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How do you start your own fashion business?
#business #fashion #fashion-design #design #marketing
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4 answers
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Margaret’s Answer
Hi Jason,
I cannot answer specifically as to fashion but can generally to a business start up. It is critical you develop a business plan to have a clear vision and strategy to get their . First, have an executive summary which will include your proposed business and corporate values, the products and services do you plan to sell, the industry, your target markets and projected market share forecasts, your long term vision. What is the current market view and where is it headed? How will technology impact the business? How long will it take you to be operational and ramp production to have products available
Second, you will need a detailed finacial analysis and sales forecast. Things you will need to consider include:
How much funding and capital will you need to start and to operation for 1+ years including
- office space & equipment
- salaries
- product development& manufacturing. How will you manufacture your items? Do you need to build a factory/production to insource production or will you outsource? what raw inventory do you need to purchase to produce your offerings
What will be your projected cost per unit? What is your projected break even? What margin will you need to enable profit and cash flow to revinest in firm?
How will you promote the offering?Where are you selling (Distribution channels)? How are you selling - direct sales force? Agents? Resellers? Major retail chains or boutiques?
A good plan is central to moving forward! Have those you trust critically review and question the plan. Such objective input is critical to enable you to refine the plan and alos ensure you do not have a ny blind spots in the plan.
I cannot answer specifically as to fashion but can generally to a business start up. It is critical you develop a business plan to have a clear vision and strategy to get their . First, have an executive summary which will include your proposed business and corporate values, the products and services do you plan to sell, the industry, your target markets and projected market share forecasts, your long term vision. What is the current market view and where is it headed? How will technology impact the business? How long will it take you to be operational and ramp production to have products available
Second, you will need a detailed finacial analysis and sales forecast. Things you will need to consider include:
How much funding and capital will you need to start and to operation for 1+ years including
- office space & equipment
- salaries
- product development& manufacturing. How will you manufacture your items? Do you need to build a factory/production to insource production or will you outsource? what raw inventory do you need to purchase to produce your offerings
What will be your projected cost per unit? What is your projected break even? What margin will you need to enable profit and cash flow to revinest in firm?
How will you promote the offering?Where are you selling (Distribution channels)? How are you selling - direct sales force? Agents? Resellers? Major retail chains or boutiques?
A good plan is central to moving forward! Have those you trust critically review and question the plan. Such objective input is critical to enable you to refine the plan and alos ensure you do not have a ny blind spots in the plan.
Updated
Rebecca’s Answer
I am not a fashion expert. I try to share some thoughts with you.
Firstly, will you design the clothes or you would source the garments from some wholesaler and re-sell it? For earlier case, I would recommend you to take Design course in the college. For later case, I would suggest you to talk to someone who works in the industry and try to find intern / part opportunities working in the industry to acquire better understanding on the operation model, e.g. how to find the suppliers, logistics, retails channel, etc.
On the other hand, I would recommend you to take some management course as well including accounting, finance, management, etc. that can help you to run the business.
Hope this helps! Good Luck!
Firstly, will you design the clothes or you would source the garments from some wholesaler and re-sell it? For earlier case, I would recommend you to take Design course in the college. For later case, I would suggest you to talk to someone who works in the industry and try to find intern / part opportunities working in the industry to acquire better understanding on the operation model, e.g. how to find the suppliers, logistics, retails channel, etc.
On the other hand, I would recommend you to take some management course as well including accounting, finance, management, etc. that can help you to run the business.
Hope this helps! Good Luck!
Anthony Kofi Hene-Amoah
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Anthony’s Answer
Please, note the following
concerning how to start fashion business :-
1. Identification of business.
(Fashion business).
2. Consideration of type/kind of
fashion business.
3. Business goals.
4. The extent of INTEREST and
KNOWLEDGE in the business.
5. Finances/Capital.
6. Marketing conditions.
7. Economic conditions.
Best wishes to you.
concerning how to start fashion business :-
1. Identification of business.
(Fashion business).
2. Consideration of type/kind of
fashion business.
3. Business goals.
4. The extent of INTEREST and
KNOWLEDGE in the business.
5. Finances/Capital.
6. Marketing conditions.
7. Economic conditions.
Best wishes to you.
Updated
Nicole’s Answer
I second everything that has been said, but I also recommend finding a mentor. It will make the experience so much smoother to find someone who has gone through the experience before and can help figure out some of the random things that come your way. They don’t even necessarily need to be in the fashion world! Just someone with any start up experience would be helpful on your path.