‘On a scale of 1-10’… where should your business sit?
17 April 2019
Author: Jasmine Waters
This week, we’re back to a classic Anton Dell conversation – the basic foundations of making your fashion business ‘successful’. Often a brand is focused on when they are taking their first steps or when they have made the big time, and very little focus is ever on those crucial stages in between. So how can brands expand in the current industry climate, and what do those looking to do just that need to bear in mind?
Growth: the first steps
The first step towards taking the plunge to commit to expanding a business of any kind is strategic funding. Realising how much funding you require to scale, and how to best utilise it under financial pressure and company requirements is the most important foundation to set to effectively lead and manage your business and strategy. This could mean turning to external investors, which need to be carefully sourced and considered to avoid the pitfall of jumping into ‘wrong money’ too quickly. Even if you don’t choose to follow this path, raising the money you need will still need to be carefully balanced alongside your day-to-day tasks. Past initial start-up funding, negotiating constant unpredictable trading conditions not only means having access to enough money, but also a sturdy, well-versed business plan needs to already be in place – know it, don’t blow it!
We’re covered – what’s next?
Once funding has been put in motion, this will possibly underpin your recruitment strategy moving forward. Your essential roles will be dependent on your business model, but making sure to hire key people covering areas like sales, operations and finance, as well as some kind of tech skillset, is essential. Recognising initiative over skills ‘on paper’ will also help to put your brand one step ahead of the game, with multi-taskers who can think on their feet pushing your brand to new heights. Keeping the ‘company culture’ alive throughout the process is the final tick off the checklist, as well as having people around you to bounce off of and share advice with, particularly if you are a sole founder.
Fail to prepare, prepare to fail – with the right investment, team and message, avoid the pitfalls of scaling your business up is far from impossible.
Photo credit: rawpixel.com