4 top Mistakes Newbie Fashion Business Owners Make

“Making mistakes is the essence of creation.”

-Alber Elbaz

 

Human as we all are, mistakes are normal and some help us improve as we learn from them, they are the reason we become wiser and wiser as we grow into mature beings. Some mistakes though are a big no-no, as the results might not turn out good and might put your future in danger.

 

Some mistakes are for learning while some are just a big NO especially when your business is at stake, here are common mistakes newbies in fashion business make:

 

  • The Know-It-All Mindset – Just because you think you learned enough to run a business by yourself, doesn’t mean there’s no more room for improvement. We all have different opinions about something, about business in this case, that may or may not help you gain more information, so be wise and listen attentively.
  • When You Thought Every Idea Will Turn Out Good – Expectation vs. Reality at its finest, an idea itself is good, you formulate one and excitedly share it to your friends that hype you up to applying it, but reality can be so harsh that it cancels out your idea and now made it impossible to accomplish it. Being so overwhelmed with the idea should be slowed down, stop and think about it, be realistic.
  • When You Thought It’s Easy, Think Again – We all see how others can do it so easily so we thought that starting a business is a piece of cake, but we didn’t think about the struggles and the sacrifices those successful business men and women had to go through to be where they are right now. When you start a business and want it to succeed, you to be passionate about it and must be willing to sacrifice a lot for it to succeed because success can not be achieved when you are not doing something about it.
  • Too Much Of Something Is Not Good –  The saying is not applicable on food but also in businesses, you might bore your potential clients with it! Information overload can bore your potential clients and will give them an excuse to scurry away and spare themselves of the boring lecture. Keep everything simple and straight to the point, that way you’ll clients would be interested to what you will say or do.

Belittling The Benefits of Your Design – Your design is the face your fashion business, if you make the effort to dress up and make yourself presentable, then your designs should be more presentable so your clients would see the efforts you put to make the product worth their money and time.

Loans vs. Advances: What’s The Difference?

“We only live once”, they say. Because of this, many people think that we should live life to the fullest. If you have a list of the things you want to do and have, you better make things happen before it’s too late. However, nothing in this world is free. If only we had unlimited money in our bank accounts, we’ve probably ticked everything off our bucket list by now.

 

Buying our dream house, going on a much needed vacation trip and opening up a business seem too expensive for our own good. Although these are good investments and beneficial, sometimes we need extra help by borrowing money from a helping hand. Loans and Advances might be a good idea for what you need. But before applying for any of the two, it’s important to know what differentiates loans from advances.


LOAN

  • It is money lent to an individual, group, or to an organization
  • Long term commitment
  • A kind of debt
  • Has a lot of legal issues
  • To be paid back in a longer period of time
  • May be secured or unsecured

 

ADVANCE

  • Money provided by the bank to help them fulfill short term requirements
  • Short term commitment
  • A credit facility
  • Has less legal issues
  • Requires to be paid back within a shorter period of time
  • Generally secured by asset or guarantee


Both loans are to be repaid with interests and can be paid in bulk or installments. If you want a less hassle term, choose advances because it has less legal formalities you should be concerned about. If you need a longer time to pay a certain amount of money, then go for loans. Regardless of whether it is secured or not, one must always be mindful in transactions like these for there may be hidden fees, a rate that goes up and down, and confusing or unclear statements in the agreement. Loans and advances may have a similar concept in terms of being a service where you could borrow a specific amount of money, but these differences are important to know so you could determine which one is better for you.