FOUNDATIONS
Smart business is to have solid pillars built in from the very beginning, before the growth occurs. You can’t grow without roots in the ground, foundations are the #1 priority and most important aspect in any business. Planting your foundations leads to structure, which are the two pillars and branches for your growth. Look at your business like a tree. You spend time below ground, before surfacing. When starting a business or a brand, it is important to take the leap, but do so wisely by thinking where this seed will grow to in 2-5 years time. Those who think this way have steady, organic growth.
Plan your costings wisely! This is the first foundation that is missed in several businesses. Plan your costings to take into account margin for growth, once you set a cost, it is challenging to shift this and takes a more strategic process over time.
Your costings should consider, shipping costs, manufacturing, duties to import your product, agency commission and fees for future, trade discounts, wholesale to retail mark up globally (no matter where you are, you are a global business, think this way!), staff time and design time – to name a few.
Cost your product correctly based on the time and craftsmanship, give the product the value it deserves, whilst asserting market place alignment. The rest is all in branding. Branding is another key foundation, alway stay true to your voice and brand message. Systems and processes; begin with a structural skeleton allowing for growth and more people to join your organisation.
When you start your business, believe that it will grow to be everything that you desire, so get those foundations into place quick smart and ask a professional for guidance, so that you can learn and make educated decisions that are true to your brand.
