Writing a Business Plan for Fashion Part 1

Part 1 is all about the first set of questions fashion designers should ask themselves, it's part of the "Business Segment" of a business plan.

This portion below was an article I posted on http://www.examiner.com/fashion-design-in-phoenix/how-to-write-a-fashionable-business-plan-part-1

With more and more people wanting to be fashion designers, how does one stand out? There is more to being a fashion designer than just great designs. Being in the business of fashion, means you have to be on top of your game creatively while keeping a close eye on your operations and expenses. After all the last thing any designer wants is to look like a starving artist or have the most trendsetting designs without a way to produce them.

In this highly competitive industry the fashion designers who can arm themselves with a solid business plan are the fashionistas who will outlast their competition. If you have a flair for design and want to start your own fashion line, start by asking yourself these questions below.

1. What type of line are you planning?

In this question identify if you will be designing ready-to-wear, sportswear, business casual, formal and evening wear or bridal. If you design a range of clothing identify and focus on the clothing you design the most. This will be hard for some, but the more you focus on one genre the more likely you can grow your business to the point when you can start making money and designing other types of clothing.

2. What kind of clothing will you sell?

Identify if you will be designing upscale, high-end, men’s, women’s, children’s, separates, t-shirts, shorts, evening gowns and etc. Again, if you design a range of clothing choose the items that will be the best seller of your line and prioritize from there. For example, my main source of income is from making high quality bridal gowns, but I do also make bridesmaids gowns when the bride requests them. Although, I do make bridesmaids gowns, I still choose to primarily market my company to brides and stores to try to sell my wedding gowns.

3. What kind of opportunity is it?

This is where you ask yourself how much time you’re going to devote and if this is a new start-up or something you are expanding. Will you start off working on your business part-time and then ease into making it a full-time career? Or have you already quit your day job to work to try to make your company from a local one to a national one?

4. Why will your line succeed?

This is the most important question to ask and often times the most difficult one to answer. Start by thinking about what you have already accomplished and what you hope to expect to gain from owning your own fashion business.

Example: My line will succeed because my designs are unique and original to the bridal industry, but appeals to many different brides. (Your answer should be at least several paragraphs).

(This portion below was an article I posted on http://www.examiner.com/fashion-design-in-phoenix/the-business-of-fashion-part-2)

In part 1 of “The Business of Fashion,” you were asked the first four questions of your business plan. While you analyze your fashion line, remember that you are only half done. If you are starting up your company, you also have to ask the same questions for the business side as well. Let’s recap the first four questions again, but in this section think about the business end of things.

1.) What type of business are you planning?

For this question, it can be a simple answer like “a new trendy ready-to-wear line based out of Phoenix, Arizona.”

2.) What kind of clothing / services will you provide?

From a business perspective is there something you can offer to your clients or stores that will make you more sellable? If you are just selling in stores, maybe you can offer custom pieces or offer the stores you’re in free alterations on your clothing. You have to think of added value to your customers, so that in any economy you can stand out and continue to succeed.

3.) What kind of opportunity is it? (Same example from "The Business of Fashion: Part 1")

This is where you ask yourself how much time you’re going to devote and if this is a new start-up or something you are expanding. Will you start off working on your business part-time and then ease into making it a full-time career? Or have you already quit your day job to work to try to make you company from a local one to a national one?

4.) How will your company succeed?

Now that you have thought about how your designs will succeed, how will your overall company succeed? Are you doing something unique with your business model? Are you using only local vendors that operate in Phoenix or doing a lot of community events for local awareness? As a business owner and fashion designer, you have to be active in getting both your designs and your name out there.

(The last two questions of the Business Segment that wasn't in "The Business of Fashion: Part 1")

5.) How will you grow your business?

In business, it is crucial to constantly think about making your company bigger. If you are selling your designs now, think about to whom you are selling them to and ask yourself how you can sell to more people. Are you only selling your clothing on a custom basis for now, but can maybe start listing dresses on Etsy or know several stores you can sell to?

6.) How are your designs unique?

I learned early on from my days of trying out for Project Runway (tried out for season 1, 2, 4), that people who don’t make clothes but have an interest for fashion always want a story. People love hearing about what made you think of designing this or that, but they don’t want to hear the obvious. I use to think that I didn’t have a story, but in reality I just never thought about it. I think it was mainly because when I design, the concepts mainly come to me in dreams and sleep. The more I thought about what led me to that design, the more I realized that my dreams did tell a story if I probed my mind long enough. You may have to do the same thing to be able to answer this question.

Now that you have asked yourself the first 6 questions of a business plan, it’s important to keep going. We have now completed the “Business Segment” and our next section is the “Marketing Segment.” Through your writing analyze all the possibilities, write it down and visualize the end result. This is only the first step for you to becoming that rich and famous fashion designer, the next challenge is to keep up the success.

Below are the segments I will be writing about, I will be posting all the questions for the entire business plan when I'm finished.

* Business Segment
* Marketing Segment
* Location Segment
* Critical Risks Segment
* Financial Segment
* Milestone Schedule Segment
* Appendix Segment
* Creating Your Executive Summary

Epiphany of a Fashion Designer

Since the year began, I have been driven to change my work habits and work on things that I should have a long time ago. One of those things I should have worked on is updating the good ole business plan. As I revisit each question business owners should be asking themselves, I'm thinking "how does this help my current fashion goal?"

So, I'm taking my old business plan which has essential business plan concepts and making it work for the fashion industry. I've researched fashion design business plans before and I'm either so lost on the legal verbiage written in them that my vision is blurred or I'm simply bored. Some are better than others, but most of them are already written in business plan format or they talk about how to get hired as a fashion designer and not starting your own line. None the less, I'm always left thinking "what are the questions fashion designers should be asking?"

When I was in school, I will have to admit I was a huge nerd (and not going to lie that I still am). I'm not afraid to say that especially when school taught me how my mind works and how I would break down my assignments to gain more perspective on my fashion design goals. When I think of my nerdy personality I only hope to help other fashion designers with their own fashion goals with my new series.

I will be posting my "how to" on my Examiner profile soon, stay tuned.

(School pictures of me from my mom's house)

Critical Thinking

For the last few weeks I have been evaluating my circumstances in life and trying to map out my future. I realize that to get to the future that sometimes we need to look at our past and draw inspiration from it. I never really blogged about where I come from and how proud I am to be here. So, I guess better late than never.

I was born in the Philippines to a very hard working family. My father was the oldest out of ten children and my mother was the youngest out nine. They both worked hard in high school to get a college scholarship, while balancing jobs to help out their families. I'm happy to say that I am who I am because I grew up with many of my aunts and uncles taking care of me or living under the same roof. I had a sense of security, knowing that there was always going to be someone there to love me and take care of me.

Finally, my dad landed a job computing data for an airline and after traveling to many countries and living in some exotic places we ended up here in Arizona. Everyday when I feel down or don't think my hard work is going anywhere, I look at what my parents and know that they worked hard to get here and it's just a matter of time before I become a success.

The sheer fact that I was even in this country was a success and then to find a loving, supportive husband was just icing on the cake. As I work towards my goals, I will always remember where I came from and how it will mold my future.

This blog is devoted to my parents - mahal ko kita!