25 Key Points: Key Point 10 – Develop A Plan of Action

Key Point 10: Develop a Plan of Action – When you have a great idea, which is often, write it down. If you are going to start a clothing company, sit down and figure out which item you will sell first. I covered a company named SACHE for my www.cbpublish.com website in 2010. The owner Eric Evans was able to utilize the Center City Commission’s loan retail forgiveness program. This program probably exists in almost any large city that is revitalizing certain areas. When SACHE launched last year in 2010, the store is in the South Main Arts District inMemphis, they held an open door event in conjunction with one of the city’s more popular events, Trolley Night. When I entered the store all they had were tee shirts, hand crafted and individually styled tees. I thought that it would be hard to maintain a company with only tees. What I didn’t realize is that Eric had a plan of action. He was also staying in his lane and not swimming upstream. Why introduce a new company and make everything at once? Slow growth is better because trends change quickly in fashion. If he had opened a store and immediately carried baggy jeans and hoodies, once the trend shifted to skinny jeans and vintage apparel, he would have been stuck with enormous quantities of clothing that wouldn’t sell. This would have increased storage expenses and decreased income since he would be discounting the items. A new store that discounts items that are out of style is not catering to high fashion and it can create a negative perception. SACHE has since developed other apparel items and has been featured on several morning shows. By developing a plan of action Eric was able to chart a course that appears to be working.

Check out 1 Hour to Wealth and read the 25 Key Points on CBP

Buy One Hour To Wealth