WATCH YOUR COSTS NOT JUST YOUR CUSTOMERS
Dear ‘fashion preneur
Once you get into the ready to wear space you need to start watching your costs like a hawk. Those simple bespoke days are over, you can no longer charge baselessly just because your client is desperate or capable of paying. Now cost truly matter. As a retailer you must protect your business from extinction, Cash flow is to a retailer as blood flow is to a human being. Cut off the flow of cash and the business dies, it’s that simple. Also when you have all these fancy ideas on how to brand your business, ideas that can’t be perceived as value by the the customer…cut it off….yeah like that fancy shop bag that cost you 3 times more than a regular bag, your fancy woven labels that cost twice the cost of a simple printed one or your wooden branded hangers that cost 4 times more than your decent plastic ones. There is a time for all this “fanciness” but right now your “mission if you choose to accept it” is to keep your costs low and create value first where it can be perceived and rewarded.