When people talk about fashion design involving a lot of problem solving, you probably didn’t think they were talking about math problems. It’s true, though. The solution to some of the problems you run into in fashion entrepreneurship do involve math.
Without a plan for how your designs will make your brand money, you won’t be able to continue to share your designs with the world. The good news: there is more than one way that the products in your collection can affect your customer and your bottom line.
It is pretty obvious that you will get a pattern when you hire a patternmaker – it’s in the name. Working with a patternmaker can benefit your brand in many other ways as well. What you get when you hire a patternmaker is more than just a pattern. Here are some additional things you’ll receive.
When doing anything for the first time – including starting a fashion brand, it is inevitable that mistakes can be made. But, many mistakes can be avoided. These are the four most common mistakes I’ve seen new brands make and what you can learn from those mistakes in order to avoid them in your business.
Many business owners fund their startups with their time and passion in the beginning – and sometimes this is necessary, but I want to make the case for why paying yourself as the business owner will benefit your business in the long run.
Design may be the fun part, but costing is what makes sure your business is making enough money to cover your expenses, pay your people, and make a profit. Target and actual costs each serve different purposes, but both work toward the same goal of keeping your customers happy and your business profitable.
Small batch production is an attractive option for brands that are just starting out and want to test their products in the market before investing in large amounts of inventory. But, while producing small batch has a lower environmental and start-up cost, the cost per unit is actually much higher.
If you’re designing for a business and not just for yourself, the numbers are important. It is true you can delegate much of the number stuff to an accountant, technical designer, or production coordinator, but there are some numbers that you as the designer really need to know and understand yourself.
What do you do if you find that your costs are too high and your factory can’t cut and sew your product for the cost you budgeted? Today we’ll look at four ways you can lower your cost to meet your target.
You’ll need to consider the cost to make your designs and set prices that will make you a profit. Costing apparel products can seem like a moving target, but there are some formulas you can use to calculate costs and prices so you can make informed money decisions.