The Truth About Fashion Business Finances

It was a pleasure to join The Haute Guide for another insightful episode, where we dove deep into a topic that's often overlooked but absolutely crucial for fashion businesses: financial literacy. Business owners, especially in creative industries, tend to avoid discussing finances, but it’s a conversation every business owner needs to master. 

I shared my journey as someone who has experienced the evolution of FinTech firsthand, and we took a close look at the common financial struggles faced by fashion entrepreneurs. We also uncovered the biggest financial mistakes made in the industry, providing valuable lessons for anyone looking to get ahead.

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Your Homework:

• Audit your finances: Are you separating personal & business expenses?
• Research business banking options: If you don’t have a business bank, start with Novo
• Check your pricing strategy: Are you actually making a profit?
• Plan for the future: Look at your cash flow, taxes, and funding option

Thank you Alexandria for having me on this episode!

I hope the insights shared can help you.

Stay Connected with Michael

Michael Rangel is the co-founder and former CEO of Novo. Teaming up with his friend Tyler McIntyre, they co-founded Novo in December 2015, aiming to revolutionize banking for small businesses. After years of development, they officially launched the platform in 2018, and it has since grown to serve over 250,000 customers nationwide.

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