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5 Components to Making Your Business Perfect

Posted by fashionentrepreneurreport On Tuesday, November 03, 2009 0 comments
Lately I have been teaching a uniquely green focused  FastTrac™ Tech Venture program run by ITAC – New York City’s Industrial and Technology Assistance Corporation.
Our class is full of small start-up and early-stage businesses with state-of-the-art green technology business concepts.  Super cool ideas ranging from solar panel manufacturers to internet-based companies that measure energy usage of your home and commercial buildings.
This week we were going over how to really test their business concept, and how close they are to being a “perfect” business.
Based on the market research they have been doing, I asked them to rate their businesses based on the following five components:
  1. Product / Service Feasibility – Does the product or service serve a purpose?  Is their a need for it?  What makes it better, different or unique from competitors’ products or services?
  2. Market Feasibility – Is there a demand for the product/service?  From whom?  What are they currently purchasing instead?  Will you be able to capture some of the market share out there?  How much of it?
  3. Financial Feasibility – What is your cost structure?  How much can you sell your product / service for?  How profitable will it be?  How scalable is it?  How quickly can you ramp up production of your product / service to meet demand?  How much capital do you need to make it happen?  Do you have this capital or do you need to raise it?  From where would you raise it?
  4. Technology Feasibility – How “current” is your technology?  Will your potential customers “get it” and understand its value?  How difficult is it for your competition to enter your market?  How much of a lead time will you have over the competition?  How will you stay ahead of the curve on your technology as it changes?
  5. Environmental Feasibility – How much energy does your product / service consume, including travel, office equipment, etc.?  How much carbon is your business emitting?  Water pollution?  How about chemicals, heavy metals, and toxicity in production and distribution of your product / service?  Natural resources consumed, such as paper, metals, water, etc.?  Design:  durability, reusability, and reused/recycled materials?  Packaging and waste / recyclability of the materials?  How does your supply-chain taking care of the same issues and their environmental impact?
This turned into an hour-long discussion and debate on how to measure these various components and their importance in business.
Especially the Environmental Feasibility component.
The class wondered what was so important about measuring these issues and if all of them applied to each of them.  The answer is by making it important for their business turns into a very serious benefit over their competition, as long as it is well researched and done authentically.  And that most of the components apply to most businesses.  More than the average entrepreneur realizes!
I encouraged them to focus on the amount of savings and/or increased revenue a company can receive by really ramping up their environmental feasibility.
It can effectively put them far ahead of the competition.
Just as important as implementing the changes of these five components of a perfect business is knowing how to leverage them once they are put in place.  That is this week’s action steps for them to do and I’m really looking forward to seeing the results they come up with next week.
Action Steps for the Week
Rate your business from 1 – 10 on the following five components:
  • Product / Service
  • Market
  • Financial
  • Technology
  • Environmental
1 = poor – 10 = excellent.  Add them up and compare to a “perfect” business score of “50”.
Very few businesses ever score a “50”, but use it as a benchmark to strive for.  And look at your “lower” scores and know this is a place to start ASAP.
And for those lower scoring components of your business determine how to ramp them up.  Do you need to do some market research to determine what you need to do?  Do you need to determine how to leverage that part of your business once it is ramped up.
For example, if you got a weak score on technology, how do you get up to speed?  What has to happen?  How much will it cost?  How can you market it as a leg up on your competition?  And then how can you stay ahead of the competition going forward?  Lastly, where do you find this information out?
This can take some work and research, and in the end you and your business will benefit dramatically because of it.
-  Stefan Doering is the creator of BEST Coaches’ groundbreaking 90-day “UnReasonable” program which brings to the table his almost 30 years of hard-earned business savvy and 4-plus decades of pure heart.
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Pattern Design 2009 Conference

Posted by fashionentrepreneurreport On Monday, November 02, 2009 0 comments



Celebrating their first year, the Center for Pattern Design will host a Pattern Design Conference to bring together master pattern makers who will share their insights, their designs and the pattern techniques that make them a critical part of the fashion industry.
Keynote speaker will be Gail Gondek, pattern designer for Chado Ralph Rucci, Geoffrey Beene, Ralph Lauren, Marc Jacobs, and Peter Som. Her talk, Concept to Catwalk, will shed light on the often mysterious pattern design process that produces a fashion masterpiece at the highest levels. Her work has been shown at the Paris Couture and Prete-a-Porter shows and regularly at New York's Fashion Week for the past 20 years. Many of her pieces have also been displayed at the Metropolitan Museum of Art, the Museum of Modern Art, the Museum at the Fashion Institute of Technology, the Fashion Museum at Kent State University, and the Museum of Contemporary Art, Los Angeles (MOCA).

In addition to Ms. Gondek, other speakers include Julian Roberts, one of the most innovative designers in the UK and the inventor of Subtraction Cutting. He has shown 13 collections at London’s Fashion Week in addition to being a film maker for SuperSuper Magazine and a consultant to the BBC. Currently, he develops his own
collections, designing both the garment and the engineered surface designs. His film/web/graphics company, JULIANAND, is a leader in defining the visual identity of this century. Mr. Roberts will also be giving a rare Master Class in Subtraction Cutting at the Art Institute of California - San Francisco on October 2. A second Master Class will be offered by Suzy Furrer, owner of Apparel Arts in San Francisco, on October 4. It will feature her newly published benchmark text, Building Patterns, The Architecture of Women’s Clothes, in which she reveals the exact techniques of the French moulage system, used by couturiers, for drafting patterns that fit perfectly.

The program also includes Josh Jakus, Berkeley, CA architect, industrial designer and creator of the very unique UM bag, based upon the 1920’s Goode homolosine projection of the world map; Saundra Altman, owner of Past Patterns, the most accurate and extensively researched resource for historical patterns in the US; Isabelle Lott, creator of PWStudio software which enables an entrepreneur to create any pattern design with just a laptop; and Kathleen Poole, of Poole Fashion Group, speaking on Balancing Patterns, a little-known technique for creating the most commercially successful production patterns. Also, the Textile Clothing Technology Corp. (TC2), the fashion industry’s premier think tank based in Cary, North Carolina, will debut it’s new software, My ImageTwin, offering attendees a free digitally printed avatar of their bodies to assist in designing their personal clothing patterns. Plus, there will be a variety of pattern-related books, patterns and materials available for purchase and the inaugural issue of the Pattern Design Journal will be free to attendees.

The Center for Pattern Design is a membership organization which sponsors events with notable pattern and fashion designers, offers members an annual journal, a bi-monthly newsletter and special offers on courses and products. Those who join the Center will qualify for member prices for conference registration.
Contact information and registration for the conference, the opening reception on Oct. 2 and the Master Classes can accessed online at: www.centerforpatterndesign.org.
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The Art Institutes International Minnesota Announces the 2010 Passion for Fashion Competition

Posted by fashionentrepreneurreport On Sunday, November 01, 2009 0 comments


The Art Institutes Passion for Fashion Competition 2010 provides high school students an exciting glimpse of the highly competitive fashion industry by offering students interested in Fashion Design or Fashion Marketing, Merchandising or Retail Management an opportunity to win a full-tuition scholarship to study fashion at one of The Art Institutes schools, including The Art Institutes International Minnesota. Eligible students can enter the Fashion Marketing & Merchandising & Retail Management category at The Art Institutes International Minnesota.
Open to high school seniors across North America, The Art Institutes Passion for Fashion Competition was created to encourage and reward young fashion design and fashion marketing, merchandising and retail management talent at the high school level.

Since it began five years ago, interest in the competition has taken off, says John Schulz, Fashion & Retail Management Academic Director, The Art Institutes International Minnesota. “We saw a record number of applicants enter last year’s competition. There are so many wonderful fashion courses in high school today, and many students see a career in this industry within their reach.”

The competition consists of two categories: 1) Fashion Design and 2) Fashion Marketing & Merchandising and Retail Management. The grand prize winner in each category earns a full-tuition scholarship to an Art Institutes school to study in a fashion program. Each grand prize winner, in partnership with Seventeen Magazine, also receives a trip to New York City to attend a Fashion Week show, attends a “meet and greet” at Seventeen Magazine’s offices, lunches with a Seventeen Magazine Style Pro and receives a $500 shopping spree.

In this year’s Passion for Fashion Competition, students will be asked to create an original Fashion Marketing, Merchandising or Retail Management plan for the Fashion & Retail Management category.

To be eligible, students must be a senior in high school, set to graduate in 2010, complete an Entry & Release Form, have a minimum cumulative G.P.A. of at least 2.0, write a short essay describing their interest in fashion and submit a finished, originally designed evening wear garment and process book, for the Fashion Design category or a create a product or plan for the Fashion Marketing & Merchandising and Retail Management category.

Deadline for entries into The Art Institutes Passion for Fashion Competition is November 20, 2009. For more information on how to enter The Art Institutes Passion for Fashion Competition and for official rules, visithttp://www.artinstitutes.edu/pr.aspx?ID=p4f1000 or contact an Admissions Representative at aimadm@aii.edu or call 612-332-3361 or 800-777-3643.

The Art Institutes International Minnesota is one of The Art Institutes , a system of over 40 education institutions located throughout North America, providing an important source of design, media arts, fashion and culinary arts professionals.
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Introducing Fashion Designer: Fluxus

Posted by fashionentrepreneurreport On Saturday, October 31, 2009 0 comments

With a new flagship store in Larchmont Village in LA and a growing celebrity following, Fluxus is becoming a brand that has taken the idea of basics to an artistic edge adding texture to the yarns and unveiling new innovative fit with each collection.  Lynn Furge spoke with creator Martin Paquette about how art and fashion all come together to create a simple comfy litte “t” that is rapidly becoming on of the coveted items for Holiday 2009.

Lynn Furge:  With an quote of “There is life, there is art and in between is fashion,” by founder Martin Paquette, there is a lot to live up to in terms of originality and vision.  Please explain the inception of the brand Fluxus? (see press release)
Martin Paquette:  Art is prestige, and I always look for a way to express art -- art of the contrary.  Fashion is an underground way of delivering a message, not unlike a message in a bottle.”  I was inspired by the 1960s art movement, also called Fluxus, which in turn inspired some of the brightest minds of the era, including Yoko Ono, Dick Higgins and Allan Kaprow.  I also want to add that fashion is a form of art just like painting or photography are. It is the closest art there is to people. Wearing clothes has become an art, something very organic and physical. By wearing certain clothes, people express themselves, their opinions and thoughts, just like with any form of art.

LF:  What makes you choose your textiles?
MP:  I developed ideas from my travels. I went to Peru to look for the best fabrics. I wasn’t particularly looking for the rarest or most expensive yarns. I wanted to find textiles that would fit into our formula: good price, to make clothing that people would want to wear every day, textiles that would be sustainable, soft, flattering and comfortable.

LF:  How do you feel your garments echo the sentiment of the 1960”s Fluxus art movement?
MP:  Fluxus is a blend of classic fashion with modern flair. We always try to get some vintage inspiration in what we do. We try to embody the philosophy of the Fluxus movement in our garments by blending all artistic genres. Our design team always has music, dance, painting and photography in mind when designing a new collection. Our next collection for instance, features wax terry pieces…to us, it felt like painting fabric. We’ve been in contact with a couple of Fluxus artists that have explained the philosophy to us. We have read a lot about it…the story of Fluxus now has become a part of our story.

LF:  What was your inspiration for the Fall/Holiday 2009 collection?
MP: The Mod Sixties inspired silhouettes illustrate the fashion movement of that time, breaking away from tradition and highlighting the advancement of self-expression and exclusivity. With a modern rock accent, the collection featuring cropped jackets and pencil skirts include bright contrasted colors, pop prints and graphics. On the other hand, the luxurious, flowy Bohemian Rhapsody silhouettes are executed in earth tones with ultra bright accents including soft ruffles, floating vests and draping for a modish, laid-back look.

LF:  People use the word “basics” to describe your type of monochromatic knitwear.  Can you speak to why Fluxus goes beyond “basic”?
MP:  People don’t even want basics with a twist anymore. The market’s moved up. This year has been really interesting for the apparel industry. I’ve been in this business for a while and it’s the first time I see people wanting something that is different, spicy, people don’t want to be conformist anymore. Their clothes have to project something whether it be happiness, charisma, etc. in these dark economic times. Their clothing has become their smile. Basic doesn’t work in this economic climate. Fluxus spring collection will definitely reflect that with more couture pieces. But it still is wearable (everyday), adaptable to all sorts of body shapes, and budgets, just like Fluxus has always been.

LF:  Are you involved in any Eco or Sustainable fabrics or practices?
MP:  Everything at Fluxus is produced in Los Angeles. What kind of carbon footprint, as a brand, do you leave when your clothes are made in China and then flown over to the US? We’re eco-friendly in that sense: we focus on the local and our garments are sweatshop free. Between outsourcing the production of an organic line to a different country, where the labor force might be exploited and underpaid, and producing a non-organic line in the US and helping the local economy, we made our choice. We have plans to launch an organic line made in Los Angeles in the near future.
LF:  Fluxus is carried at many major retailers throughout the US from Saks and Fred Seagal to Nordstrom, why do you still consider yourself an “indie” fashion brand?
MP:  Honestly we don’t even consider ourselves an indie fashion brand. We’re not super commercial but we’re not “underground” either, we’re right in the middle. We don’t need to have one store in a tiny street in the middle of nowhere to feel true to our roots. We don’t need to be in all the big retailers over the world either. We are very much like the Fluxus art movement in that sense. It was not very publicized but a lot of people knew about it. We like word-of-mouth rather than big marketing campaigns. We are carried at many major retailers, but we also have our own flagship stores, that are in “villages” or small cities within the city (Larchmont, Brentwood). We like getting involved with the local communities. We’re very “glocal”.

LF:  Any plans for international development as far as retail goes?
MP:  We want to be in the all the big cities but within smaller communities just like with Larchmont and Brentwood. My vision is to extend in the West, then the East Coast then the world. Hopefully we’ll open about 10 stores by the end of 2010.

LF:  What five words best describe Fluxus?
MP:  Avant-garde, inspiring, versatile, marginal, cosmopolitan

LF:  Fit, form or fashion… what do you consider first when designing a new collection?
MP:  Fit is really important. It’s what makes the garment at the end of the day. Then it has to be fashionable. We don’t really follow fashion trends at Fluxus, we have our own fashion sense, we make our own conclusions from general trends (social, economic, fashion). We’re marginal, we’re anti-conformist so we don’t really like following trends. Trends come and go anyway. I have my own fashion sense: I feel the trends and translate them into my vision, I have an instinct for this.

 
 
 
 
 

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

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

mishabarone.jpgAfter 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!”
Dkt Logo
pimtim logo
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New York Entrepreneur Week's Top 10 Tips to Starting a Business in this Economy

Posted by fashionentrepreneurreport On Wednesday, October 28, 2009 0 comments
For the fearful, our current economic environment is an obstacle, for the bold, it is an opportunity.
What do companies like GE, HP, Microsoft, CNN, Hyatt and Burger King have in common?  They were all started in economic downturns by entrepreneurs whose passion, commitment, and ability to execute far out-shadowed the temporary economic obstacles.
New York Entrepreneur Week (NYEW) scheduled November 16th to the 20th 2009 celebrates the opportunities to be found in this economy.  Through a series of panels, keynotes and networking sessions, entrepreneurs will learn from over 120 speakers from 18 states and 3 continents the resources available to them and how to launch, grow, and manage a successful business venture.
For those bold entrepreneurs, here are 10 Tips to Starting a Business in This Economy based on panel discussions scheduled at NYEW:
1) Your Idea Must be Fresh and Innovative
Many entrepreneurs have made a fortune on a simple twist or new application on an existing product or service.  Having a great idea is the first critical step of success.
(Panel Discussion: The Next Big Thing: Hot Entrepreneur Opportunities for Today and Tomorrow)
2) Your Idea Must Compel the Customer to Spend
Customers are more cautious than ever with their purchasing dollar, knowing what makes your product or service irresistible is the key to success in a down economy.
(Panel Discussion: Sales for Non-Salespeople: Understanding the Purchasing Triggers of Your Target Market)
3) You Must Have an Executable Plan with Clear Objectives
Writing a plan, doing research, and having a well thought out strategy along with realistic projections for revenues and expenses are crucial in an economy where every dollar counts.
(Panel Discussion: You Have Passion- Now You Need Structure: Why It’s a Must to Set 30/60/90 Day Goals)
4) You Must Be a Watch Dog on Costs and Expenses:
With access to capital scarce in a slow economy; it is more important than ever to cut costs to the bone and make every dollar of revenue count.
(Panel Discussion: You Want to be an Entrepreneur? The Reality of Being a Full-Fledged Bootstrapper)
5) You Must Be Prepared to Sell:
Great sales people are made, not born.  You must learn and apply the essential skills of selling your product or service to succeed and prosper.
(Panel Discussion: Sales For Non-Salespeople: Critical Tips Every Executive Must Know)
6) Put Your Customer Ahead of Yourself:
Great entrepreneurs know that success is all about serving the customer.  Keep your focus on meeting and exceeding the customer’s needs, and you will not only stand out from the competition, but your customer will reward you for it.
(Panel Discussion: Prospecting, Selling and Turning Customers into Advocates for Your Business)
7) Don’t Go It Alone; Ask For Help:
People love to help others, you just need to ask them! The key to success in any economy is to seek the advice and counsel of experienced business persons in your niche or industry.
(Panel Discussion: Success is in the Company You Keep: Finding, Selecting and Getting Mentors)
Use Leverage to Grow:
Successful entrepreneurs know that big success comes from leveraging their contacts, experiences, relationships and finances.  Learning this critical skill is essential in a struggling economy.
(Panel Discussion: LEVERAGE! Successful Strategies for Getting Big Time Resources with Very Little Capital)
9) Harness Technology and Social Media:
Pencil and paper entrepreneurship is dead, make sure you are familiar with the latest technology and social media platforms to speed your operational efficiencies, and drive marketing and sales results.
(Panel Discussion: Emerging Social Media Trends: What You Must Know and How to Leverage It)
10) Never Give Up, Never Surrender:
Your ability to motivate yourself and your team is paramount in a tough economy. You must set the course, share the vision and kick it up a notch if you expect to survive and thrive in this economy.
(Panel Discussion: Entrepreneurial Leadership: It’s Not Always Easy Being the CEO)

- Will Corrente is the President of Corrente Consulting International Inc., a small business and entrepreneur consulting firm based out of West Palm Beach, Florida.

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