Hello lovelies 🙂 THANK GOD It’s FRIDAY!!!! It’s been such a long week and the happiest ending to it is going back to my fashion certificate classes and talking to you about it 😉 Today, we’re going to scratch the surface of what happens on the business side of the fashion world. What kind of decisions are made and what impact do these decisions have on the profitability of a company.
At the end of the day, fashion is a business just like any other. In order to run a successful one, you should start by figuring out which area your passion lies in. My passion is in design so the next question for me was what type of clothing I’m interested in designing? Since I’m still doing fashion illustrations at this point, I’m free to explore designing for couture, ready-to-wear, or even mass market. Love couture the most though 😉
In order to run a successful business based on my illustrations, First, I created a simple business plan. I wanted to know more about my target clients, who they were? where do they live? what do they value? and what their expectations are from my products at this price point? This is more of an iterative process, based on my experience, as you keep learning more and more about your clients the more you interact with them.
Now that you’ve known enough about your clients and what products you want to create, the second step is figuring out FUNDING!! Your financial plan will determine your initial cost and the amount of funds you need for your day-to-day operations. Whether you’re funding your business out of pocket or seeking external funds (kickstarter.com as an example), a financial plan is a crucial part for sustaining your business and monitoring your expenses.
The final two plans you need are your marketing, and management plans. Your marketing plan will determine the channels through which you’ll reach your target customers (online social media channels, direct marketing, events, shows, etc). A management plan is necessary if you’re planning on hiring people to help you with your business either from the beginning or down the road.
These principles are common in running any successful business in fashion or any other field. In the next post, we’re gonna explore some aspects that are mostly related to a business in the fashion world.