Here are four things to take into cognizance before starting a business.
With close to a decade of experience and success in the fashion industry, Mimi Yina, CEO of Medlin Couture, shares four powerful steps to starting, running, and becoming successful in any business, especially the fashion and styling business.
Before delving into a business, it is important to understand that every business is a risk and you can only hope that the business that you are investing your money in will yield the desired returns.
It won’t be easy and you are not the only one interested in starting that particular business. So, it is important to understand what your true reason is for starting the business.
Here are four steps to starting a business, as revealed by Mimi Yina:
1. Find your passion
Always follow your passion, not relying on another person’s success as a motivation to start a business. What has worked for Medlin might not work for you. If you go into business without knowledge and passion, it won’t work.
It takes a lot of creativity to put out something that people will love, especially as a stylist. And also, you have to understand that if you put out one bad job, it spoils the rest of your work, because in this styling job, people work with referrals. Your work has to speak for you, that’s how to get up the ladder.
If you eventually decide to follow your passion, you have to start from somewhere. The online platform is a good start, unlike back in the day when we could only start from getting a shop and the cost implications (shop rent, taxes, local government levy, and generator money) were quite discouraging. Now, with as little as 500 followers on IG, you can start making money
2. Be patient
If you lack patience, especially in the styling business, you will always have a fall out with clients. You get to work with different people every time and they exhibit different characters and attitudes, you have to find a way to cordially work with them, accommodate people and their excesses.
In the industry, news spreads quickly like wildfire. So, you have to be patient with people or else you will go out of business because no one would want to work with you. When people pay for their services, ensure you make them happy because truly the customer is always right. They put food on your table. If they don’t patronize you, you will starve.
3. Learn to focus
Do not get distracted by what is none of your business. Some people want to do everything and at the end of the day get depressed when nothing works out. Utilize your social media platform as an avenue to showcase your products and sell your wares.
Leave people’s businesses alone and stop comparing your business with another. The spirit of competition will ruin you because it makes you feel like you’re not doing enough. Most of the people in this line of business, compete with themselves a lot and it should not be so, because the market is big enough for all.
There is no need for the competition. Go into the fashion business with the mindset that you’re in the business to put your passion to work, get recognized, and get paid for it.
4. Motivate yourself
Always talk positively to yourself, keep pushing. There would be failed businesses because there are a lot of challenges along the way. Get up after every fall and motivate yourself to keep going