Over the coming months, in addition to our regular musings on the Business of Fashion (as well as a few creative diversions and digressions on new collections, hot fashion news, and industry analysis), The Business of Fashion will introduce a regular series of articles on setting up a new fashion business, and what it takes to be successful both creatively and financially in this competitive space. We'll call it "The Business of Fashion: Basics"
It is true that there is an increased market demand for collections from emerging designers largely due to the consumer's ever-developing need for individuality and uniqueness in this world of mega luxury brands. It is also true that starting up a fashion business is tougher than ever, and more than 95% of start-up fashion businesses fail, and not just because the designer didn't hit the right creative notes. More often than not, it is the lack of proper planning, funding and infrastructure that lets even the most creatively gifted designers down.
Stories about about the financial challenges that plagued some of the industry's best known names early in their careers -- John Galliano, Marc Jacobs, and Isaac Mizrahi, just to name a few. This series of posts will try to uncover the secrets to success and provide a logical reading path for readers who are thinking about their own fashion businesses and how to take them forward:
- How do I go about writing a business plan?
- What is better for me, equity or debt financing?
- Where do I allocate my limited resources, to a production manager or sales manager?
- How do I go about creating the necessary PR support for my business?
We hope to touch on these and many other topics in the months to come and look forward to receiving your feedback. In the meantime, this is the proposed set of articles that you can expect to see here soon:
• Basics 1 - Setting up your own fashion business - what do I need to know first?
• Basics 2 - What is a business plan for and how do I go about writing it?
• Basics 3 - How do I find the right investors and partners?
• Basics 4 - How do I decide where to allocate my capital?
• Basics 5 - Value Chain - Design and Development
• Basics 6 - Value Chain - Marketing and Sales
• Basics 7 - Value Chain - Production and Supply Chain
• Basics 8 - Value Chain – Retail