For most small business owners, the idea of having a support system of talented and intelligent people sounds appealing—especially when it comes time to scale your business. But, the truth is, a business advisory board won’t do your fashion startup business much good unless you identify exactly what you need from your advisors. Here are some FAQs to get you on the right track.
What is a Business Advisory Board?
An advisory board is a group of business professionals chosen to share their expertise and strategic insight on a range of business-related issues and topics. Since this is an informal group of your choosing (in comparison to a corporate board of directors), as the business owner, you can invite the people who would provide points of view and specific issues that impact your business in particular—and you can include people from your own community. For example, your board could include successful entrepreneurs from the fashion industry, financial advisors, and marketing professionals.
Can a Business Advisory Board Help Me Scale My Fashion Business?
Yes, absolutely! If you approach it the right way and give it the proper planning and preparation, an advisory board can help your business scale by giving you the insight and connections you might be missing.
What Do I Need to Know Before Setting Up My Board?
A business advisory board can be extremely helpful for a small business if you know exactly what kind of help you are looking for. This is a crucial first step, and you shouldn’t activate an advisory board unless you have that clearly outlined. There’s nothing worse than being asked to join a team or to do something, and then find out there is no structure or clear capacity for how you should contribute.
So, above all else, be clear about the short and long-term goals for your business and the expectations you have of your advisory board members.
Have scaling on your mind? Take a look at our post “How to Scale Your Fashion Brand Startup.” How your business is perceived is an important part of scaling, and there might come a time when you could use a little help. Be sure to check out “How Do I Choose the Right PR Agency for My Small Fashion Business?” for more information.
At Scaling Retail, we’ve launched brick-and-mortar and e-commerce businesses all over the world. If you’re ready to take the next step and build an advisory board, send an email to email@example.com.