Fashionable fans of the literary greats may recall one of Oscar Wilde’s more witty quips on the subject, “Fashion is a form of ugliness so intolerable that we have to alter it every six months.” To that end, fashion is sort of like the strands of glossy mane atop the head of an attractive person, in that while it’s in place it is beautiful, but once it’s out and discarded it is undesirable and must be swept away. Fashion works fast. ‘In’ today, ‘out’ tomorrow. The dedicated followers of fashion only seek what is new, unexpected, and exotic.
That’s why starting a fashion business is no small feat. There’s a lot to keep up with. Constant change is inevitable and just because you love fashion doesn’t mean you’ll love the fashion industry. But if you think you’ve got what it takes to turn a profit and look good while you’re doing it, there are a couple of things to keep in mind to help you along the way.
Invoices. Invoices for Everything.
Invoicing software is your ticket to a professional level of bookkeeping stability (check out this invoice template from freshbooks.com for further information). With invoicing, you can easily keep a complete and up to date record of all business transactions. Not only is this a necessary consideration in as far as tax is concerned, but a business that doesn’t know it’s incomings from its outgoings is likely doomed to fail.
Still not convinced? Here are some of the things that invoicing can help you to track:
- Stock levels
- Item popularity
- Customer order numbers
- A client-specific purchase history
- Payment methods used to complete the transaction
While you may believe that learning how to incorporate invoicing software is just another thing you can put off, the impact of queries from tax officials, customers, and suppliers can be twice as draining if you don’t have the details to hand. Invoicing software keeps track of every important detail. Any business mind will tell you that a failure to invest in invoicing software is far from recommended.
React to Trends (even if it isn’t your style)
Night club DJs can often be spotted openly showing disdain for songs they dislike but choose to play because they know people like it. Speaking from experience, rock tunes in a dance club (and vice versa) often excite the crowd because of the variety, even if the DJ is in disagreement. Why are we talking about music? Because these DJs can teach us a very important lesson about supply and demand. Where demand is met by adequate supply, customers are happy to keep paying for a good time. Where the demand is strong but the supply is weak or non-existent … well, that spells trouble for the vendor who is selling what the people don’t want to buy.
Remember, you are going into the fashion industry. You are not going into the “make everybody dress like me” industry. Be careful with the items you choose to stock and try to ensure your product lines are based on demand, not on your own personal preferences.