Are you thinking about how to finance your fashion business? I’m Syama Meagher, CEO of Scaling Retail, and today I’m going to share with you a couple of my thoughts to get you started. You know, when it comes to financing your business, you have to think that you are the primary investor of your company. I know it’s easy to have a really great idea to say, “Hey, I’m getting at some VC funding,” or “I’m going to go out there and do a Kickstarter campaign.” But have you really thought about what it takes in order to have those kinds of successful raises? Now, when it comes to doing something like a Kickstarter campaign or Indiegogo, or any other crowdfunding, you actually need to prepare a business plan. You need to have incentives, you need to have a video, you need to be able to have a cohesive launch campaign in order to get someone to spend money and invest on you.
Now, when it comes to VC capital and raising money from outside investors, you have to ask yourself, “Do I have a track record of having successful businesses that’s really going to warrant someone to invest in me? What can I do and what is it about my business model that is so different, that is actually going to be able to get someone to say, ‘Yes, I’m going to take a risk on you.'” Chances are if you’re a newbie and you are just in this business for the first time or even just a couple years, you are your best first investor. And the reason why is that you actually have to start to think like, “I am the CEO.” You need to know your sales productions, your cash flow, you need to understand things like product planning, marketing. And if you’re investing your dollar into your business, I better believe that you have the three return on investments for every dollar that you’re investing.
So that’s why it’s so important for you to be the primary investor in your business. Not only are you investing time as well as money, but you have to think about, “If I can’t invest a dollar in myself, how am I going to get anyone else to invest in me?” Alright, it’s time to put that thinking cap on, start to take a look at your finances and figure out, how much money am I making, how much money do I have in savings, you know, can I get a 0% credit card, you know, APR financing for a year, so I can make some investments into myself before I ask anyone else? Because that is going to be the very first question anyone asks you, “How much money have you invested?”
Alright, guys, thanks so much for watching, this is Syama from Scaling Retail. Please feel free to email me. Leave some comments below on our YouTube channel, and always follow me on Instagram, Facebook, Twitter. I am where you are. Thanks so much.