Finance Mistakes Newbie Fashion Business Owners Make

“It’s not how we make mistakes, but how we correct them that defines us.”

-Rachel Wolchin

As much as we want to be perfect in an imperfect world, we simply just can’t. We try our best to do the best we can and meet our expectations in life. But as what the quote above says, mistakes are made for us to grow wiser and mature.

 

So if you are a newbie to having your very own fashion business and is quite struggling with the finances, you are not alone! Here are finance mistakes every newbie make:

 

  1. Later Should Not Exist – We sometimes have that “I do that later or tomorrow” attitude when in reality we can really do things today or pay bills on the specific date given and not wait for the deadline. Budget your money, prioritize and focus on the things that need your attention the most.
  2. Enough is Enough – Monitor your product stock, make sure you have enough, have more and your stockroom will overflow, have less and you’ll be short in selling. Study and monitor your expected stock production every week or month to keep everything organized.
  3. What They See is What They Should Get – Don’t let them say how your product is the exact expectation vs. reality setting where they get the exact opposite of their order. This is a big turn off to your fashion business, so better stay true to what you show them and even give them the item worth their payment.
  4. On Time Shipment and Delivery – If your fashion business caters online orders, then make sure your customers from different places or countries receive their orders on time or that they can track their orders and see how fast your transaction is, this way you’ll gain loyal and happy customers.
  5. Trust Yourself To Handle Everything – Sur we all need some help sometimes especially when it gets tough and busy, but as much as possible, when it comes to financial matters, put that matter on your hands for a tight security. Money is an essential to your business, so if you entrust it to someone you barely knew and don’t trust, then your business will be at stake here.