Key Fears of Starting a Fashion Line: When do I Quit my 9 to 5?
One of the most frightening things about starting your own fashion line is knowing when to take the leap and quit your 9 to 5 to devote your efforts full time to your new brand. Never fear. There are ways you can be very sure it’s time to leap.
The safety and security of a steady paycheck can make you comfortable and paralyze you stuck in your day job. Not having to worry where your next check will come from can be very seductive; however, as a fashion entrepreneur you probably have dreams that are a lot bigger than a steady paycheck. Getting your brand out there and your fashion line successful and selling is what you really want to do. The issue is that you may need to feed, educate, and support your children or simply maintain your current lifestyle.
You need a cash flow to support the necessities in life, and if it is not coming from your day job, where will it come from? This fear can keep many very innovative fashion designers up at night, and prevent them from making the leap. Quitting your job does not have to be a scary thing. Your decision is not all or nothing. You can begin to launch your line while you have a day job and then when it’s the right time… take the plunge with confidence. In this blog, I will give you tips and benchmarks to measure so you can be sure that when you choose to leave your job it is a decision you will always feel good about and never regret.
How much can I get done while I am working?
The more you can get done while you have the security of a job, the easier it is to know when to make the move to full time effort on your own fashion business. Product designs, fabric choices, business plans, marketing strategies, and initial budgets can all be done in the evening or on the weekends. It might take a little longer if you are also raising children; however, if you persist and stay dedicated to your dream, you can get the preliminary design and business basics done while you still enjoy a weekly check. You can also start your necessary social media profiles, build your audience, and even create your website.
Never be afraid to ask for help. It might cost you a little more; however, you have to calculate the value of the opportunity lost if you don’t get started. Doing everything yourself may not be your best option. There are great website designers, fashion social media marketing specialists and other professionals you can outsource to and fast track your progress. You could also partner with a fashion launch expert, like V.Mora. We specialize in helping designers launch their fashion lines and are very experienced with every stage in the process. Many designers jump start their fashion brand launch while they still work from 9 to 5 everyday. For a do-it-yourself blueprint, check out our book, “The Fool-Proof Blueprint To Kickstart Your Clothing Line.” (HERE).
What are the Benchmarks I need to Reach to be Confident?
There are several important benchmarks to reach before you know for sure that you can take the leap and confidently begin working for yourself. First and foremost, you must have a practical detailed plan of what your line should be, how you are going to structure the business, how you are going to market and sell your line, who is your target audience, how much start-up capital you will require to launch, what amount of money you personally need to weather the start up period - even if it takes longer than you thought, and finally when do you expect to see sales and cash flow.
You either must have the right amount of savings or investor participation to finance the launch as well as your everyday lifestyle. If you do, that’s a very positive benchmark to reach. If not, keep your job for a little while longer until you can get those things done.
Also, have your team in place. Know the vendors you plan to use and their pricing. If you need employees, start the interview process and get a good idea of who you need to hire and what salary they might require.
If you have a plan, a brand, a team, and the starting capital, you are well on your way to take the leap and devote yourself full time to your dream launch.
How to Quit your Job?
No matter how much you prepare, life and fashion can be unpredictable. The best advice when you’re quitting a job is to “never burn a bridge”. Politely give 2 weeks notice and work diligently during those two weeks.
Organize your computer and any files you have so that others can understand exactly what you are leaving behind and mentor your replacement graciously. You want to leave on good terms so if the unexpected happens, your ex-employer might welcome you back and could be a possible option.
Leave yourself options. Say thank you. It is always a good idea to exit gracefully. A very positive letter of resignation or sending some heartfelt thank you emails to key people can keep you on the high road.
When is it Time to Green Light your Move?
Ideally, the best time to take the leap is when your fashion launch is earning you more money than your job. This is ideal; however, and not always possible. If you can manage to launch your line while you are still working and the launch is successful and growing, your fashion brand may need you full time. Giving your business your attention and effort full time may keep it growing and successful even before company earnings are greater than your monthly paycheck.
Sometimes, you may decide to take the leap before your fashion business is financially sound. It is important to have your strategy, plan, and finances in place and take care of as much preparation as you can before you leave your steady job. If you can clear these benchmarks, it’s a very good bet that you will be able to succeed and create a profitable fashion line.
When you can identify these benchmarks that will eliminate your fear of leaving your job. As soon as you clear them, you are ready. It is time to get started to stop trading your time and creativity for a paycheck, and start realizing your dreams of successfully launching your fashion brand.
If you work through your fear and take the right steps to bolster your success and build your confidence, you will be able to say good-bye to the 9 to 5. You will be on your way to becoming a fashion entrepreneur who can enjoy the freedom, creativity, and the profits of your own successful clothing start up.
Stuck on product Production? At V.Mora we can help you through the entire production process from designing, to sourcing and so on through our Production Development services. If you are in need of the following Development and Production services:
Sourcing
Technical sketches
Pattern Making
Prototype making
Sample Making
Fittings
Digitizing and Grading
Marker Making
Manufacturing
Please contact us at: vmorainquiry@vmora.com
