Apoorva MehtaAre you planning to launch your Fashion Brand? Starting your own company can be extremely exciting yet daunting but it comes with its own satisfaction and rewards.
Having a great idea and product is not enough, there are various issues to look after. Many people have been here, in the planning and ideation stage before you, learning from their mistakes can be a wonderful safeguard for you and will save you extreme head-aches.
Here are 7 mistakes that you should avoid and make your life easier.
- Starting too big: We all start with millions of ideas and have faith that we can have it all but focusing on a niche and aiming at the right target audience is more important than jumping into the ocean. Fun Fact: Ralph Lauren started with selling only men’s ties.
- Poor Budgeting: Before starting out, know the costing of each and every material, task, labor etc. and plan accordingly. We often miss out on calculating the cost of every task, marketing, website, paid advertisements, distribution channels, etc.
- Choosing Poor Domain: Your domain name with stay with you forever, it is a part of your brand strategy and marketing. The domain name needs to be catchy and memorable; it will also bring you a good SEO leading to better results.
- Doing it alone: Covering everything alone is humanly not possible. If you want to grow and do it right, have a good team! It is essential to create a team that understands you and your vision for the company.
- Mixing Personal and Business Finance: Keeping the business finance and personal finance separate is necessary. Mingling the two can lead to major issues in taxation and will also leave you with an unclear picture of the brand’s revenue.
- Setting the Right Prices: Cheaper products may attract the crowd at first but won’t help you in the long run. There will always be someone selling the similar product at a cheaper rate. Make sure to create a brand and vision that is relatable and connects to the customers.
- Not looking into the Legal Compliances: Before launching the brand, it is necessary to hire a good lawyer and look into the legal compliances related to your field of product. Don’t forget to get your intellectual properties trademarked and apply for the copyrights too.
Starting your own line can be stressful and requires in-depth planning. Make sure to research well and speak to as many stakeholders as possible. Avoiding these mistakes and working with us can help you reach your goals faster and better.
Happy Launching!
