Starting a business, whether small or big takes a lot of planning and sacrifice. It is crucial to have a specific focus and constantly revisiting your business plan. There are several common and dangerous mistakes many new business owners make that can negatively impact their businesses.
Here are 5 of the most common mistakes to avoid as you start your small fashion business in Africa.
1. Lack of preparation and research – Designers start to produce a collection without knowing how much money they will need or how they are going to reach their target customer. Unlike the western world where start up loans are available that is if you have a great business plan, in Africa its a different case, the banks are not interested in Fashion, high street banks will not hand out a loan for a fashion business. Preparing and taking your time to research your target market will help you to produce a collection that will sell for a quick turn over.
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