Why You Need a Business Plan!Expert Advice
You have decided to start your own label and you can’t wait to see your completed collection hanging on a rail, take part in your first catwalk show or see your collection in that big department store – you can already imagine how awesome that will be! So probably the last thing you want to do is sit down and write a business plan.
You may be avoiding writing your business plan as you don’t know what to put in it. Writing the plan would mean you need to find the time to do more in-depth research on the market, competitor analysis and consumer profiling and that would slow you down from starting your label. You may think that a plan isn’t important as you are carrying around all your business ideas in your head but sometime in the future as your business starts to grow and your days get busier and more stressful, you may forget some of your original plans and aims.
Whilst it is a waste of time writing a complex and lengthy business plan, it is of great value to have a document that sets out your basic aims, one that you can regularly review to see what goals you’ve reached or missed, what challenges you have won or lost, and give you an opportunity to celebrate your growth and achievements.