Fashion Start Up 101

Interestingly enough few fashion programs have entrepreneurship style courses that teach designers how to handle all the in’s and outs of starting their own label.

So what are some of the first steps to get started?

1. Make a Plan–Business planning can make the difference between a thriving company and a company that goes nowhere. You can either take low-cost classes at organizations like FBI or the Small Business Administration or you can go it alone with business planning books from your local library or bookstore. In your plan you’ll define things like your business structure, finances and your sales and marketing strategy.

2. Determine Your Budget–Depending on the type of product you’re selling, your personal skills and launch strategy you could be looking at 100K or more to get your line off the ground. Don’t let this number scare you, it could be much less or much more…but again that depends on your circumstance. What’s important is that your budget makes sense with your goals. It would be fruitless to think you could create a sample line of cashmere sweaters, hire an assistant, attend a trade show and support your first sales orders on a $25,000 start up budget. You’d be surprised at how many business owners are working towards a grand plan they simply don’t have the funds to support.

3. Make a Sample Line–If you’re a wholesale company you should only produce samples to start…….NO Inventory. The last thing you want to do is tie up your precious startup dollars with inventory that buyers could or could not want to buy. Of course you’ll have samples from development but don’t get over-excited and start ordering spare samples just for fun, which is an easy temptation when you first get started. Sample costs add up quick, and at the end of the season if the product is still left hanging around you might just be left thinking where your starup dollars could have been better spent…PR? Marketing? An inspiration trip to the Carribean? Now that sounds like some serious buyers remorse…..