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Saving is paramount and mandatory for small fashion business owners that seek expansion, development and growth in their business. Saving should not be a one time thing, rather it should be a continuous healthy business habit.

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The profit that stems from your business and how it is further utilized says a whole lot about the future of your business. Most times, small fashion business owners are overwhelmed with many activities that need to be carried out per time for the successful running of the business daily operations.

According to Investopedia, savings refers to the money that a person has left over after they subtract their consumer spending from their disposable income over a given time period. Savings, therefore, represents a net surplus of funds for an individual or household after all expenses and obligations have been paid.

The advantages of saving as a fashion business owner is endless. Many big fashion houses thrive because of how they manage their income overtime.

This article is a must read because it is coming at a time the country is in an economic chaos, leading to inflation that affects small business owners and maybe stripping them of the willingness to save, as there is not even enough.

Here are 3 pocket–friendly ways on how you can save as a fashion business owner in Nigeria.

1. Find affordable vendors

It is not mandatory that you have to buy your business needs from a particular vendor. Take out time to find vendors that sell the same fashion items you need and compare their prices.

There is always a place for negotiation too. Vendors also want to stay in business as much as you do. You can search for vendors, both online and physically.

In Nigeria, you can find different prices for the same product. For instance, if you sell fabrics like Akwete or Lace, you will discover that you can get the same quality at different prices, though, the same price range.

Buying from affordable vendors is a great way to save your money. In order to do this, you will need to carry out market research from time to time.

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2. Use paid advertisment only when necessary

Paid advertisment can be done by influencers, celebrities, Facebook paid ad, Instagram Paid Ad, Radio advert or Television adverts.

Paid advertisment is a way to shoot your business to the skies. However, as a small fashion business owner, you don’t need to necessarily pay for adverts everytime. You can employ someone who will consistently manage your social media platforms or do it yourself. It is less expensive that way. There should be an equal balance and mixture of paid and unpaid advertisment.

3. Review all expenses, even the little ones

It is a smart business practice to constantly review your business expenses. You don’t have to hit an economic rock before doing so. Many suffer loss in their business because they can’t account for the small but consistent expenses slowly eating up their businesses. Small cuts in ongoing expenses can add up to large savings over the long term. Review your expenses to cut off any extraneous expenses.

With the ways mentioned above, you can definitely save more. Overall, you should primarily concern yourself with keeping extensive and adequate business record of the outflow and inflow of money at all times.

References

American Express

Investopedia

Wikipedia

Featured Image source: TechEconomy.ng

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This article was first published on 11th April 2022

agbagba-bukola

My name is Agbagba Bukola. I write about the business and exciting world of fashion.

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