How to Start Your Fashion Company Series: The Business Plan
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Welcome to our six part series exploring the different aspects of starting a fashion company.
Today we're going to focus on the business plan.
Designers often have an issue with the balancing both the creative and business side of starting a fashion company, but the business plan is where we really need to make sense of what we have envisioned in our heads.
It helps you get to where you need to go to meet your goals--it will get you from point A to point Z.
It will help you figure out how much you need to raise in terms of capital, how you're going to reach your market, and how to sell your product.
And if it's about physical location, that research--that gathering of the data to set up your business plan--is really going to save your lives.
So don't skip this step! It is really important.
When I started my company, I started as a boutique and I had a very thin business plan. I did write down my ideas, but I don't think I was as thorough as I should have been in terms of starting a business--the way I recommend it now after experiencing what I did.
I opened a store in the completely wrong neighborhood and while today I always preach "location, location, location, location," I didn't preach that to myself back then. It wasn't a part of my business plan and I ended up on the wrong street, which actually required me to move my store from the first location to a second location.
It ate up a ton of my capital and it made my expenses very tough to meet.
You don't want to do that and I feel that the business plan will help to prevent you from making similar mistakes.
You'll have an idea of the route you need to take to get to your end goals. You will look into your industry to figure out what is needed and required, what your customers what, and how to attract those costumers.
And that is so very important. I can't stress it more.
If you are needing help with the business plan, just give us a call or shoot us an email and we will help you out. There are tons of resources that we can direct you to. We can even write the business plan for you! We can hold your hand as you write the business plan.
But again, designers, do not skip this step.
It will help you get everything that you need, all of your components, all of the processes, all of the people, all of the talent in line so that you can achieve your goals of starting your fashion company.
With 25 years of expert experience in the industry, fashion authority Michelle Alleyne is dedicated to bringing her immeasurable industry knowledge and personal expertise to aspiring designers everywhere.
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