The fashion industry is quite a ruthless one. This explains why a large percentage of business startups fail. Good design ideas are important for success, but it’s only a small part of what is needed. In addition to great designs you need all the other usual skills that any business owner needs for survival. Committing mistakes in the early days of your startup could set you back or worse, kill the business. Be careful to avoid any of the following mistakes that could kill your business.
It is common for people to assume that good design ideas will always translate into great products. It is not always that a good idea translates into a good product. It is good to ready for a disappointment in the event your plans do not turn out as expected. You might not have something to fall back to if you base all your plans on some designs. Sometimes the products may not be as good and you will have nothing to fall back to. It will do you a lot of good to make a preliminary version as soon as possible to see if it actually works.
You should not underestimate the importance of design although it’s a small part of success. Good entrepreneurial skills alone are not enough for a successful fashion business. Your fashion startup will not have much success if you underestimate design. The reason why customers would choose your business as opposed to the competition is you have unique designs and products.
Coming up with new ideas and marketing them could make you forget the other aspects of running your business. The most neglected aspect the legal part. Neglecting the legal issues in business could get you and your business in big trouble. A legal aspect of business that is commonly forgotten is payment of taxes. You should always pay your business taxes and fill out the w2 form for tax returns. Besides your business taxes, the employees should also fill the w2 forms for their own tax returns. Proper payment of taxes and filling the w2 form may be difficult for you if do not have an accountant. You can use the free w2 form available online to help you in keeping track of your finances.
Another fashion business mistake that you should avoid is missing seasons. Seasons play a big part in the fashion business. Some items are only relevant for a particular season. Therefore, timing is important when introducing new product lines in the market. People will have moved on from the season if you introduce your products late.