1) Do not over-extend. Make certain you have sufficient cash flow to file re-orders on popular style.
2) Set goals in the beginning of the season. Achievement of the goals will be helpful to the retailers that carry your line, potential investors to see accomplishments and insight for yourself to see what is working and what is not.
3) Do background checks on new boutiques. Find out from fellow designers whether or not they pay on delivery, or for those that already have a reputation, you might be able to find them on the better business bureau or other websites.
4) Improve your profit margins by cutting costs of hard copy marketing. Reach out to the networking websites, on-line boutiques and fashion blogs to get the word out.
5) Create this year’s budget like you are starting out with zero dollars and go from there. Price merchandise where after cost of goods, shipping and by backs you make a profit instead of break even. Bring back old classic pieces that got great press and retail feedback and give them a 2009 edge. Favorites always sell well.
6) Be proactive. Know the seasons that have the busiest retail months and manufacture for them in advance. Sometimes longer lead times result in manufacturing discounts.
7) Find smaller specific market target trade shows instead of going for the biggest. Sometimes adding the personal touch with fewer buyers but more time to meet with each one and tell your story will result in larger orders.
8) Do it yourself. Take a chunk of the country and drive up and down popping into independent retailers to let them know who you are. Don’t expect to walk-in and create a buying appointment un-announced, but a little introduction and then mailing a look book can go a long way.
9) Take a clue from the major labels that came out with safer retail-friendly collections for spring.
10) Ask experience professionals for advice. They have been there and seen it, and they still have the proof of survival. Mentors mean everything in this fast paced world, so take the woman that has had the store on the corner for twenty years out for coffee. You will learn more in that hour than an entire semester of economics.
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