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