Imagine this: you’re out with your second season of garments ready to drop that new lookbook and you know you’re about to sell out of stock fast. You’ve done everything to hype this up, from the Instagram sneak peaks to setting up influencers to talk about your product on launch day.
It’s going to be huge.
You have your sights set on massive.
This is what you’re going to be doing forever.
You’re going to own the brand that hypebeasts fawn over.
Now imagine this: it doesn’t go as planned and you’re stuck with half your stock that won’t sell. What an emotional rollercoaster.
Your (unrealistic) goal was to sell out on day one and ride that money out until your next drop in three months. What in the hell happened?
Rethink Goal Setting
Until you’ve been in business for a bit, which can be anywhere from a few seasonal drops to years, you’re not going to know how well your release will perform. Even bigger brands don’t know exactly how they will perform on release day, apart from massive brands like Palace and Supreme.
A suggestion to small brands is to switch up from setting end goals, and instead, make process goals.
What do I mean by that?
End goals are your typical “I want to make $3,000 per month from my brand” or whatever the case may be. A process goal is how you’ll end up there. Your day-to-day and week-to-week to reach that end goal.
Some examples of end goals and what your process goals are to reach that
Grow my Instagram page to XXX followers
- Post at least once per day on my brand’s Instagram page
- Like 20 pictures per day under X, X, and X hashtags
- Follow those accounts that I liked
Create and drop the next season
- Create at least 10 new designs per week
- Reach out to 10 influencers in the fashion space that have between 1,000 and 10,000 followers, record their contact information
By setting your goals up this way, you can say that you did what you had to do and the end results were a direct result of a process. If you fall short of an end goal, you revise your process goals.
If you wanted to grow to 500 followers but only hit 400, increase processes by 20% the next time around.
Think of it like lifting weights.
You go to the gym for a bit and you decide you want to bench press 225lbs. You don’t get there by going to the gym once every few weeks and farting around. You get a routine (your process) and go at it week by week.
And you don’t stop until you crush it.