I'm ending my month long hiatus, as I want to discuss five essential things you need to have before you start any business. This is any business to be clear - not just a fashion one.
1. A Realistic Personal Budget
When you start your own business, you have to pay your employees, without paying your bills, your company ceases to exist. It could be a long time before you start seeing your own paycheck, which means, you need to create a realistic personal budget & stick to it. Downsize, go carless if that's an realistic option, do whatever it takes.
2. Cash In The Bank
You will need to be able to survive off this reduced budget for at least 6 months or even longer, so make sure you've got enough cash in the bank to make this work. Some of you may be able to live off your Significant other or take a day job while you build your business, often though the latter isn't possible and just delays your businesses success.
3. A Marketing Plan
More start ups than you'd think launch their business without thinking about how people are going to know they even exist. Plain and simple - you will need a marketing budget. Plan one out!
4. A Sales Strategy
A company that isn't making any sales, is a company that's not going to be around very long! So once people start hearing about you, the next step is to close the deal. Put together your sales infrastructure, product sheets, contracts etc.
5. Stamina
To make your business a success you are going to need to work harder than you ever had before. 24 hours a day, 7 days a week is not uncommon. Make sure you're ready for the challenge - your health is good and you're consciously putting your well being up there with your business being a success. Lets face it, at the end of the day - there's no point having a successful company if you're not around to enjoy the rewards!! It is important to map out weekly when you are going to take time for yourself in the midst of all the hard work you'll need to accomplish!