Fashion & Finance Workshop
As part of its designer workshop series Harlem’s Fashion Row (HFR) brought Tiffany “The Budgetnista” Aliche to discuss finances and marketing. The event was sponsored by Prudential and there was a wealth of information and knowledge exchanged. With about 45 attendees the intimate event lent itself to learning and discussing how to improve your business. After the event there was, of course, time for valuable networking and further discussion.
Of the many topics discussed some primary take-aways are:
1. Start a business checking account, no matter how small the deposit. Develop it now and start building your credit so when you do need a loan you will have three years of established business credit, which leads you to more likely being approved.
2. A great way to provide incentives for your team is to take out an affordable life insurance policy for them. A $100,000 policy costs the business about $20 a month, which isn’t substantial enough to break the bank but substantial enough to show your employees you care.
3. Get an intern. As you build your business find an intern to help you. This will not only help with accomplishing tasks but will challenge you to learn delegating skills as your business grows. Also, hire people that are as good as or better than you are, you can only get better with good people.
4. Live Simply. Decrease your expenses and survive with the bare minimum. The Budgetnista said it best, “How much you are willing to sacrifice will determine how fast you get to the top.”
5. Have multiple sources of income to secure yourself as your income fluctuates while you build your brand. And no matter how much you make each month designate your spending. Always set aside money for retirement, taxes, and your overhead expenses.
There was so much more insight shared that night that I wish it was recorded. It night was not only informative but also inspiring and I look forward to seeing what's next for the Budgetnista and HFR.