If you’ve read my article before, I love to mention the financial situation of Bluefly, one of the most tradable and successful online retailers on the internet. This is an online retailer with a net income of $ 80,000,000 to $ 95,000,000. However, it is also a business that has not made a profit for a year since it was founded in 1997. As of December 31, 2009, Bluefly had a cumulative deficit of $ 147,468,000. It is also a company that states in its annual financial report that it needs to increase brand awareness. Ask all the women who shop at Forever 21, Urbanoutfitters, and ModCloth if they’ve heard of Bluefly, and most women don’t know who they are. This is clearly not a scientific observation, but if you compare Bluefly’s approximately 30,000 Facebook followers with ModCloths’ 100,000 followers, there’s probably a big problem with the $ 80 million connection between the Bluefly brand and its customers. .. Leaving Bluefly can’t help you or me as a small business owner. Helping you is understanding the skills and knowledge that will help you move away from the depths.
Please note that Pop Smoke Shirt I come from a real DIY environment. When my friend and I started an online clothing boutique, we didn’t have the money to outsource the various projects and jobs needed for our business. To be honest, if you have the money to outsource all the work for your business, my only suggestion is that you learn to negotiate well and manage people. Otherwise, it describes the general skills you need to work on and the knowledge you need to acquire if you decide to enter this business yourself or with a partner. Of course, the ideal is to have knowledge of finance, marketing, accounting, organizational behavior, negotiations, and what fashion trading courses teach, but I focus on what I think is most important.
1.1. marketing
As I said earlier, the ideal situation is if you have a business knowledge of a Harvard MBA or Parsons fashion specialty. So if you only need to select one business school topic, it’s marketing. One of the most important themes in marketing is the four Ps, products, prices, locations and promotional ideas. Learn how to use the four Ps to position and differentiate your online clothing store in this highly competitive market. With a proper understanding of marketing, you can understand how to use the four Ps to establish yourself as a luxury boutique or a young and modern store at a reasonable price for a large audience. 2. Accounting
If I have another topic allowed in the MBA curriculum, it should be accounting. Simply put, if you don’t know anything about accounting, you won’t know if it will be offensive until the day it closes. Calculating sales or net income is the easiest task, but in the end you can calculate costs. Without accounting, you can’t fix them because you don’t know which expenses you can’t manage. Accounting knowledge is not limited to financial statements. There are all accounting departments focused on administrative decisions. If you’re a fashion retailer, use your management accounting skills to budget for your season’s stock purchases, use historical data to determine product mix, and explore ways to improve conversions. Other decisions can be made using Numeric. data