Looking from the side one can tell that having own business is complete freedom and feeling like a boss is what everyone dreams of.
That is not true, in fact, creating a business in this case fashion label is not an easy job. It has its own positives and negatives. Before starting best task is to make a list for yourself to understand the capacity of the job. Will you be able to handle it and grow or not? How happy you are going to be if you face both positive and negative aspects of creating your own label? What is it that makes being your own boss so attractive?
You might have more questions that are important for you to answer before making the decision to start your very own label.
Read our extensive guide about fashion and economics.
Here is my list of Pros and Cons of setting up my own fashion label
Benefits of Creating A Fashion Label
- Being the Boss. Freedom in making rules
- Flexibility to implement your own ideas
- Control over the decision making
- Ambition to go big or stay as you are
- Financial freedom as there is no limit on your potential earnings
- Working from home
- Choise of staff, hire anyone you think is good for your brand
- Long holidays, work when you need
- Make your own strategy to succeed
- Train your personel the way you want your customers to be served
These reasons are more than enough to start thinking of being your own boss, isn’t that right? This seems a dream come true, do not forget that with each benefit comes something negative that you will have to deal with.
Problems of Creating A Fashion Label
- There is no financial support
- Lack of products
- Risk with the decision made by you. Your idea might not succeed.
- Financial insecurity. Supplyers have to be paid and in the end of the day you have less money in your accounts.
- There is no day off for you. Even if you have the freedom to have a day off you won’t have it as you need to work 24/7.
- Stress is high as there is noone to relay on. You are your own boss and when you have presonnel they relay on you. There is no room for failing as they need to be paid.
- Being isolated from everyone. When you start your own business you might be alone in the begining before hiring staff. Work is so much that you start feeling good while isolated.
- You are your own motivation. There is noone else who will motivate you.
- Taxation system in your country might not be promisable for new starting business. Need to be informed and prepared for the tax problems.
Although these were problems for me, they might not be the same for you. In any case, there is always a solution for every problem. The one and the only solution is to work.