INTERNATIONAL YOUTH DAY: OUR THOUGHT AND OUR WISH !!!

As we Celebrate International Youth Day,

it is our wish that as a country we focus more on vocational training and skills development among the youth. Indeed if Education is considered the KEY to effective development strategies then TVET (Technical,Vocational,Educational and Training) must be the MASTER KEY TO ALLEVIATE POVERTY,GRADUATE UNEMPLOYMENT.From the Tapping Knowledge 101 team.

UPCOMING FEATURE

In some few days to come,an interview we made with Mr.William Antwi,C.E.O. of Gergeharwills Microinsurance,Chartered Insurer by profession,adjunct lecturer at Pentecost University-Ghana(West-Africa),Business Consultant. on 

 SUPPLY CHAIN STRATEGY FOR FASHION/CREATIVE START-UPS AND THE NEED FOR FASHION START-UPS TO BUILD UPON THEIR DISTRIBUTION CHANNELS IE. FROM THE MANUFACTURER(DESIGNER)->WHOLESALER->RETAILER->CONSUMER(CLIENT) AT A VERY EARLY STAGE OF THEIR BUSINESS WILL BE PUBLISHED SOON.STAY ALERT AND ENJOY READING OUR OTHER BLOG POST !!!

BUILDING A STRONG FOUNDATION OF BUSINESS FOR THOSE IN THE FASHION INDUSTRY AND IN THE VOCATIONAL SECTOR(PART 2)

Beginning with part 2 of this piece,on the need for fashion/creative start-ups to build a very strong foundation of their business at the embryonic stage.I will say that many fashion start-ups, at a very early stage of their business should not invest all their energies into expensive advertising,marketing, engaging and staging fashion shows with the mindset  of attracting wholesale buyers and press.More often they spend huge amount of money, which in my honest opinion i would prefer to see these fashion start-ups,invest these money in their production to create a high quality fashion products,wooing a focused list of boutique,store buyers,and many retailer shops who they can build a strong relationships with,which will consequently help them build a very strong customer base.
      Below is a story about how the London-based JENNY PACKHAM who is an internationally renowned designer with clients including the Duchess of Cambridge, Angelina Jolie, Jennifer Aniston, Miley Cyrus, Beyoncé, Cameron Diaz etc. started and how she was able to build a very strong foundation of  her business at a very early stage.

(PHOTO CREDIT:FIRSTVIEW)

• Born in Hampshire on March 11,1965,Packham is the sister of television presenter and naturalist Chris Packham.
• After Studying fashion at Southampton Solent University and then receiving a First Class Honors degree from Central Saint Martins.(Brief History)

After founding her eponymous line-then called Jenny Packham London-in 1998,she didn't start by staging and engaging in various fashion shows,until around ten years later when she had a solid business model  with healthy balance sheet and production channels.

     In my view this was a smart and strategic move on the part of Packham, and this has seen her business flourish through the toughest economic climate.

          Traditionally the fashion world begins with product development, which goes a long way delivering  a highly finished product to your targeted customer, which can  create an enormous cashflow headache for even the most established of businesses. And this will lead me to another piece about  supply chain strategy which will be published for your reading pleasure soon!!!

But to wet your appetite about supplying chain strategy and the need for fashion start-ups to concentrate on this chart flow and focus on very great production channels to sell their and promote their product at a very early stage of their business ie.

 MANUFACTURER(DESIGNER)->WHOLESALER-RETAILER->CONSUMER.And this also comprises the links involved in bringing a finished item to the end consumer and the methods of ensuring that each store has sufficient stock to offer items in every size and color

Ending with  part2 of this piece,i leave you with #10 powerful business management tips.

.#1.Identify All Your Stakeholders

#2.Appropriate technology can help

#3.Do your homework

#4.Business follows strategy

#5.you get what you sacrifice for.

#6.Appearance does matter

#7.Train your supervisors

#8.Change or die

#9. Practice what you preach

#10.You can't "cost cut"your way to Greatness.

REFERENCE

FORBES.COM

VOGUE.CO.UK

BUILDING A STRONG FOUNDATION OF BUSINESS FOR THOSE IN THE FASHION INDUSTRY AND IN THE VOCATIONAL SECTOR.

Fashion in it's self as a vocation refers to one using his hand or few tools to create an image conscious environment.So,it stands to reason that creative start-ups or designers need to create the right impression when they enter in to such venture.Fashion start-ups often begin life in a very small way.Most often start-ups in the fashion industry start by operating their business either from home,or in a shared space.More often than not everything is done on a shoestring with friends,student studying fashion and design in polytechnics,colleges, or interns in big fashion house producing samples and seeking the services of their fellow friends who are into modelling or the services of mushroom modelling agencies working with their samples in exchange for those very samples rather than hard cash.And if things goes well with them their designs catch the attention of the press whether Electronic/print or with the advent of social media they share it on these social networks like facebook, google plus etc.,generating positive critiques and a celebrity might be convinced to wear said label to boost their style credentials.

Most often fashion start-ups often jump from using their friends and begging favors from celebrities,with the aim of creating a perception about them being a bigger player with the required tools,staff,shows,industry presence of a successful business before they are ready to fund that.  Over the years many designers and creative start-ups at the initial stage of their business talk about growth in terms of studio space,PR budgets,participating in extravagant and unnecessarily fashion shows rather than focusing on building on a very strong foundation of their business, in terms of building a very strong business module,developing a long term development plan etc. Mind you; "image isn't about business because business is about creating healthy cashflow by selling a product or service that people want,delivering growth and profitability".

Designers need to be prudent with their capital,investing in production process,negotiating deals with suppliers and carefully targeting your shrewd customers with focus on sales and marketing.

  Ending with  PART1 of this piece i conclude that" MANY DESIGNERS AND CREATIVE START-UPS WHO WERE ONCE VAUNTED AS THE FUTURE OF THE FASHION INDUSTRY DISAPPEARED AFTER A COUPLE OF SEASONS WITH BANKRUPTCY HANGING OVER THEIR MUCH-HYPED NAMES".