QUESTION:

I have an idea for a fashion product, that I believe can start a big new trend, but I don't know how to finance the development of it. How do I find investors for my idea or finance a fashion business?

Richard

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Hey Richard,

One of the biggest problems for most fashionpreneurs is finding a way to finance a fashion business.

The development of your idea will take time and perhaps countless samples and the time it will take you to develop and bring to market can by itself be a full-time job even for one product. And that is only the beginning.

So having funds to sustain you through this process is vital.

Looking for outside injection of capital is the preferred way for many. While this is an appealing option, you must realise first that this comes at a price - you'll end up with some debt and/or giving up some control of your company.

The most common options to finance a fashion business are:

• Friends an...

We see it every day, on the commute to work or at a business event; people are almost never willing to speak to one another. When did networking become a chore or a scary situation?

With the right attitude and approach, that person you’re sitting next to on the tube, or standing next to in a supermarket line, could in time become a future business partner, a career-changing connection, or a lifelong friend. Let's talk about turning strangers into connections.

“When it comes to succeeding in business and in life, most of us talk to strangers just 2% to 3% of the time. It’s sad because the secret to the majority of your future successes is waiting outside your immediate network.” This quote is taken from the book ‘How to Be a Power Connector’, written by Judy Robinett, an author with over 30 years experience as an entrepreneur and corporate leader. Robinett is a business thought a leader who is known as "the woman with the titanium digital Rolodex."

Robinett used to consider herself s...

It is a universally acknowledged truth that the world of fashion has never before been as competitive as it is today. To come up with an idea is easy in comparison to actually turning that acorn of an idea into a business. There are many prerequisites in the recipe for success but one of the main ingredients is successful PR.

While the world of media and press has also evolved and changed, few things however still remain relevant and necessary to do, in order to garner attention.

Here are our top tips:

One of the many things that any start-up, small, medium or large fashion business have in common is the need to have their brand become known and recognisable to the public. You may have a good or even great idea, but if the world doesn't know about it, your idea will never turn into a business. In today's omnichannel world of marketing and PR, it has never been so easy and so hard to make yourself heard and spotted.

A good public relations campaign is imperative to a company’s su...

A good public relations campaign is imperative to a company’s success. Public relations isn’t just about earning fans or clients, it’s about embracing your target audience and giving them a reason to like your company.

In order to gain a reputation, a business or individual must present themselves to the public in a way that makes them approachable. A company can have a great product but without a public reputation, they will struggle to be acknowledged.

Related Reading: Top 10 Tips for Successful Public Relations - Part One

So what can you do if you are not lucky enough to have an infinite disposable income that will pay for a public relations agency to represent you? While the aim may well be to approach and engage a public relations agency further down the line, initially there are some things you can do yourself and capture some prized space in a glossy magazine and get the world's attention, which in turn hopefully may lead to increased sales and new opportunities.

It is a uni...

Many challenges can arise when dealing with global and multi-cultural business interaction.The fashion industry is multi-national, multi-cultural and multi-lingual, with the latter being approached in a technical manner, and interpretation is often ignored.

The style of linguistics used in your native tongue may not translate clearly when you adopt your chosen business language.

A professional manner is necessary by all accounts, but good interpersonal skills can reward you when trying to ensure high-quality results from your manufacturer or attempting to communicate to your designer that you’re not happy with their latest response to your brief.

The metaphors and analogies that pepper your dialogue can be interpreted as offensive, or even ignored, and can litter your business transactions with confusion and disappointment.

Regardless whether your non-British manufacturer or designer speaks English, or lives in England, bear in mind that they may not have picked up the characterist...

Some of the New Year's business resolutions that we have overheard recently:

• "Open 14 new wholesale accounts!"
• "Increase in profits."
• "Double turnover."

The idea of New Year's business resolutions is to build hope that the year ahead will be better than the one left behind.

It is not about becoming a new person or setting 365 impossible goals for the year ahead – it is about doing better and being better. Improvement and success are the main objectives and they are easily attainable.

So, take the root of the word more literally and create a movement to resolve your business. There is hope and it is not too late, so, recalibrate and let’s recalculate your 2015 journey.

1.  Be Realistically Organised

Know what your short, medium and long-term goals are for your business, and organise a way to achieve those goals.

If you want to expand your business or see your designs sold in a particular outlet, write down how you plan to achieve that. Creating shortlists with a few sub-hea...

If you're considering creating an eyewear line, eyewear designer Sandra Battistel shares her wealth of advice and experience with these top tips.

The great thing about eyewear is that it’s a mix of fashion and product design, and one of the best examples as to how these two disciplines work together. It also plays a big part in defining one’s personality, so this adds another dimension to such an amazing product. There are a lot of independent brands emerging so it’s important to create innovative designs and concepts if you want to stand out.

Here are Sandra Battistel's key tips if you are looking to create your own eyewear collection:

"Work closely with a manufacturer – spend as much time as possible on the production floor."

My first recommendation would be to get a solid understanding of the manufacturing process and the materials used: acetate, wood, lens, metal plating, etc. The best way to do this is to work closely with a manufacturer. Spend as much time on the producti...

Manufacturing Partner: Find the right one for your Brand - Fashion Insiders One of the challenges most often faced and talked about in fashion is the delicate matter of finding a manufacturing partner – the right manufacturer – for you and your brand. We are quick to know what is right and wrong, good or bad in everyday matters, but when it comes to finding a factory, everyone seems to panic and forget to apply what they already instinctively know.

How to find a good manufacturing partner

So, here are some reminders that should help you sort the good from the bad.

Respect for other people’s work

One of the main ways to finding a good manufacturer is going to meet them. Once you are there, notice how they talk about their work, also about existing and past clients.

Are they respectful? Do they bad mouth past clients? Do they show you what they are currently working on for other designers? Do they treat their show samples and past examples of work kindly, or are they dirty, scruffy ...

Celebrity Gifting

Imagine making one of your products: designing it, sourcing materials, manufacturing it, putting it through rigorous quality control measures – and then giving it to someone for free.

Okay, not free, the ‘someone’ is a celebrity and your payment in kind is publicity. But another hurdle that you face is that they might not decide to actually wear it. And, if they do, you might not get it back.

Therefore, you have just spent production costs and your precious and limited time for zero profit. Not part of your business strategy, is it?

Unfortunately, this is the reality for many small designers, especially during the various international Awards seasons. Celebrities don beautiful wares from designers who are desperate for the walking, talking advertisements of their garments and accessories, to be seen by the world’s media.

Building a relationship with stylists is key as they are often the neck that turns the head of the desired celebrity. A question that you should...

Fashion product pricing is essential, yet tricky to get right. To make your fashion business work, one of the key things you must do is make a profit. We know, that does seem fairly obvious! But actually taking charge of what needs to be done in order to actually do so can be challenging and sometimes overwhelming.

Never fear and don’t despair, we have easy-to-follow advice on fashion product pricing for profit.

https://youtu.be/i0MCtx9evjc

Tips for Fashion Product Pricing

1. Know your target market

The key is to have an in-depth and well-researched knowledge of your market, your customer, your costs and your route to market. "How?" We hear you cry. Just ask yourself the following questions:

• What is your market?
• Who is the current market leader?
• Who are your competitors?
• What are your competitors pricing their products at?

Jot down your findings and what you immediately interpret from what you’ve found. Now, let’s get down to business! If you've already done your business...