So you want to start up your own Fashion Business?
For those who were unable to attend Liz Ogilvie, Business Consultant's workshop on "How to start your own Fashion Business" Liz has kindly provided us with the material demonstrated in her workshop.
Running your own business can mean….
• Personal sacrifice
• Financial insecurity
• Pressure on close relationships
You need to have ….
• Self confidence
• Self determination- you want to succeed!
• ‘an open mind'
You will need to have the following business skills…
• Financial Management
• Product development
• People Management
• Supplier Management
• Business Planning
Where do I start?
Think about your market and your product
• Is it niche or mainstream?
• Who is your customer?
• Are you going to build a range?
• How are you going to sell your product?
• Do you know your market?
Do you know your market?
• Your competitors
• Your Customers
• Key issues that affect the market
- Who are your competition?
- Where are they based?
- What products do they offer?
- How do they treat their customers?
- What are they planning to do in the future?
If there is no competition…Why not?
Planning your Business
• Provides structure and focus for your ideas
• Helps you spot pitfalls
• Allows you to measure your progress
Every Good Business Plan
- Short description of your business – W?W?W?
- Marketing and Sales strategy
- Your operations? People Premises Processes
- Financial Forecasts
• What is your position in market – mainstream? Niche?
• Who are your customers?
• What is your pricing policy?
• How are you going to promote your product?
• What is your route to market?
• How will you sell your product?
• How will you approach buyers?
You will need to think about:
- How much capital do you need and are you going to need external funding?
- What security can you offer lenders?
- How do you plan to repay any money you have borrowed?
- What are your sources of revenue and income?
12 months – detailed and 3-5 year forecast
• Cashflow statements
• Profit and Loss Forecasts
• Sales Forecasts
Where to get help…