Mauvelli
Mauvelli
Mauvelli
  • Home
  • Services
  • Resources
    • Blog
  • Copywriting Bootcamp
  • Fashion Business
  • Trending

6 Financial Questions To Ask Before Launching Your Fashion Business

  • July 6, 2021
  • Iyinoluwa Oludiya
Total
0
Shares
0
0
0

Asking the right questions before starting any business can be the difference between success and failure. As a fashion entrepreneur, there are so many questions you need answers to before the launch of your business that will guide how it will go. Financial questions are some of the most important questions to ask because no business can thrive without money.

So, before you start your fashion business, here are 6 financial questions to ask;

6 Financial Questions To Ask Before Launching Your Fashion Business

1. What are my business costs?

For businesses, costs come in 2 categories. There are the initial startup costs and the recurring overhead costs. From the get-go of your fashion business, decide the essential tools you need to get the business running and figure out their costs. Items like sewing machines, scissors, thread and needles, measuring tapes, and so on fall into the initial startup costs category.

Your overhead costs come in after this. These are the costs you need to pay to keep your fashion business running every month. Think about costs like electricity bills, rent, salaries, internet bills, and other bills you have to pay regularly.

Getting the right estimates for your startup and overhead costs is very important at the start of the business. This will help you plan adequately how to fund your business as time goes on. Underestimating these costs can lead to serious cash flow issues later on in your business.

2. What will my monthly cash flow be?

Having an idea of what your monthly cash flow will look like is important in planning your business’ financial future. The monthly cash flow of your fashion business is the sum of the amount of comes into and goes out of your business every month. That is your revenue against your expenses.

Determining this can be very tricky, especially for fashionpreneurs with no prior entrepreneurship experience. However, with adequate research and guidance from your mentor, you should be able to come up with a good estimate. At this stage, it is important to plan for the worst-case scenario even though you believe your fashion business will hit the ground running.

3. How much capital do I need?

Once you have determined your business costs and cash flow estimates, deciding the amount of capital you will need is easy. As a startup fashion business, you cannot afford to source funds to the exact amount you determine. It is always wiser to have 6 months worth of operating costs on hand before launching your business. This is because you most likely will not make a profit in the first few months of starting your business.

When determining your business capital, you should tend more towards overestimation than underestimation. This way, you know you will not be cash-strapped at the early stages of your business.

4. Where can I get funding?

The type of funding you have access to as a fashion entrepreneur depends on the type of fashion business you run. Before starting your business, you have to figure out where your funding will come from. For most fashionpreneurs, the best bet is to source funding from your saving and family and friends.

However, there are many other funding opportunities available. Some of these include funding from government agencies, angel investors, venture capitalists and grants. Another funding option to look at as a startup fashion entrepreneur is getting a bank loan. You will most likely end up going for a combination of funding options, but it is important to plan this way ahead of time.

Check Out: How To Apply For The Access Bank Womenpreneur Pitch-a-ton 2021 Programme To Win Up To N5Million

5. Will I be able to generate cash from customers immediately?

Depending on the type of fashion business you run, you will have to figure out if you will get cash from your clients right away. Sometimes, at the start of your business, you will have to do lots of giveaways to attract clients to the brand. If this is the route you wish to take, you need to consider what that would mean for your business before you start it.

Another important thing to consider is if your business will be able to take care of itself and still pay you a salary for you to handle your personal needs. When you think about this, you can decide how to make your financial projections so neither you nor the business suffers.

6. Where do I see myself financially in 5 years and 10 years?

Right from the start of our fashion business, you have to pen out goals for it. These goals should include short and long term projections of where you want your business to be in 5 and 10 years. When you ask yourself the question of where you see your business financially in a decade, you will know how to plan your finances better.

This question stirs up in you a desire to want to attain the goal you have set for yourself. This informs the kind of strategy you pen down for your business’s financial goals. This way, you can figure out how much revenue you need each day, month, and year to reach your goal.

Asking these questions before you launch fully into your fashion business can save you from a lot of financial ruin. They help you better prepare for the financial future of your fashion business so no rude surprises can spring up on you in future. Also, always remember to be realistic with the financial aspect of your fashion business.

Total
0
Shares
Share 0
Tweet 0
Pin it 0
Related Topics
  • Fashion Business
  • Fashion Entrepreneur
  • Finances
  • Financial questions
  • questions
Iyinoluwa Oludiya

Subscribe

Get timely fashion business insights that will help you build your brand.

You May Also Like
Offer a solution
View Post
  • Marketing
  • Trending

2 Must-Know Copywriting Hacks to Skyrocket Customer Engagement & Sales, Even If You’ve Never Written Before

  • Adenike Adebowale
  • March 29, 2023
View Post
  • Marketing
  • Trending

6 Steps to Review Your Marketing Strategy for Better Results

  • Adenike Adebowale
  • December 7, 2022
View Post
  • Fashion Business
  • Insiders
  • Trending

How to Write Content That Inspires People To Act in 3 Steps

  • Adenike Adebowale
  • January 28, 2022
The Verge accelerator for writers
View Post
  • Services
  • Trending

Learn Highly-Paid Writing Skills – Become an insanely good Copy and Content Writer in The Verge Accelerator

  • Mauvelli
  • January 26, 2022
SWOT Analysis
View Post
  • Fashion
  • Fashion Business
  • Trending

How To Conduct A SWOT Analysis For Your Fashion Business For Better Business Decision Making

  • Iyinoluwa Oludiya
  • November 16, 2021
Is Mauvelli going out of business?
View Post
  • Fashion
  • Fashion Business

Is Mauvelli Going Out Of Business? – Editorial

  • Adenike Adebowale
  • November 11, 2021
View Post
  • Fashion
  • Fashion Business

Feel Like Quitting? Here Are 8 Ways To Reignite Your Passion For Your Fashion Business

  • Iyinoluwa Oludiya
  • November 2, 2021
Zendaya
View Post
  • Fashion
  • Fashion News
  • Trending

Zendaya Is Youngest Ever CFDA Fashion Icon, Lagos Fashion Week Comes Back With A Bang, More

  • Iyinoluwa Oludiya
  • October 22, 2021
25 comments
  1. JoeHouts says:
    March 31, 2022 at 4:44 am

    female viagra sildenafil

  2. UgoHouts says:
    March 17, 2022 at 2:48 pm

    tadalafil pills

  3. Charlotte says:
    November 4, 2021 at 1:22 pm

    I just could not leave your site before suggesting that I actually enjoyed the standard
    information an individual supply on your guests? Is gonna
    be again frequently in order to check up on new posts

  4. Estelle says:
    November 4, 2021 at 1:21 pm

    obviously like your web site but you have to check the
    spelling on quite a few of your posts. Several of them are rife with spelling issues and I find it
    very troublesome to inform the reality then again I’ll certainly come back
    again.

  5. Hermelinda says:
    November 4, 2021 at 11:18 am

    I am regular reader, how are you everybody?
    This piece of writing posted at this web page is genuinely fastidious.

  6. Clarita says:
    November 4, 2021 at 9:27 am

    Hi there! Quick question that’s totally off topic. Do you know
    how to make your site mobile friendly? My web site looks weird when viewing from my apple iphone.
    I’m trying to find a template or plugin that might be able to correct this problem.
    If you have any suggestions, please share.
    Thank you!

  7. Concetta says:
    November 4, 2021 at 5:57 am

    It’s fantastic that you are getting thoughts from
    this article as well as from our discussion made here.

  8. Dani says:
    November 4, 2021 at 5:26 am

    you are in reality a excellent webmaster.

    The web site loading speed is amazing. It sort of feels that you’re doing any distinctive trick.

    Moreover, The contents are masterpiece. you have performed a fantastic task in this subject!

  9. Boyce says:
    November 4, 2021 at 2:17 am

    WOW just what I was searching for. Came here by searching for website

  10. https://docdro.id/vZd3eeN says:
    November 4, 2021 at 1:12 am

    Hi, i think that i saw you visited my website so i got here to go back the want?.I’m trying to find things to
    enhance my web site!I suppose its ok to make use of some of
    your ideas!!

  11. Mercedes says:
    November 3, 2021 at 11:16 pm

    Paragraph writing is also a excitement, if you be familiar with afterward you can write or else it
    is complicated to write.

  12. Elouise says:
    November 3, 2021 at 10:25 pm

    When someone writes an article he/she maintains the thought of a user in his/her brain that how a
    user can be aware of it. Therefore that’s why this article
    is perfect. Thanks!

  13. Cooper says:
    November 3, 2021 at 9:11 pm

    Hi! This is kind of off topic but I need some advice from an established blog.
    Is it hard to set up your own blog? I’m not very techincal but I can figure things out pretty fast.
    I’m thinking about creating my own but I’m not sure where to start.
    Do you have any ideas or suggestions? Many thanks

  14. Marcelino says:
    November 3, 2021 at 3:18 pm

    Hello! I know this is kind of off topic but I was wondering which blog platform are
    you using for this site? I’m getting tired of WordPress because I’ve had problems with hackers and I’m looking
    at options for another platform. I would be great if you could point
    me in the direction of a good platform.

  15. Sherryl says:
    November 3, 2021 at 2:15 pm

    Thanks in favor of sharing such a fastidious thought,
    paragraph is pleasant, thats why i have read it completely

  16. Ralf says:
    November 3, 2021 at 1:42 pm

    Greetings! I know this is somewhat off topic but I was wondering if you knew where I could
    get a captcha plugin for my comment form? I’m using the same blog platform as yours and I’m having problems finding one?
    Thanks a lot!

  17. Virgie says:
    November 3, 2021 at 1:20 pm

    I’ve been browsing online more than three hours today, yet I never found any interesting article
    like yours. It is pretty worth enough for me.
    In my opinion, if all site owners and bloggers made good content as you did, the
    internet will be a lot more useful than ever before.

  18. Leonore says:
    November 3, 2021 at 12:59 pm

    Awesome blog you have here but I was wondering if you knew of any message boards that cover the
    same topics discussed in this article? I’d really like to be a part of community where
    I can get feedback from other knowledgeable individuals that share the same interest.
    If you have any suggestions, please let me know. Many thanks!

  19. Rocco says:
    November 3, 2021 at 9:32 am

    I’m extremely impressed together with your writing skills and also with the
    layout in your weblog. Is that this a paid subject matter or did you customize
    it your self? Either way stay up the nice quality writing, it is uncommon to
    peer a great blog like this one these days..

  20. Herman says:
    November 3, 2021 at 7:42 am

    Appreciate the recommendation. Will try it out.

  21. Denis says:
    November 3, 2021 at 7:00 am

    Why people still use to read news papers when in this technological world everything is accessible
    on net?

  22. Mazie says:
    November 3, 2021 at 3:09 am

    This site was… how do I say it? Relevant!! Finally I’ve found something which helped me.

    Many thanks!

  23. Mari says:
    November 3, 2021 at 2:40 am

    you are in point of fact a just right webmaster. The website loading velocity is
    incredible. It seems that you’re doing any unique trick.
    Also, The contents are masterwork. you’ve performed a great task on this matter!

  24. Lindsey says:
    November 3, 2021 at 12:18 am

    I enjoy what you guys are usually up too. This type of clever work and
    coverage! Keep up the terrific works guys I’ve included you guys to my
    own blogroll.

  25. Kandi says:
    October 25, 2021 at 10:15 am

    What’s up to every one, the contents existing
    at this website are actually remarkable for people knowledge, well,
    keep up the nice work fellows.

Leave a Reply

Your email address will not be published. Required fields are marked *

Recent Posts
  • 2 Must-Know Copywriting Hacks to Skyrocket Customer Engagement & Sales, Even If You’ve Never Written Before
  • 6 Steps to Review Your Marketing Strategy for Better Results
  • How to Write Content That Inspires People To Act in 3 Steps
  • Learn Highly-Paid Writing Skills – Become an insanely good Copy and Content Writer in The Verge Accelerator
  • How To Conduct A SWOT Analysis For Your Fashion Business For Better Business Decision Making
Categories
  • Business poems
  • Collections
  • Fashion
  • Fashion Business
  • Fashion News
  • fashiontech
  • In my closet
  • Insiders
  • Marketing
  • People work
  • Premium
  • Promo Premium
  • Series
  • Services
  • Trending
  • Uncategorized
  • What they think