Fashion Entrepreneur Report – Delivering the business of fashion from Nolcha: Fashion Busi: branding

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Blow: The New York Blow Dry Bar, A Case Study Presented by Columbia Business School

Posted by fashionentrepreneurreport On Wednesday, April 14, 2010 0 comments

The third day of New York Entrepreneur Report 2010 started out with a case study presented by Columbia Business School. Clifford Schorer from The Eugene Lang Entrepreneurship Center joined Julie Flakstad from Blow: The New York Blow Dry Bar to discuss the questions companies face when allocating capital from investors.

Clifford stressed the importance of communicating through networking with as many people as you can to build your business. "Don't forget that 50% of workers work for companies with less than 20 people", says Schorer. Entrepreneurs face roadblocks throughout their careers but what separates you from the rest will be your persistence to keep driving.

The case study was to get the attending entrepreneurs to use their innovative business techniques to incorporate the best plan for Blow. The discussion at hand was "Should Blow use their start-up capital to increase product development for their 2 stores, or open more Blow stores"?

Here were some questions the attendees were asked to consider:

Should Blow augment the momentum of its brand by opening more blow dry bars before placing additional resources into the product line?
or would it lose its competitive advantage in the hair care segment if it did not continue to expand its product line as well as secure additional retail distribution channels?
What strategic direction should Blow pursue and why?

The lecture ended with Julie Flakstad explaining her smartest long-term growth plan: expanding the product line. Blow the New York Blow Dry Bar was votest best blow out by Vogue, InStyle, Allure & New York Magazine and now carries 17 products within their two stores.

- Katie Evans

branding, fashion business, fashion entrepreneur | |

Networking: A Cost Effective Investment for Entrepreneurs

Posted by fashionentrepreneurreport On Saturday, March 13, 2010 0 comments

Let’s be honest. When most people think of making an investment in their business, their minds become clouded with thoughts of dollars and cents. They think about the cost of equipment, websites, lawyers, accountants, advertising, payroll, etc. Entrepreneurs especially feel the strain as they often bootstrap and throw all of their personal funds into their ideas.

You are often competing against numerous other companies that are already established and have the funds to create a competitive advantage. This creates a situation where you must try and create some sort of advantage for your company that your competitors cannot. So the question is, how can an entrepreneur that has limited financial flexibility compete with the more established companies and eat away at their competitive advantage?

We need to take a closer look at the different types of investment strategies you could employ to give your business have a shot at success. One relatively inexpensive, often forgotten investment strategy that can prove to be very effective in the quest to expand your business and professional/personal brand is networking. As simple as it sounds, networking is one of the most cost effective ways to take your business to the next level.

Networking, when done correctly, exposes your company, product/service, and brand to other business professionals, advertisers, sponsors, and potential clients. If business owners began to look at networking more as a strategic business opportunity and less like a necessary evil, they could begin to see an increase in profitability. Research has shown that effective networking can be directly related to increase in a company’s bottom line.

In the simplest of terms, networking can be defined as the process or practice of building up or maintaining informal relationships, especially with people whose friendship could bring advantages such as job or business opportunities. With that said, it should be no mystery why perfecting this skill is so imperative to the success of a growing business.

The costs associated with networking are often very minimal, and some networking events are even free. Those that are not may have an admission fee that ranges any where from $10 to $50 per person, a modest fee that will pay significant dividends. In addition to networking, entrepreneurs should also look to spend some funds on clothing, accessories, business cards, etc. This step is often cast aside as superficial; however, it should not be overlooked as first impressions are about 70% of the networking experience and, thus, should be taken very seriously. It is important to view every individual you meet (both inside and outside of a formal networking event) as a potential ally with whom you can build a mutually beneficial relationship. This is why your appearance and personal brand should be carefully considered.

When all is said and done, the pros associated with networking can far outweigh the costs. While entrepreneurs may not yet be able to afford high end investing practices right away, most anyone can jump right into the networking circuit in order to help their business launch and grow.

- Aron Schoenfeld, is the founder of Do It In Person, LLC, a unique company focusing on teaching in person communication skills and creating unique and effective networking events for people to use these skills.

branding, fashion business, fashion entrepreneur | |

MAC Cosmetics Opens New Pro Store in Miami Beach

Posted by fashionentrepreneurreport On Thursday, March 11, 2010 0 comments

With artistry demand growing and a Latin American market descending upon Miami to grab everything they need for their fashion editorials, MAC Cosmetics has opened an exclusive Pro Store on Lincoln Road.

What does this really have to do with fashion one might ask?

In viewing the presentation and the crowd it is right to say that one of the first steps in Imaging and Branding an entire brand is working with the artists who will create your look and MAC has consistently be the go to brand to get innovative ideas, artists who are well trained and go beyond “trends” to create an original message with each job they do.

The crowd echoed that sentiment with International Make up Artists mingling with some of Miami Fashion’s most important stylists and photographers (Keri Blair, Eddie Santos, and Mark Richard to name a few).

The theme was based on type font. The second a guest descended on the party they were welcomed by a turn-table, spinning girls in the color of caution tape spelling out what is “in” and what is “out”. The venue continued on as different uses of type were displayed for people to ogle and read.

A true lesson in thinking outside of the box, here’s hoping the new store is busy and their artists can inspire and aid a designer or two as it is apparent they are aimed and ready with ideas.

- Lynn Furge

branding, fashion business, global brands | |

A Moment with Tommy Hilfiger

Posted by fashionentrepreneurreport On Monday, February 08, 2010 0 comments

The line of Tommy Hilfiger clothing debuted in the fall of 1985, but the history of the iconic designer started way before that. Hilfiger started his first clothing business while still in high school in the late 60’s.

He and two friends invested $300 in used blue jeans and sold them out of an Elmira, New York basement building up the blue jean business into a chain of seven upstate New York stores called People's Place. Throughout the 80’s Hilfiger’s clothing line was known for their brand focused campaigns stating the name, logo and image of Tommy himself. There were close to 500 Tommy Hilfiger sections within department stores by the mid-1990s. In 2001 sales faltered even though the brand, larger than ever with childrens, accessories, mens, womens, bed and bath, fragrance, cosmetics and more… but Hilfiger is a business man. And with a true belief in his original vision he went back to his preppy roots and produced classic collection after collection. Known for its consistent representation of affordable, aspirational luxury the Tommy Hilfiger brand now boasts a beautiful flagship store in Manhattan, and a list too long to write of principal subsidiaries. His belief in design and the designer is a pleasure to be around and his devotion to the industry of fashion is never ignored. Lynn Furge spoke to Tommy about American fashion and what that means in 2010.

Lynn Furge: With a brand that so clearly represents Americana, how do you come up with new inspiration for the classic Tommy Hilfiger look season after season?

Tommy Hilfiger: I am constantly inspired by America and its pop culture. My designs are about reinventing classics with a modern design aesthetic.

LF: You started in the retail sector of the fashion industry… how did the beginning prepare you for the design part of the industry?

TH: To me business and design go hand in hand and are equally important. My experience in retail helped me really understand a customer’s needs; our customers’ feedback drives our designs today.

LF: With a great background in menswear what elements do you feel Tommy Hilfiger has that can cross over to Women’s, Children’s, even home goods?

TH: There is a common thread in all of our products- quality, craftsmanship, and an aspirational yet affordable inspiration. A beautiful fabric for a men’s shirt can also be reinterpreted for a great duvet or a fun children’s pajama.

LF: With a passion of being for the people, you acted as Master Designer for Macy’s Fashion Incubator. What do you hope the design youth got from your experience and guidance?

TH: I think the most important lesson I’ve learned is that if you dream big, and work hard, anything is possible.

LF: There is always a rock and roll element to your ready- to- wear Tommy Hilfiger Collection. What classics do you always listen to when you hit the design studio to create the next season? Who are you loving musically right now?

TH: I love listening to the music I grew up with- Blondie, Rolling Stones and Bob Dylan. Right now I’m listening to a lot of Kings of Leon and Vampire Weekend.

LF: Recent reports are claiming that the “affordable luxury” brands are raising price while higher luxury brands struggle. Tommy Hilfiger has always been a brand associated with classic affordable luxury. How have you been able to balance craftsmanship with price point for so long?

TH: We focus on the fit and detail, and our pieces are quality investments pieces that wear well and maintain their sophistication.

LF: With retailers seeming scared to try anything new, let alone big, what drives you to strive ahead and consistently bring realistic and attainable clothing to your consumer?

TH: We truly believe in our aspirational yet affordable heritage. I think if the product is good quality and looks beautiful, customers will continue to trust the brand.

LF: To date you have 900 retail stores throughout the world, how do you create a harmonious balance between designing and bringing new styles to the public in such a global atmosphere?

TH: While maintaining a consistent standard of good quality and craftsmanship, we have always believed in tailoring to the local market. Classic American sportswear can be tweaked to meet the needs of people living anywhere and I love seeing how different markets interpret our looks.

LF: Obviously the Tommy Hilfiger Corporation is made up of a group of very talented individuals, what type of advice do you have for the young designer that wants to work in fashion?

TH: As long as you work hard and are determined anything is possible. Think outside of the box, identify what you have to offer that is unique, and go for it.

LF: Do you feel that with President Obama in the White House and both he and Michelle’s passion for wearing American designers, that the global consumer is paying more attention to the American fashion aesthetic, and if so how have you evolved your business to fit the new demand?

TH: I think the Obamas are bringing positive attention to American fashion from a global perspective.

branding, fashion business, fashion designer, fashion entrepreneur, featured article, global brands, interview | |

Esprit... The Interview

Posted by fashionentrepreneurreport On Monday, February 08, 2010 1 comments

You know the brand… Red logo, fun minimalistic lettering, bright energetic images. It’s Esprit, started in 1968 in San Francisco by Susie and Doug Tompkins who sold garments out of the back of their van. Now, the Group operates more than 800 directly managed retail stores worldwide and distributes its products via more than 14,000 wholesale locations internationally, occupying total selling space of over 1.1 million square metres in more than 40 countries. They are rapidly expanding their US retail presence but still always have a global conscience. Recently Esprit, through a fund-raising campaign in their retail stores, donated to help Haiti. The total amount raised, 115,000 euros. will go directly to SOS Children’s Villages Haiti via the ‘Esprit Cares Trust’ in Hong Kong. This will enable Esprit to assist aid workers on the ground as well as ensure the long-term well-being of the children in Haiti. Lynn Furge garnered a lucky moment with John Gunn, President of the Americas, Esprit to talk about the future plans for such an iconic global brand.

Lynn Furge: I remember my favorite pair of Esprit pants. They were orange and blue and checker board and had black fish sketched on them and every girl in school wanted them, but they were mine! With a new boost in your retail businesses you are looking to re-introduce the brand to growing Gen X’ers like myself. How do you plan to do that?

John Gunn: Many of our consumers in the US remember Esprit from when they were young. We find that now we can appeal to both old and new shoppers since we have a variety of lines that get the attention of different generations. While we still have the basics that have been available since the start, we also have pieces that follow the trends a bit more, so there really is something for everyone.

LF: The Esprit Brand is unique because it was one of the first affordable luxury brands that started in the US and built a global empire through partnering and then brought it all back under the same roof to New York as the corporation expanded, how are you able to keep the Global Esprit image consistent?

JG: The image of Esprit worldwide is that it’s OK to be yourself. The typical Esprit shopper likes to follow fashion but is not a slave to trends. She enjoys being out with her friends and family and lives a busy life outside of fashion. Our new campaigns will show an edgier side of the brand with Julia Restoin-Roitfeld representing our Women’s Casual line and Daisy Lowe as the face of edc by Esprit. We hope that both will grab attention and have a lasting impact on our consumers.

LF: Esprit seems to be the one global company that has been opening store after store in different international markets and now begin to bring attention back to the US with boutiques popping up all over America. Can you explain the risk and how it has begun to pay off?

JG: There is always a risk when starting a new business venture in a new market. Our team is successful at researching and developing new ways to expand our business and make improvements with each new opening. Short term we are looking at opening up to 20 stores in the next fiscal year.

LF: Do you take any type of different approach when handling retailer partners vs. wholesaling to your own boutiques?

JG: Our approach is different when handling retail partners vs. wholesale. The target customer for each channel tends to be different in their shopping approach. We need to appeal to our shoppers that are both loyal to the brand but also those that are not label conscious.

LF: You are really looking at all angles of the consumer demographic… we touched on the aging Gen X’ers who grew up with the brand… now tell me about the initiative to get a Facebook following, how do you feel that will benefit the brand?

JG: It’s very important for a business to grow with the times and right now, tapping into social media with sites like Facebook and MySpace and even Twitter will allow us to reach a new customer and develop a deeper relationship with existing ones. We recently launched a Facebook page for the US which has been very beneficial to us as a company. Facebook has created an open line of communication between us and our customers which has provided us with great feedback.

LF: How does imaging/branding play an important role now more than ever in a global retail business?

JG: We are extremely proud of our Spring/Summer 2010 image campaign featuring Julia Restoin-Roitfeld and Daisy Lowe, global fashion influencers that are relatable to our international customers. We have never attached famous faces in an image campaign before. The feel of these photo shoots relates to Esprit’s heritage of a laid back, cool lifestyle but is a bit more updated to show that we’ve grown over the years.

LF: How much of the business is ecommerce? And what plans for growth do you have for this aspect of the business?

JG: Ecommerce is a significant portion of our business for growth right now. We have recently expanded our e-shop to include Canada as well added menswear into the product mix.

LF: Esprit’s flagship store in the UK is really using technology to gain the advantage on an entertainment and interactive level any plans for the American stores following suit?

JG: While the recent technology we have used to leverage business in the UK proved to be successful, we have not yet made plans to integrate this into our marketing strategy in the US.

LF: What does your partnership with the London College of Fashion consist of?

Esprit is working with the second year BA (Hons) Fashion Design & Technology womenswear and menswear students over two terms since 2005. Esprit’s head of design Melody Harris-Jensbach asked the students to “Create a cutting edge line for Esprit based around the existing ‘Collection’ or ‘edc’ lines for either men’s or womenswear. The objective is to push the boundaries forward.”

As part of the ‘Esprit Academy’ students need to design a versatile capsule range of 4-6 outfits.

The lucky winner has their designs produced and sold through Esprit stores worldwide as a
“limited edition line” with it’s own individual label and special window display. In addition to this,
the winner has the opportunity to work with Esprit at their Global Business Headquarters in Germany
following their graduation.

It was our first step in supporting new fashion design talent, and the start of a long term
world-wide campaign in which they plan to collaborate with design students. We plan to work
in the future with other internationally acclaimed fashion design schools across the globe.

LF: Is there any market you are not already in that you are really interested in investigating or introducing to the Esprit brand, either in terms of an Esprit boutique or a retail partnership?

JG: We are thrilled about our expansions in the US market so far with our largest opening on 34th Street in New York City following the openings of four other stores – Rock Center, Columbus Circle, Soho and Flatiron. We also have expanded to the west coast, the birthplace of Esprit, to open Esprit Santa Monica on the famed Third Street Promenade and also to Philadelphia to open Esprit Walnut Street. We are continually researching other markets that we feel could be beneficial to the brand and are always seeking out new opportunities.

branding, featured article, global brands, interview, sales, technology | |

In the Consumer's Head of Colors

Posted by fashionentrepreneurreport On Monday, February 08, 2010 0 comments

O

n the inside of the consumers’ head, there is a whole different world going on.

In the subconscious the words (or signs) are not based on colours and styles. Here deep the human brain there is no reflection of the latest fashion magazines. In this context colours are values and human reactions upon them are almost more important that what the fashion world calls “a trend”. To study this psychology colours are signs and symbols on values – even for money, but not as brand statements. Shopping is going to start matching the consumer need on a way more intellectual level as the new decade unfolds.

Let’s look at a couple of colour cases from the last decade:

Clear as White: It came slowly in the house décor magazines, walls, floors and furniture, spreading to clothing and cars. It was white all over like the perfect Christmas pastoral. But it was not a religious white, not the spiritual colour of white. The white was non-emotional financial human being white, clean clear sterile white like a hospital or a laboratory, purified from individual and personal human expression and feelings. The key to all this lies in the focus on the liberal freedom for the individual; you can do what ever you like as long as it lies inside our rules. But to be a part of the society and live between other people, you have to follow the rule. White all over means to being emotionally clean, to express you self through financial and materialistic things. You are white as the white part of the yin yang symbol, and the black part is only for the ones that are on the outside. All the big fashion houses, furniture companies and car producers made us white. But as the consumer takes back their identity the colours are slowly returning.

Indigo Blue Jeans: If there has been a revolution in fashion, it has been the jeans’ way from working cloth and blue collar cheap garments to the cat walk fabric, becoming a natural part of everyone’s dress code from high class to lowest class’ in society. We have become much more casual in our dressing, and even bankers have loosened their ties. The jeans culture has gone through a revolution and now the clear visual signs for different social classes disappeared. You could become rich in a day, but money does not give you style or class. Yet now by changing the fashion into something everyone could relate to, being trendy and having style was accessible to everyone.

Black as Leather: Black leather is a medieval expression for power, but it in the modern world it has a sexy or kinky symbol linked to it. For us as humans in the western world it has been through our cloth and dress code and by the thing we purchase that we are able to express ourselves. Therefore values of leather and iconic representation in our mind play with this idea about stepping out of the common thought and being in opposition to the white. A power play with strength running behind it.

The human brain is emotionally responsible for making colours trendy, as shown above the single colours represent the basic emotions that are based deep inside the human brain. Colours have an unconscious influence on us; this is why the decoding of the colours is so important. Not because they are colours, but because they refer to something much more substantial in the human being, which is what consumer’s act on when they are shopping.

Green to Save: Green is not only the colour of hope, but also represents the classic story about going back to nature and all these hot topics on CO2 and climate change. Because after COP15 consumers have not changed there thinking on these issues. The only conclusion to draw is that we are responsible ourselves. Therefore we will be green and ecological, maybe even more than before, since now we know that there is no one else to take action on these questions, than you and me. And in that context green will be a very important colour and we will be so much greener over the coming years. But the emotional green will make the introduction of other colours and new values. Here colours like grey, brown, and blue for the few will find their way into our wardrobes.

Grey is an Anonymous Shadow: For years television has given access to anyone, no matter if they had something on their mind or a talent for entertainment. Just look at Idol, reality modelling programs, silly contests and talk shows. All of these shows differ from people with real talent, studied actors like Nicole Kidman or Al Pacino or great designers like Marc Jacobs, Vivienne Westwood or Tom Ford. They are in a different league. For all the rest there is plenty of space in the grey universe. And it is not bad to be there and to have a normal live with a normal job, a house and a car. It is actually much more secure – even financially. So grey will be back, because people do not want to stick their neck out and be on the front page. We want to be a part of the family and our closer community. Grey gives a feeling of anonymity, which counter acts the last decade of fame seekers.

Brown to Remind Us of Earth: Brown will expand in our wardrobes because we all belong to the earth, and brown is the natural colour of earth, leather and native history, and most of all because we belong to society and the close community. We want to be a part of something, not bright shiny stars in a media universe drained for content. We want to grow up and live in secure universes like a garden, we want to be taken care of by others and have roots in the earth and history. We will be happy, secure and brown, and grey in the media and entertainment context. It is only for the few stand-outs to show a different point of view.

Royal Blue to Echo Elitism: And blue is reserved for the real royal and upper class. In mass market that means the real stars that have something to offer the rest of the society. A bright and clear vibrant yet strong blue colour that states their status as being someone like royal ones have had for centuries. Blue is the spiritual colour of the church. You will not necessarily see it in church, since it is reserved for the abstract God. Instead you will notice orange, purple or even grey. Opposites and complimentary colours that still point to the blue as being the focus.

Yellow is the Last Colour for the Future:

And yellow has a double function. Yellow is, on one hand, our inheritance of financial, social and environmental problems and even the original sinfulness of Man. But on the other hand it is hope, the colour of the sun and talking about brotherhood in a broader sense. Yellow is the colour of being responsible for the past and believing in the future.

It is important to discover what the colours actually reflect about human emotions to be able to make collections and design matching the future desires at the consumers heart (really known as unconscious brain). But the last question must be: what is the colour of the future? It is… green as an emotion, as an icon.

Grane Steinrud, Human Factor Specialist, The emotional LAB
This is written under the inspiration of Miles David’s legendary record ”Kind of Blue” because jazz is coming back.

branding, fashion business, featured article | |

Entering the International Platform: From the Business Plan and Beyond...

Posted by fashionentrepreneurreport On Monday, February 08, 2010 0 comments

ENHANCED PLATFORM OF THE BUSINESS PLAN

A small business can be so consuming that it is difficult for an owner to stand back and realize what their business really needs and specifically what it needs to take it to the international level.

Upon deciding whether to enter the international market, there are suggested steps to follow in order to be successful. Aside from having a stellar product or service, it is imperative to have the following also in place.

1. Up to date graphics and business presence online and offline
2. SEO INSERT HYPERLINK analysis for international entry
3. An executable electronic customer database
4. A Market Entry Strategy- direct sell/use of a international representative
.
By taking the time and finding the appropriate resources to invest in the various facets of the business, an entrepreneur can reap great return and an opportunity for growth. Some businesses may only informational websites that never really receive the finishing touches that would leave a strong impression; or maybe the site is need of facelift. To regain ROI, a primary part of the business plan should focus on bringing website graphics and technology up to date. Return on Investment (ROI) and the cost of advertising are areas where ROI should be outlined.

Some business owners view advertising as a business expense when it should really be considered an investment in your business, especially if you would like to benefit from repeat business. If you have a quality product or service, your customers should return again and again so you can afford to invest even more to attract new customers. As Elizabeth Kalmbac, a Media Buyer of Keely, Scott, and Madison explains, “Head above water doesn’t really do much when there are competitors who spend money on advertising. Don’t be afraid to call traditional media outlets. There is opening to local advertisers because there is space to fill.” She continues “As technology changes, media planning changes. There are now a million and one places to advertise, find out where your consumers are and establish relevance.”

Amy Minnick of Southern Jewelry News comments on innovative techniques of effective marketing outside of the box. She says, “Years ago, very few had a marketing budget or a marketing plan. But today most retailers realize the critical nature of keeping their name out there” She mentions how a jewelry designer in Chicago teamed up with an upscale steak house to create a specialty martini to pair with a jewelry pendant. Diners purchase the pairing off the menu. It’s a win-win, as the steak house now can claim it has the most expensive martini in town.

Many small businesses cut corners by trying to do everything in-house. As a result, the professional image can be compromised. For example, an unattractive website can actually detract from business if it lacks professionalism, if the content has grammatical errors, or if the site isn’t drawing traffic from search engines. A service business that doesn’t have a live person answering the phones at all times is definitely missing opportunities. Always make clear what your office hours are and then commit to having a live person answer the line during that time. Consumers are often fueled by instant gratification and if a prospective buyer ends up getting your voice mail, there’s a good chance they will move on and call a competitor.

With the advent of online business, the business plan has become more challenging to detail just as the “target” customer has become harder to pinpoint. Especially from a designer’s perspective, the “target” customer may only be one person if it’s haute couture and perhaps a small handful if designs are replicated. Also, you may have a representative that will showcase your line. Your demographic may not be as narrow as you think if your representative exhibits your products across many trade shows and press and media outlets. These are important factors to keep in mind when and if you are trying to readjust the traditional business plan. A small business can be so consuming that it is difficult for an owner to stand back and realize what their business really needs and specifically what it needs to take it to the international level.

David Brown President of Retail Edge Academy says, “The biggest difference between a successful store owner and an unsuccessful one is the ability of the owner to concentrate on the important rather than the urgent. That is, as an owner, to maximize profit, one should focus on the larger picture of business planning, not the mundane tasks that you could have an assistant or intern help with.”

Nowadays, with more entrepreneurs entering the business place, the business plan needs to incorporate more of the creative examples that are occurring in the industry. Embellish your plan as much as possible or have an appendix with like minded stories that help your business strategy. One of my favorite business stories is Big Buddha, an inspirational success story of a handbag designer that started selling handbags from his dorm room. His story shows that with a passion to sell one’s brand, without any professional training or experience in the industry, anything is possible.

http://www.ebigbuddha.com/about.html

FINANCIAL PLAN

One of the most important components of your business plan will require a clear sense of the financial part of of the business planning.

I can’t emphasize enough how powerful software is, and with the plethora of smart phones around these days, there is no excuse why you should not always know how to calculate your pricing and what your components cost you so that when you need to access your data, you know that it’s always accessible. Especially if going on buying trips overseas or on a buying trip for supplies, it will be an essential tool to access your business information within seconds. Microsoft Excel can create formulas to help you calculate your Gross Margins and your Net Income. (and if you are unfamiliar with how to use the software there are a lot of videos on Youtube that can help). You can easily create spreadsheets to house all of your data and the tabs within each spreadsheet will enable you to hold a tremendous amount of data which can all be easily accessed on smart phones. Investing in a three-hour class could potentially save you countless hours of wasted time—hours that could be used to generate revenues!

Finally, keep in mind the competitive forces that can affect you bottom line. Some may not be as measurable, but always figure in any additional city or state taxes, duties, and other items that can change your net income. Make sure you have your State Resale number, which exempts State Sales Tax. This can save between 8 and 9% on your cost of goods.

LINK:http://www.nyc.gov/html/sbs/nycbiz/html/business_planning/easy_start_business_guide.shtml

INTERNATIONAL BUSINESS TIPS

When considering doing business with parties overseas, you should learn the basics of business development specific to that country. So, whether it is joint venture, partnership, or licensing, be aware of all of the things that will impact whether you set up business trading in another country. Excellent business development skills particular to the region you are looking to import/export to will be essential. That is, find out the different arrangements that can be made within each country with regards to your type of business whether it be in manufacturing or intellectual property. Of course it helps to know the language and to have local contacts, but don’t limit yourself to textbook learning, go and develop local contacts. There are subtle social customs of how business deals are made which can only be experienced first hand and I’d suggest reaching out to any contacts you have and arranging a phone meeting with someone has experience with the particular type of trade you’d like to engage in. Learning key vocabulary words and talking to an experienced trade specialist could have on your business. Also, local chambers of commerce and also national consulates are a great resource for trade issues. Always keep in mind the currency you will be buying or selling in, whether you want that to always be US dollars or not, which would be dependant the expected strength of your preferred currency at the time of payment. In some cases, you may not have a choice, and will be expected to be paid in the local currency, so just be mindful of the risks involved in this sort of arrangement.

Another key element for international business it to make sure your e-commerce platform is set up for international ordering. Suppose you have received really great press and international media, and all of a sudden you have a customer in France that wants to buy your products. Well, take the extra time upfront to make sure your shopping cart is set up for international shipping and the appropriate tax structure for international shipping. Now days most of this is automated and your webmaster should be able to set this up on the backend.

If you are planning to sell overseas via a trade show or trunk show, one of the most important tenants in doing international business is that relationships are key. More so than in the United States, so remember to be multi-disciplined in this regard. Also, don’t let not knowing a foreign language deter you. Translators are easily available and highly recommended these days. And can be a great resource for many of the legalities that might arise. And finally, do understand how to get through the red tape of each country with your specific industry. You don’t want a lawsuit that can put the company out of business because you didn’t do your homework. Setting up bank accounts in foreign countries is quite easy now and with online banking becoming the norm, it’s very easy to keep track of such accounts and to create wire transfers.

Here’s a great guide to doing business in India:http://www.stylusinc.com/business/india/cultural_tip1.htm

Rani Khamesra is an online business expert with experience in international trade and buying experience within the luxury jewelry industry. She has worked at Harry Winston as a Planning Analyst and is currently focused on generating awareness within the DIY niche of the wholesale jewelry hardware business. Also, Rani is the President of the Professional Women’s Alliance of New York City. Please follow Rani on her blog http://www.houseofindia.com/store/myblog.php or contact her at rani@houseofindia.com

branding, fashion business, fashion entrepreneur, fashion marketing, featured article, independent fashion designer, independent retail, money, sales | |

You Need an Elevator Speech!

Posted by fashionentrepreneurreport On Monday, February 08, 2010 0 comments

YOU’RE NOT PREPARED: You spot an important Buyer across the room at a party as you both make your way to the bar. This is your big chance. The Buyer makes eye contact with you as you wait for the bartender’s attention. The Buyer says to you, “Have we met?” You say, “Yes, we met at the Nolcha event in London last September.” Even though there are so many important points to share, you’re not sure where to begin. So you smile, order your drink, and walk away from the bar- mad at yourself for missing the opportunity to talk about the exciting pieces in your Fall line.

Sometimes you have a chance meeting like this with someone you want to influence – at a networking event, a party, or in an elevator. Sometimes you only have about twenty seconds of their attention - like the time it takes during a typical elevator ride. Don’t let this rare opportunity pass you by! Be prepared by formulating an Elevator Speech for all of your projects and ideas.

An Elevator Speech is a quick way to share important highlights about your project, idea, event, or product. Your Elevator Speech should sound impromptu, but make no mistake, it’s totally planned. Here are some quick tips on how to formulate an Elevator Speech for any situation.

Because you only have short time to inform or influence the listener, you want to make sure that you offer all of your key points. And if YOU don’t know the key points about your project, idea, event, or product, then how can you expect your listener to understand them? Use an Elevator Speech when you want to motivate someone to take action (book an appointment to see your line, attend your event, become one of your sponsors, etc). You want to speak with enthusiasm to motivate your listener as you succinctly tell your story.

There are three components to a good Elevator Speech, think about an actual elevator ride: the ground floor, the mezzanine, and finally, the penthouse. Design an Elevator Speech using these three “stops” as a guideline to make sure you include all of your key points. Here’s a breakdown of each stop.

Ground Floor: This is your starting point. Explain why your project is important/exciting/successful/etc. This is where you grab (and hopefully keep!) the listener’s attention. For example, “We just got some great news. Our shoes are being featured in an episode of Gossip Girl.”

Mezzanine: Explain the benefits of taking action. “Once the episode airs, our phone will be ringing off the hook. We’ll be taking early orders so we want to give our favorite Buyers an advantage, so we don’t have to do any back ordering”

Penthouse: Drive it all home with a summarizing statement that calls the listener to action. This is where you ask for a response or action. For example, “I’d like to call you tomorrow to talk about placing your order, what time works for you?”

Here are some other examples of Elevator Speeches: “We’re excited because we just sourced some beautiful fair-trade beads for our wedding collection. More and more brides are going green, so we know this collection will have a wide appeal. I want to make sure you get an invitation to our launch party on June 15th. Where can I mail the invitation?”

“We’d love to include you with Starbucks and Clarins as a lead sponsor during our September event. We’re expecting 4000 people to attend and we saved a great spot for your logo on all of our literature and banners. Let’s meet tomorrow to make some decisions. I’ve got a 2pm slot, can I stop by your office at that time?”

Remember, your goal is to be clear, quick, and to motivate your listener. Practice your Elevator Speech in the mirror or with friends and colleagues. Use powerful wording and speak with enthusiasm. Being brief is a respectful way to interact with others in this fast-paced world of business, and the ability to influence people, particularly people you’ve just met, is a powerful skill that just takes a little strategy and practice.

Holly Landau is a leadership expert and CEO of Landau Leadership, an innovative consulting firm providing customized training solutions and learning events to boost individual and team productivity and improve communication. www.landauleadership.com. Contact Holly:hollylandau@landauleadership.com .

Images by Bryna Faye Shields

branding, fashion business, fashion marketing, featured article, sales | |

The Model Puzzle: Choosing the Right Model to be the Face of Your Brand

Posted by fashionentrepreneurreport On Friday, November 13, 2009 0 comments

If you’re like most emerging fashion designers casting for their next photo shoot, you’ve got Kate Moss dreams on a no-name budget. Until your label gets big enough to afford a recognizable supermodel to propel you to international rock-star status, you’ve got to work with inexpensive, undiscovered talent to be the face of your company.

Unfortunately, this doesn’t necessarily mean hiring your friends or anyone that’s cheap or free just because they’re around. In the marketplace, your customers will make a decision about your brand in the blink of an eye; if they can’t identify with it, they’re gone. Think of your brand as a puzzle, all pieces designed to fit together to give your customers a complete picture of your brand and what to expect from it. Your models are just as much a part of this picture; their look and attitude should also help to create a certain image for you, just as much as your logo would. Therefore, you should choose them with careful consideration.

So how do you choose the right model to fit the big picture? Who does your target customer identify with? What kind of look tells your brand story best? How do you even know where to begin?

Start with your brand strategy. Your brand strategy should list your brand’s key attributes, describe your target customer, and should also have statements in place that define the value proposition, and the desired mood, look, and feel of your brand. For instance, your brand attributes will be a list of adjectives that describe your brand and product, which you can use to inform your model search.

Don’t have a list of brand attributes? Start off by brainstorming a big list, then narrow your list down to 6-8 words you feel best describe your brand. Different words will execute differently, so choose your final list carefully. Is your brand edgy or relaxed? Urban or country? Bohemian or conservative? Intellectual or whimsical? Global or local? Vampy or classy? I could go on and on. What words describe your brand, and what kind of model would play those parts?

Next, you’ll need to create a mood board or storyboard that illustrates your brand concept. A mood board is a collection of images shot in a certain style that captures the look and feel you would like to portray in the marketplace. Even better, think of your mood board as a story, and think of your models as the characters in that story. How do your characters look? How old are they? What kind of hair and makeup are they wearing? What are they thinking? What are they feeling? What are they doing?

Once you’ve finished your mood board, you would then cast your models accordingly, and hire the right photographer to shoot in the style you desire.

During casting, certain research may be useful if you need it. In a study conducted by Dr. Marianne LaFrance for Yale University, researchers concluded that women with closely cropped hair were seen as more confident and outgoing, while women with long straight hair were seen as being sexier and more affluent. Women with medium length, casual-looking hairstyles were seen as more intelligent and good-natured. Studies by others point to perceptions around a woman’s hair color. That said, I would also encourage you to use your brand to challenge people’s commonly-held assumptions. For instance, the all-American girl is not just a blonde, blue-eyed vision. Organic does not equal hippie. And there are many more clichés that are worth poking holes in. Extra credit: If you can use your brand as a vehicle for social change by encouraging diversity and acceptance for all walks of life, then go for it. Whatever you do, make sure it’s carefully calculated with an end goal in mind. Ultimately, you need to connect with the right customer, and that’s not an easy task.

Enjoy your new model-search strategy, and I look forward to seeing your brand’s fresh faces in the marketplace soon.

______________________________________________________________________________Giannina Granata Silverman is a branding expert focusing on consumer products in the fashion, health and beauty, food and entertainment markets. For brand image and marketing advice geared toward emerging fashion businesses, please check out her blog: http://fashionbrandingtips.wordpress.com/.

Also, please follow Giannina on Twitter at http://www.twitter.com/giasilverman.
Image courtesy of Nolcha Fashion Week Sept 2009.© Lynn Furge Photography

branding, fashion business, fashion marketing | |

Nolcha, DKT Communications and PimTim launch "Branded" a Contest for Independent Designers

Posted by fashionentrepreneurreport On Friday, October 30, 2009 0 comments

After an in-depth review of Nolcha’s network of independent fashion designers, the award-winning, multifaceted fashion services company -- in partnership with branding and marketing communications firm DKT Communications and graphic-design crowdsourcing platform PimTim -- honored rising star Michelle Barone as the winner of “Branded: Nolcha’s Contest for the Independent Designer.”

Created to help independent fashion designers jump-start their branding initiatives, “Branded” provides the winner with the building blocks of their brand identity and messaging. The prize package is valued at $1,700 and consists of a logo, designer profile and professional headshot produced by the creative minds behind Nolcha, DKT Communications and PimTim.

“Nolcha is a business network for independent designers at all stages in their career,” says Nolcha creative director Lynn Furge. “Therefore, to be able to partner with both DKT Communications and PimTim to help Michelle Barone -- a young, fresh designer -- create her brand image is so exciting and important. The initial branding of Michelle’s label will be the skeleton that holds the business together, and Nolcha cannot wait to see the results.”

Barone, the visionary behind the Misha Barone label (www.mishabarone.com), agrees. “Every new opportunity leads you to another. Gaining these tools and elements will no doubt assist me in the next step of the process. I think it is a wonderful thing when artists and out-of-the-box thinkers are able to come together in collaboration. That’s what makes the creative world so incredible. It’s definitely a comforting support system.”

To be rolled out annually, the contest is an excellent vehicle to spark designers’ interest in branding while vying for the opportunity to win the services of some of the best names in the industry. From crafting the brand story to designing its identity to shaping its message, branding must be at the core of every business strategy.

“The story of the people behind an idea, a product or a design is the essence – the soul -- of the brand,” says Dawn Terrick, president of DKT Communications, Inc. “And Michelle’s radiating energy and cutting-edge creativity make for a fantastic tale – one that I look forward to telling. Playing a part in the growth of Michelle’s label by providing her with a designer profile that she can use to promote herself and her work across various marketing channels, thus contributing to the Misha Barone brand, is extremely rewarding.”

Further capturing the young designer’s spirit is PimTim. An online marketplace for graphic design, where buyers and creatives connect, PimTim is challenging talent from all over the world to design the new identity for the Misha Barone label.

“This is what PimTim is all about -- giving people the possibility to connect to talent all over the world,” says PimTim founder Vincent Bröring. “We are very proud to support the branding of the Misha Barone label, and our talented community of graphic designers around the world is happy to help. They will unleash their creativity!”