2. Establish your place in the market before you scale
You do not need a huge collection; you need a pain point and a solution. According to research from CBInsights, startups fail most often due to two reasons: failure to verify market needs and not spending money wisely.
It can be easy to get caught up in size and scale, but consumers are looking for quality authenticity and a compelling brand story. Focus on these things first. A quick way to run your brand into the ground is sprinting too fast out of the gate with no clear direction. Find your place in the market and develop one really good product first, and the rest will follow.
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Knowledge of risk factors and the ability to implement risk-management strategies is crucial before launching your brand.
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Conducting market research
Analyzing data to make informed decisions
Developing a product roadmap
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