Fashion Retail Strategy for Growth
Meet Catherine Erdly – a fashion retail specialist passionate about helping creatives get comfortable with numbers. Because let’s face it – numbers don’t lie and if you don’t know your numbers – you won’t be in business for the long term.
Episode Notes:
In the course of the conversation, the following is discussed:
- Why the traditional retail model was outdated and due for disruption?
- Are Bricks & Mortar and physical shops finished? How has the pandemic changed the retail landscape and what is the latest fashion retail strategy?
- What are the most common problems Catherine sees small independent brands struggle with?
- What does “success” look like for a small independent fashion brand and what KPIs should you track if you want to achieve success?
- What is stopping small businesses and brand owners to pay themselves? Catherine shares 4 actions you can take today in order to begin to pay yourself a salary from your business.
Key Takeaways:
- What does a successful brand look like? Success looks different for everyone. You need to define what success means to you, but before you do this – you must remember that – before you create a direction for your business, you need to choose the destination.
Success overall means having a profitable business that makes YOU happy and fits with your idea of “success”.
- Most people don’t dream of having a business that doesn’t pay them. Most entrepreneurs and fashion brand founders do not pay themselves. Small strategies to combat this situation is to:
a/every time you sell something, make sure you know what the profit of that sale is. How much money are you making from the sale of said item?
b/ have a sales plan – know how much you need to sell in order to make enough money to pay yourself.
c/ take control of your expenses.
d/believe it is important to pay yourself. Get into the good habit of paying yourself from day one even if it is a small amount.
- “It’s not about the price, it’s about the value” – the emergence of the conscious consumer.
- Your biggest growth factor is time and consistency.
- Set healthy KPIs for fashion retail strategy. To do so, you need to regularly:
a/ review your prices and profitability per item;
b/ set and review sales targets;
c/ know what it is your average order value;
d/ review regularly and know what your stock levels are.
Resources:
Contact Catherine at:
The Resilient Retail Club Website
Learn how to price your products properly, with profit in mind – Pricing for Profit Masterclass
Launch & Grow Your Fashion Brand Masterclass Bundle
About the host:
Dessy is the founder of Fashion Insiders & Co – an online platform supporting fashion and creative entrepreneurs who are in the process of launching and growing purpose-driven brands.
Contact Method:
Fashion Insiders & Co
official website: https://fashioninsiders.co/
Instagram: @fashioninsidersco
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