Creativity is only 3% of the skills needed to survive the fashion industry. You must have 97% business skills to have staying power. The first step to profiting from your collection is to create a budget and stay within it. Over spending on the materials used for your collection can reduce your incoming profit. Choose your marketing strategy early to eliminate last minute spending which will result in lack of funding for your collection.
Don’t spend your entire budget on trunk shows, overpriced fabric and pieces that may not sell. I am surprised to find that most of the designers I have consulted with do not know what a cost sheet is. It is crucial to know how much it cost to put together any garment or accessory. Instead of ordering fabric out of state, try to find local resources to cut shipping cost. Be sure that the buyers you take orders from have credibility. Set up an account with Dun & Bradstreet (www.dnb.com) in order to run a credit check on retailers before you do business with them.
Profiting from a fashion collection is like any other business. You still need to know the basic skills of running a business. Once you learn how to manage your funding you will then notice a profit. And for first year fashion companies that may mean just breaking even.
-Antauen Dennis, Fashion Brand Manager for the Designer's Loft
Resources Dun & Bradstreet
0 Response to "Profiting from your Collection"
Post a Comment