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...

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...

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...

Well done! You’re launching a fashion business and there are so many things you need to focus on. Your mind is busy with endless to-do lists. We got you!

We’ve compiled the key things that you need to bear in mind to give you some clarity and help you act efficiently and effectively.

Don’t be scared of competition

You need to be aware of your competition for a variety of reasons: building an appropriate pricing structure, and staying unique and true to your brand. But being aware is all you need to be, don’t spend too much time and energy stalking your competitor. That energy must be saved for your business.

Also, look at how well their products are selling, are they constantly pushing discounted stock outside of ‘normal’ sale periods? Find out as much useful information as you can by visiting stores, going online and researching your competition overall.

Take note of how your competitor engages with your mutual audience, use your common sense and business acumen to analyse if it’...

Being in the fashion industry means that you have to schmooze (read: network as a professional) at events. But being a fashion business owner means that you have to effectively network with a range of people, at a number of different events. 

How to network

This can be a nightmare if you hate networking, if you believe that you’re just really bad at it, or worse still, if you just don’t have the time. But it doesn’t have to be a nightmare. The thing to remember is that everybody has an agenda when networking; people either want to promote something or get something from someone else so that they can get on with selling something.

Networking should be a great way for any fashion start-up owner to build up a strong bank of contacts and links to resources. Here is some advice for fashion professionals who want to learn how to network.

Figure out who you should connect with

If you need a mentor, or a graphic designer or a web developer, find a way of finding them. The best way to do t...

Productivity hacks to make the most of your time and keep on track: 

1. Have some airplane time

The internet is the biggest source of procrastination, so once a week why not schedule time in your calendar – anything from an hour to a whole day – dedicated to completing non-internet based tasks. Turn off your smartphone, set up a temporary out-of-office email and get cracking. You might be surprised by how much you achieve.

2. Make the most of your morning

We are normally the most alert and productive first thing so don't waste this precious time. Instead of starting your day by reading emails and checking social media, dedicate the first hour of your working day to completing one or your most difficult or dreaded tasks. This ensures you make the most of your brain at its most productive and sets your day off on a positive foot.

3. The two-minute rule

If a task takes less than two minutes to complete you should finish it immediately. Whether that means responding to an email or co...