July 9, History. An edition of The fashion designer survival guide Not in Library. Libraries near you: WorldCat.
The fashion designer survival guide: start and run your own fashion business , Kaplan. Paperback in English - Exp Rev edition. The fashion designer survival guide: an insider's look at starting and running your own fashion business , Dearborn Trade Pub. Classifications Library of Congress HD A2 G44 I did enjoy the book very much. I have worked in the manufacturing business for quite some time now, so there were many things that I already knew. It was mainly the fashion aspect of it all that I didn't know much about and wanted basic knowledge of.
If you 're trying to learn the basics of fashion then this book is a great way to start. Read full review. This is a wonderful, practical guide. It takes a designer-stylist candidate through the steps of what to expect and to be aware of from the author's personal experience.
Loaded with the truth, it hides no aspect of the challenges of the industry and in fact, equips a student or potential designer in a way that one would walk away from the experience having a healthy idea of whether this fits their ideal and goals, motivation and strengths of gift in pursuing. It dispels glamour and digs into the reality of serving in the world of fashion; a career that requires self-confidence and hard work in order to acheive success. Marketing vs. There are many, many books for designers, but this one prepares the up and coming for reality.
Stu dents enter in with eyes wide open with this tell all book. Having insurance, finding a proper warehouse to ship, and great showrooms are very important for your growth. Once you start producing and having a demand, it becomes a totally different story. I started by making everything down to the fabric myself. It becomes a puzzle to figure out which way is the best way. I became the salesperson, the PR, the face, the producer, the manufacturer, and graphic designer of the company.
I had too many roles, which now I am happy to say is starting to change. I see my designs and work as an extension of myself, and the first year, hearing from my clients and facing the issues dealing with fit hurt my ego. Grow thick skin for this business and take criticism as advice, not a threat to your self-dignity. It does not have to be stressful—you just have to time it right. Th ink about what you are bringing to the game, and how to get from point A to B, then to K and Z.
It defines short-term and long-term goals along with the actionable steps to achieve them. It provides insight into the market opportunity, determines which resources you need, and proves the legitimacy of your business to potential suppliers, contractors, and investors. Write It Yourself In exchange for a few thousand dollars, there are people who will write your business plan for you. No one can make a plan for your company better than you, and you will learn much in the process.
Th inking through each element of the business is invaluable to creating the company you want and preparing it to succeed. It will point out your strengths and weaknesses, helping you anticipate and avoid problems.
While you should not outsource the plan, you should avail yourself of resources that can help you. Designer Alice Roi took a business course at Parsons: The New School for Design that included writing a plan, and she says the process was really helpful2. Books, software, and templates are available online and at major bookstores.
Websites, such as Entrepreneur. Business plans average 15 to 20 pages, but they can be any length and as simple, formal, or involved as you want. Have someone review your plan once you are done. Bounce it off people in the fashion industry, as well as small business owners in nonfashion fields. SCORE advisors have decades of experience running businesses, and in New York, several were in the fashion and garment industry.
The advisors counsel small business owners on a variety of business problems, review business plans, and help find funding. Local economic development agencies also have resources and funding to encourage the growth of small area businesses. The business plan is part of the creative process, and the time you spend now will result in a plan that you will rely on and continue to evolve for years.
Michael Spaulding of Gunmetal spent six months writing his page business plan before starting his business. Know how much you will spend, research and choose your patternmakers and factories, plan all the sales steps before you even launch so that when you get the moment to hit you will be ready. Spend time each quarter comparing your plan to your current situation to include unexpected opportunities as well as to stay focused and realistic about where you stand in respect to your goals.
Elements of the Business Plan Executive Summary The executive summary is the beginning of the plan, but you will probably write it last. It is a short summary of the entire plan and outlines your objectives for the next one to five years. The summary should refer to the major points in each section of the plan and clearly state any resources you need and how they would be used to make the business profitable.
Make the summary as interesting and engaging as possible. This is the key section that potential investors read to gauge their initial interest in your business and decide whether they want to learn more. Company Overview The overview is a general explanation of your business and product.
Start with some background on the fashion industry and the potential for your product in the market. Explain the structure of the business and how it fits into the industry as a wholesale, retail, or custom operation. Specifically describe what you design and whether it targets high-end, mass, or niche markets or fits an important lifestyle trend. Include the attributes that make your product unique and different from the competition.
Describe your customers along with the strategy to reach them in terms of the stores in which you want to sell and the marketing and public relations efforts you plan to use. Finish this section with a top-line review of the money involved, the factors that will make you profitable, and the related time frame. The Marketing and Sales Plan This is one of the most interesting parts of the plan, because here you explore the market and opportunities for your product.
The market. Try to pinpoint the size of your market both in terms of number of customers and in dollars. The Internet offers a wealth of statistics on the apparel industry, but you may also need to clock some hours at your local library to find free market information. Be realistic about your market potential.
Too many designers want to design a high-fashion, highpriced line, which in reality appeals to a very small market. A designer can apply style to any of these markets and fill a need. Each market is unique and evolving. However, in the past year, a new contemporary market for menswear has emerged, offering new opportunity for designers.
The male mind-set is changing, and men are becoming more confident about style and less threatened by fashion. Even the department stores are growing their independent and contemporary designer sections for men. When researching any market, identify the broad lifestyle trends that relate to your product.
The weather plays a major role in the success of a coat business, and swimwear designers should focus on the sunny states where a hat and glove business would be less active. The target customer. This section should reveal a clear and detailed understanding of your customers. How old are they? What are their income levels, hobbies, and occupations? Where do they vacation? Include where they shop, how often, and whether they look for bargains or spend money freely.
A customer may be influenced by trends or focused on the classics. A customer may be particular about fit, comfort, or glamour and might be motivated by brand, innovation, or luxury materials. Be able to picture your customer and keep that mental image with you at all times. The unique selling proposition USP.
What is different about the product you design, what will make it last, and why—among the hundreds of labels already out there—does yours stand out? Ask yourself what niche you can fill for both the customer and the retailer. Sales strategy. The sales goals should outline the amount of product to be sold each season and to which accounts. Explain your pricing strategy and include actual numbers for expected sales and projected growth rate from season to season, as well as details on how you developed these projections.
Decide which accounts to focus on domestically and abroad and whether the product will be distributed in many stores nationwide or in a few select places. Outline your plan to hire a salesperson or showroom, to attend trade shows, or build a website.
Include promotional plans to support sales with press kits, runway shows, travel for in-store appearances, and catalog buys. Competitive Analysis Name your top five to seven direct competitors. These are other new designers who make a similar product for the same market. Then name your top three indirect competitors who own a large share of the market such as Prada or Louis Vuitton.
Research how long each has been in business, their annual sales, where they sell, who represents them, and how they market themselves. Compare the style, price, and quality of their product to yours and identify their business advantages and disadvantages.
Observe the ways they serve customers well and where they do not meet customer needs. Operations Plan The operations plan covers the resources needed to run the business every day. It should outline details such as staffing requirements, the production plan, technology needs, and the support system for sales. Include how many collections you will produce each year, a production time line for each, and a strategy for managing quality control.
Cover as many specifics as possible regarding the contractors and suppliers you will use. Obviously this will take time and research, but it will be invaluable in helping you fully understand how to get your product made, which is vital to know before you begin sales.
Financial Analysis and Projections Managing cash flow and planning finances is key to survival. The financial statements illustrate your ability to manage income and expenses and eventually earn a profit.
They specify the amount of money you have, the amount you need, and where it will be spent. When creating the financials for your business plan, you may need an accountant or financial professional to help you. Several financial statements can be included in a business plan, but below are the big three.
Income statement. Income includes sales and other revenue sources, such as consulting or commissions. Expenses include the fixed and variable costs of producing and selling your product. Fixed costs are those that do not vary depending on production or sales, such as equipment, licenses, and incorporation. Variable costs change based on sales and production quantities and include fabric, samples, production, shipping, taxes, and sales expenses. The difference between income and expenses is the gross profit margin.
Cash fl ow statement. Balance sheet. Assets include cash, accounts receivable money owed to you , inventory and supplies on hand, and equipment. Liabilities include accounts payable money you owe to suppliers, contractors, and rent , debt to banks, other loans, and taxes.
One of the first things that should be done is to contact a lawyer to form a legal entity. Every business owner, no matter what the size of the business, should make certain that the enterprise is operating as the proper legal business entity for its needs. Deciding which entity is best suited for your business is an important decision but not as complicated as it might seem.
If more than one person is involved, the business entity is a general partnership, and without an agreement to the contrary, its partners are each responsible for its obligations in full. If anyone sues your company, they would have the right to seek damages not only from the assets of the company but also from you personally. The business can be informally structured like a sole proprietorship or partnership, but it affords protection from personal liability.
There is also the limited liability partnership LLP , but this is only allowed for certain types of businesses usually legal, accounting, and architecture. Corporations must be properly formed and maintained.
Annual filing fees which vary from state to state must be paid. A board of directors must be elected, annual meetings must take place, minutes must be kept, and stocks must be issued—all of which apply even if you are the only shareholder. It is important to think of a corporation as having its own identity. With C corporations, shareholders are double-taxed—the corporation is taxed on its income, and shareholders have to claim dividends as taxable income on their personal income tax returns.
While an S corporation may cost a little more to form, it may suit your business needs. This is not only the cost of creating the business entity but also the cost of maintaining it. For some entities, annual fees must be paid so they continue to be recognized by the state in which they are registered. Some business entities require serious recordkeeping for compliance with state regulations. Consider whether this is something you are willing to spend time doing. Each state has its own regulations and fees.
Some are more favorable than others. Note that filing a business certificate with the state also known as a DBA is not a formal business registration; it simply reserves and makes known your business name.
Disclaimer: The information contained in this article is for informational purposes only and does not constitute legal advice. Nothing provided herein should be used as a substitute for the advice of competent counsel. If you operate your business under your own name, without forming a corporation or limited liability company, you will be personally liable for all the obligations of your business. Such liability should be avoided at all costs.
Form a corporation or LLC to operate your business. I recommend that you form an LLC; it is a more flexible business entity. However, in New York, after the limited liability company is formed, a notice of formation must be published in two newspapers. Choosing the Company Name and Trademark The company name should identify the label, support the image, and appeal to your target customer. Choose a memorable and interesting word that reflects the attitude of the collection while setting you apart from others in the market.
Using your own name for your business is a common and viable option but one you might want to avoid when first starting out. While most famous American and European brands are named for the designer who launched them, realize that you will make many mistakes in your first few seasons in business.
She started her company and made her mistakes under another name and then was able to start fresh with her own name and identity. Designer Adam Lippes started his company under the name Adampluseve but then changed it to Adam Adam Lippes when his collection developed past just T-shirts and underwear to a full collection. Yes, Juicy Couture got away with it, but couture is the most commonly ill-used word in American fashion.
For a design to be considered couture, it must meet a number of stringent requirements regarding the amount of work done by hand, the materials used, the number of employees in the atelier, and more as defined by the Chambre Syndicale de la Haute Couture in Paris.
You still must register your trademark, even if your company name is the same. Before adopting a trademark, conduct a computer trademark search with the aid of a knowledgeable attorney.
If the trademark is available, apply to register it both as a trademark with the U. Patent and Trademark Office and as an Internet domain name. If your brand starts to take off, register it in every country in which you might do business in the future.
A European Economic Community registration will permit you to get coverage in all EEC countries at a very economical rate. International trademark pirates abroad read fashion magazines and will register your trademark in their country. Shield your trademark from liabilities. If your company goes under, your creditors will not be able to obtain your trademark, because it will be your property and not the property of your company.
Partnerships and Advisors Both designers and industry professionals agree that some of the brightest young talents fail because they do not have a good business partner. In other creative industries, such as film and music, the artist is not expected or generally able to handle the business side.
You need someone to create process and structure and who can focus on keeping things financially sound. Most household designer names have a strong business partner behind the scenes.
New labels, including Proenza Schouler, Peter Som, Zac Posen, Philip Lim, and Loeffler Randall, who are growing quickly and securing financial support, all have full-time business managers.
Having a business partner is even becoming important to convince retailers and suppliers to work with you. To find a business partner, network in the industry and meet as many people as you can. Tell everyone from lawyers and accountants to suppliers and customers that you are looking for someone. Many former executives of established companies in the fashion and garment industry have an interest in partnering with a new line.
They have established credibility in the community and look forward to a new challenge with a less-established name. Someone who currently works for another label, a factory, or even fabric source may be an ideal partner who knows the business and can bring production expertise and contacts to your label.
Another option to start out with is to find an MBA student or business school graduate who concentrated on fashion and may be interested in helping you out. You can contact MBA programs to ask for referrals.
However, creative partners still need to work with external people for business expertise. Be cautious when choosing a partner.
You will need to give up some control and work with this person every day. Business pressure can ruin a good relationship with a friend or family member. However, despite their success, the partners soon parted ways due to creative differences. Before entering any partnership, hire a lawyer to create a legal agreement to define the details. Even designer Michelle Smith and her husband Andy Oshrin, who manages the business side of their company Milly, have a formal contract that spells out their specific responsibilities and ownership in the company.
Get to know other designers, business professionals, and entrepreneurs. Network your way into the industry and consult with manufacturing, PR, and showroom people. Ask established designers if you can meet with them for advice. Try to find a mentor and spend time with friends and family who support what you are doing.
Search your area for professional networking organizations that are designed to help entrepreneurs make valuable business connections. You may also assemble a board of advisors who can bring knowledge and cachet to your business and make you more attractive to potential vendors, customers, and investors.
Try to include someone who works in or is knowledgeable about the investment world, someone with fashion industry knowledge and experience, as well as a lawyer or accountant.
Finding and Hiring Professional Services At the root of a successful business is a good team, which includes key advisors with specific expertise. When hiring legal, accounting, or other services, referrals are best. Your favorite uncle may have a law degree, but you need someone who, preferably, has fashion and small business experience and who may have connections in the industry.
Ask other designers, accountants, or bankers to recommend someone to you. Schedule a meeting and spend time with them. This initial meeting should be free. Make sure this person can explain things to you clearly in easy-to-understand language. You need someone with whom you feel comfortable and can communicate freely. Shop around and compare rates. Most lawyers and consultants charge by the hour, and you should get an estimate up front of the time required for your issue.
Ask them how to keep the costs down and see if they are open to barter. Product, seats at a runway show, and creative consulting can be enticing to business professionals. Many firms encourage their attorneys and accountants to do pro bono work for emerging designers and artists, and they enjoy the change from their daily routine. Legal issues. Most people want to avoid hiring a lawyer at first because of the cost. Before you hire legal assistance, protect yourself by getting every agreement in writing and try to communicate important points via email.
Keep all paperwork and records in case of disputes. Take notes on important conversations and meetings. You are like a little chicken fresh out of the egg. You are too excited or afraid and later grow to regret it.
A contract should lay out all the responsibilities of both parties. Pay attention to details about dispute resolution and the length of the contract. Always try to resolve disputes without suing, because lawsuits are expensive and time consuming and there are no guarantees that you will win. In many situations, legal advice up front can save you money and help you avoid mistakes in the long run.
A lawyer can help you set up the business, negotiate leases, obtain licenses and permits, review contracts and agreements, deal with copyright issues, and help resolve disputes. Again, be sure to verify and monitor the fees for legal advice; it adds up quickly. Bookkeeping and accounting. These records are needed for tax purposes, as well as to keep yourself on budget and to track the performance of your business.
Initially, designers should be able to handle the bookkeeping on their own, and plenty of good software is available to help. Many designers and small business owners use QuickBooks Pro, and the Fashion Institute of Technology FIT and other, nonfashion schools off er classes to teach designers how to use a variety of accounting software. You have to help allocate each invoice. You should always sign your own checks to stay aware of the inflow and outflow of money.
No one wants to experience unexpected cash flow surprises. An accountant or bookkeeper should handle big issues such as taxes, payroll, and year-end financial statements. A good accountant can also be helpful with overall business development and planning, helping to check store credit, obtain financing, make deals, and position your business to appear legitimate to outsiders.
Designer Marni Joy suggests getting an accountant who specializes in small business. Liability insurance is also recommended in case your product or place of business causes injury or death. Employees Initially, most designers run the business and handle the major responsibilities themselves, but at some point, they need help.
A good place to start is with interns, who generally work for free in exchange for experience. Make an effort to explain the reason and method for each task to help the interns gain valuable knowledge needed to land a job eventually. Once the company can financially support part-time or full-time employees, you can expand your staff beyond interns. For most designers, their first employee is a general assistant to take on business responsibilities or a design assistant to help create the collection.
It is often best to hire to compensate for your own limitations. Nanette Lepore hired a patternmaker first, as she knew that was not her strength.
When hiring anyone, review their experience and skills and check references. In a small company, chemistry is critical. Hire people you like and consider whether you can spend significant time with this person every day.
Employees should have a similar work ethic to yours and understand your brand, vision, and business goals. Be wary of hiring friends because it can complicate decisions, as well as your authority, and result in the end of a good friendship. As a small designer, offering a salary that is competitive with that offered by larger brands is often not realistic. Be sure to emphasize to potential hires that small companies off er diverse training, increased opportunity for input, and the prospect of building an exciting new business from the ground up.
If you are hiring a more senior or experienced person, it may be appropriate to off er profit sharing or even equity in the company. When you do choose someone to hire, make sure you fully understand the legal issues, the financial impact on your business, and the importance of your commitment to the new hire. Understanding business is almost more important than pretty product.
I would love to get more education on that. I would like to better my education in graphic software like Photoshop, Illustrator, and all of the key software design programs. Although I work closely with my accountant, by the end of the season, I always wonder where all the money goes.
For now, I like to do it freehand. I am still old-school since my major was in art. I love to feel my pencil in my hand. Chinese, Italian, Spanish! Ideally, to learn how to properly understand the bookkeeping would be a wonderful gift. I also feel that communication is key—the ability to speak to a manufacturer in their native tongue is a huge advantage in any industry. Often the best craftsmen are from different cultures.
If you could hire just one employee or outsource one process, what would it be? If you look at all successful fashion designers, they have a right-hand person to run the business side of the company. I would seek someone with vision, a design aesthetic, and product background. Right now, I set the business structure and do all of the designing and development.
I will not be able to wear both hats for too much longer. Sales are the most important part of any business and can also be the most time consuming. Cultivating relationships with stores is a year-round, full-time job in itself.
Hiring someone to take care of all of the production and shipping. I am a designer, not a businessperson. We use cookies to understand how customers use our services so we can make improvements.
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