How To Start Your Own Business. A 10 Part Post Series On Becoming A Fashion Entrepreneur.
Do You Have What It Takes To Be A Fashion Entrepreneur?
Starting your own business can be an exciting and rewarding experience. Running the show can offer numerous advantages such as being your own boss, setting your own schedule and making a living doing something you truly love. It all sounds so absolutely fabulous, doesn't it?!
This is Part 1 of my 10 Part Post Series On Becoming A Fashion Entrepreneur. The goal of this post is to help you evaluate whether you have what it takes to build your own business. Just as important, it will help you decide if you really want to!
You may fantasize about greeting customers in your own boutique, selling your hand-knit sweaters over the Internet, or sitting in your plush corner office with the name of your Fashion PR Firm stenciled on the door. However, it's vital to keep in mind that a successful entrepreneur requires thorough planning, creativity and hard work.
So, Does The Shoe Fit?
Consider whether you have the characteristics and skills needed to be a profitable fashion entrepreneur. Ask yourself these questions:
- Are You A Risk Taker?
Being your own boss also means you’re the one making the tough decisions. Entrepreneurship involves uncertainty. Do you avoid uncertainty in life at all costs? If yes, then entrepreneurship may not be the best fit for you. Do you enjoy the thrill of taking calculated risks? Then on to the next question...
- Are You Flexible?
You will need to be completely flexible with everything. And I mean EVERYTHING... from the flow of your money, to the rate at which your business grows, to the changes in the employment market. You will need to have detailed plans for the whole shebang, as well as contingency plans for when business doesn't go as originally intended.
- Are You Persuasive?
You may have the greatest idea in the world, but if you can't persuade customers, employees and potential lenders or partners, you may find entrepreneurship to be even more challenging. If you enjoy public speaking, are able to engage new people with ease and find you make compelling arguments (grounded in facts Of Course!), it’s likely you’re poised to make your idea succeed.
- Are You Able To Negotiate?
As a small business owner, you will need to negotiate everything from leases to contract terms to rates. Polished negotiation skills will help you save money and keep your business running smoothly.
- Are You Creative?
Are you able to think of new ideas? Can you imagine new ways to solve problems? Entrepreneurs must be able to think creatively. If you have insights on how to take advantage of new opportunities, entrepreneurship may be a good fit.
- Are You Supported By Others?
Before you even think of starting a business, it’s very important to have a strong support system in place. You’ll be forced to make many vital decisions, especially in the first months of opening your business. If you don't have a support network of people to help you, have no fear! Consider finding a business mentor who is experienced, successful and willing to provide advice and guidance. (I'll be addressing this in Part 2 - Finding A Business Mentor)
Still think you have what it takes to be an a fashion entrepreneur and start a new business? If so, stay tuned for the next part of my 10 Part Post Series!
Part 2 - Finding A Business Mentor
Part 3 - Understand Your Market
Part 4 - Create Your Business Plan
Part 5 - The Scary Stuff: Legalities, Licenses, and Permits
Part 6 - The Scary Stuff Cont.: Loans, Grants, and Funding
Part 7 - Getting Your Name And Product "Out There"
Part 8 - Finding Your Voice And Professional Style
Part 9 - 5 Rules For Making Your Business A Success
Part 10 - Helpful Web Sites And Resources For The Fashion Entrepreneur
