effort. What you can do and what you can’t do. More so, you keep growing and developing yourself. 

3) You will attract the right people

 

When you discover yourself ,your strength and weakness  ,you automatically find yourself among the right set of people. Those  who think alike and give you the opportunity to express yourself.

 

4) Life will be much easier

There is nothing as good as living a peaceful and successful life. A successful life is a purpose-driven life. Not defined by money, resources but one that is deeper. When you stay true to yourself, things fall in place and you are not competing with anyone. You will run your own race at your own pace.

In conclusion, stay true to yourself. Don’t worry about pleasing other people; living by someone else’s standards or rules. Stop caring too much about what people think and you end up being a shadow of yourself. You are the game charger! You are in charge! You are the boss of you!

Set the ground rules and boundaries, give no one else that power or pleasure. Live your truth!!!!

Have been staying true to yourself?

Let’s hear from you….

 

Recommended Resources

 

5 Tips to Prepare for & Live Your Dreams in 2017!

Words of Advice from a Seasoned Businesswoman…

Factors to consider before changing your fashion business model

 

 

 

 

 

 

DEALING WITH COPYCATS IN YOUR FASHION BUSINESS

DEALING WITH COPYCATS IN YOUR FASHION BUSINESS

by | Apr 26, 2021 | Business of Fashion, Fashion

Is The Fashion Industry Dealing With Fashion Copycats?

Quite frankly, dealing with copycats has been a long standing concern in the Fashion Industry. Fashion doesn’t have the same copyright protection as other creative media. Which means it’s easy for copycats to get away with theft. But before we dive into the gist, let’s understand what copycat Fashion or knockoff fashion is.

To copy a design simply means to produce the same item made by another Designer without getting a license to do so. In most cases, it is sold for a less price.

 From my point of view, there are two ways to it. Sometimes big brands rip off designs they have seen on a runway, mass produce them and sell at lower prices. 

 In other cases, some designers just pick up pictures off the internet to replicate in their collection or a bespoke service. I get to hear some designers say once they change the sleeves and the neckline, then it’s their design! But we all know that is so not true! Well, some folks might say …

“ What has been will be again, and what has been done will be done again”

As regards the impact of copycats in the fashion industry, there are two schools of thought. According to insights and analysis shared by BOF;

 “Some say copycats dilute brand equity and damage sales, reducing incentives to innovate. Others argue that copycats are, in fact, healthy for the fashion industry, because they keep trend cycles turning”…

Dealing with copycats in fashion retail

Apparently, not everyone in the Fashion Industry is in support of dealing with copycats. This makes it easier for copycats to get away in a lot of instances. Moreso, these so-called copycats are quick to taking action. They turn out knockoffs in a matter of few days even before the original designs are produced. Is there really a permanent solution to this? Should we fold our arms and accept that it is part of the journey?

Does Intellectual Property Law Exist in the Fashion Industry?

Well, the obvious truth is that not everyone is embracing the ideology that copycat is as old as the Fashion Industry itself. Flashback to the year 2019, when one of the top Nigeria fashion brands, Deola Sagoe issued an intellectual property warning prior to the unveiling of the Deola Tropical Galactica SS20 01 Surreal™️ collection. This was in a bid to set her brand apart  and protecting her brand from the copycat plague.

In other words, some Designers have taken great steps to get legal protection for their designs. However, this law varies significantly in different countries. For instance, in the United States, fashion designs are exempt from copyright protection. Now you are wondering how exactly can you deal with the situation, right?

Firstly, you have to face the reality that some brands are out for making money alone. Nothing about creativity. Even the big brands like Zara and Forever 21 consistently knockoff designs from the Runway. More so, these brands have adopted technology into their businesses. They have been able to study the consumer behaviour, trends and how a certain design is perceived by the consumers.

Bottom line, be ready to deal with the copycats!

 

4 WAYS TO DEAL WITH COPYCATS IN YOUR FASHION BUSINESS

MAKE YOUR WORK UNIQUE

To stand out from the crowd means you are ready to put in the work. You have to create some uniqueness in how you present your designs to your target market. Be creative in your styling, photoshoot, packaging and even your adverts.

Beyond adding watermarks and a unique logo, let your brand identity and aesthetics reflect in your business. Sell the feelings to your consumer so they can spot the difference between your product and the knockoffs.

BE INNOVATIVE AND PROTECT YOUR DESIGNS

protect your designs

You can’t copyright types of clothing but you can copyright your unique prints and also register a patent for truly unique items. So ensure you register your designs under the Patents and Designs Act. For further reading on “Intellectual Property and Fashion in Nigeria” take a look at this article.

Do not for once think your business is too small or assume no one can copy your works. Do your research and take all necessary actions.

 

CHOOSE A REPUTABLE GARMENT PRODUCTION HOUSE

Work with a garment production house that has a credible reputation. You shouldn’t work with people who’ll reproduce or sell your designs or patterns. Prepare an NDA-non disclosure agreement and make your terms as clear as possible.

DON’T BE WEIGHED DOWN

If you’re hit by a copycat, don’t let it weigh you down! Keep producing unique designs, monitor them and try to figure out the source of the design.  Send them a message directly or through your lawyer if they continue to steal your work. Let them know you’re willing to pursue legal action. In some cases, copycats are not worth suing because you might end up wasting money and time. For example, the Aba boys print pick off illustrations from the internet, print it on t-shirts and release at cheap prices.

I such cases, suing might not worth it because the art works are usually poorly printed on low quality T-shirts. Hence, the difference is clear! While it might be tempting to call them out, you may lose more and bring them free publicity when you fight with them.

On a final note, take the necessary steps to protect your designs, get professsional help and make sure you build a unique brand .Dealing with copycats is not an easy task, but know when to act, how to act and when to watch from a distance.

Having said all these, which of the 4-ways discussed above have you tried before or would you implement.

Share with us!⠀

Recommended Resources

 

FASHION BUSINESS OPPORTUNITY: Fashion Brand Strategist

5 Rookie Mistakes to avoid when starting a Fashion Business

Starting a fashion business? Here’s what to plan for

 

FASHION CAREERS: Fashion Writer

FASHION CAREERS: Fashion Writer

by | Apr 6, 2021 | Business of Fashion, Fashion

         ⁣⠀⠀

⠀A Fashion career such as “fashion writing ” is for anyone who perhaps loves to air her stance , creative and thinks out of the box.  Someone who would love to cover and write their views about events and trends around the world of fashion. Fashion writers keep their audience aware of the latest styles and industry trends. They attend fashion shows, interview fashion designers and models and also write articles for a variety of media including fashion magazines, advertising publications, newspapers, online forums and blogs.

They work alongside fashion public relation officers to produce editorial copies for the extensive fashion media industry. Fashion writers work with newspapers, magazines, fashion websites or blogs, and television stations.⠀

The daily life of a fashion writer is exciting, fun and unpredictable. They may be required to work long hours either alone or assisting the editors or the PRs.

In recent times, the influence of the internet and technology on this Fashion career path  has grown tremendously. Consequently making it easier to source information, reference images , documentaries and even past events. 

In conclusion, as glamorous as the fashion career sounds, talent and hard work are key factors to becoming a successful Fashion Writer.

Do you think fashion writing is a career path for you? 

Can you think of any more fabulous fashion business ideas? Let’s discuss.⠀⠀⠀⠀

Don’t forget to visit martwayne for other great fashion business ideas.

 

RECOMMENDED RESOURCES

 

Fashion Public Relations

 Fabric Shopping⠀

Fashion Photography