No fashion business can survive without money. No matter your level of skill or expertise. Money is needed to run and manage your fashion business. All fashion entrepreneurs need money management skills. It is vital for the survival of any fashion business.
If you lack money management skills, your business will crumble in no time. You cannot save money if you don’t handle it well. When you save money, you can turn your business around positively.
Here are two efficient ways fashion entrepreneurs can save money.
1. Make a budget and stick to it
You need to know what you spend your money on weekly, monthly, and yearly. A budget keeps you in check. It makes you easily control your spending. Ultimately, it eradicates unnecessary spending.
To make an effective budget, you need to know your business income. Your business income is the total amount of money your business generates per time. To know your accurate income, you need to have proper documentation. Have a detailed analysis of how you earn.
There are three major expenses all fashion entrepreneurs spend money on.
Fixed expenses: These are the regular and unavoidable things you spend money on. They include rent, electricity, tax, the salary of workers, etc.
Variable expenses: These expenses may change from time to time. They include expenses on diesel, buying goods, repairs, data subscription, etc.
Daily expenses: All fashion entrepreneurs spend money daily. Daily expenses include transportation, feeding, etc.
Variable and daily expenses are usually hard to keep track of. You cannot do without fixed expenses, but you can cut back on the rest. Keep track of all your business expenses. It will make saving much easier. Spend money on absolutely necessary things.
2. Use free tools and apps
Free tools and applications for buying and selling make business easier. There are also apps for pattern drafting, fashion illustration, etc. These apps make work easier and faster. The good news is that you don’t need a laptop for these apps, you can access them from your smartphone.
Many times, you can do away with paid services. Only use them when necessary. This is a great tip to save money.
Some of these apps are:
Jiji: It is an online marketplace in Nigeria. On Jiji, fashion entrepreneurs can connect to buyers and sellers. Jiji has both paid and free services. You can use the free service and try the paid services later.
YouTube: You can carry out many activities on YouTube. You can also create a youtube page and monetize it. Everything can be done at no cost.
Vogue Runway: It gives unrestricted access to numerous fashion shows. It is a great app for style inspiration.
WGSN: It helps fashion designers understand their customers and their needs better.
Valentina: It is a great app for fashion designers who want to learn about pattern drafting. It is beginner friendly.
Blender: It is very useful for creating fashion sketches.
There are many more apps that fashion entrepreneurs can use to promote or improve their services.
Entrepreneur.comFeatured Image source: How Nigeria News
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