Does your income expand rapidly once it starts to increase?
I have been making clothing brands for a specific niche (not typical streetwear or meme/animal shirts) for 2 years and always made little money, maybe $300-500 a month. This year I partnered with a professional artist on a new store and we are exploding like crazy, we got 30k instagram followers in 5 months and our revenue increases 20% each month. Last month I made 3.1k profit and this month I am going to most likely make 6-8k profit. I want to get super excited and imagine making this amount and more every month but I know it could fall. When you start making money, does it typically expand rapidly?
Success takes time and you should always take any degree of it rationally.
Continue to focus on keeping unnecessary expenditures to a minimum and use the increased profit to build the business: automation, systems, etc.
INVEST IN YOURSELF & YOUR BUSINESS!!
Document what has made you successful and understand the factors in your process. Once you’ve had continued success for a while, you can make an effort to duplicate the results with another venture.
Always be learning and growing but never expect results to be exactly the same.
Timing, positioning & even a perfect storm of events could be critical factors to your current success. Keep that in mind.
Most importantly, enjoy your success because you’ve worked hard for it. All of your efforts before this have positioned and primed you for this. Yet, don’t let it go to your heard either lol
Typically profit scales faster than expenses of you have your business efficiently designed. So, if your revenue increases 10% you might make 15% more profit. You should not spend like this is guaranteed because this apparel type business is probably short lived and fad driven. Focus now on making the production process simple and fast, and designing your next wave of products.
Fantastic! You remind me of a vendor that makes uniforms for cooks in the US military. You can grow until you reach ceiling. Before that watch for competitors and copy cats. When people at Yi Wu knows what you make sells, they can also ask their clients to carry the same thing. Invest before you run into some sort of rut - no one should have only one product in their store.
Question asked by
May 13, 2020, 8:04:35 PM