Your target cost is one of the key elements to properly developing your product.  Here is a handy 4 step process for you to use when you need to do quick and broad calculations, or set up your Excel sheet formulas.

First comes the planning then comes fun. The idea of having your own fashion business is exhilarating. The thrill of opening your own store or launching your clothing brand is hard to contain with all your ideas waiting to be realized.
But before you jump into the business with all that adrenaline rush, you need to start with a plan first. And a good one at that.

Business planning involves putting your ideas down and really defining what your company is all about. It gives you focus on the direction you want to go.

There are many things you need to cover when starting your own fashion business.

Some of the things you have to do include:

1) Determining your marketing strategies and distribution strategy
2) Analyzing your competitors
3) Compiling your start-up and succeeding costs (particularly in the first three years)
4) Planning to grow and expand your business.

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There are different financial aspects in running a business. You need consistent cash flow to ensure that your business runs without interruption. As a business owner, you need to be on top of your finances. Let’s look at four main financial areas that you need to closely monitor:

1) Expenses
2) Budget
3) Funding
4) Accounting

Expenses

These are the different things you invest in as you start your business. Some of them become recurring expenses. Let’s look at some of your major expenses:

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Now we go to the part where we get your creations out to the market! First, you need to pick a business model for your clothing line.

You can either:

● Sell it yourself
● Sell it wholesale to retailers only
● Or be a retailer and wholesaler of your clothing line

Sell it yourself

If you plan to sell your own line, you have the option of opening a brick-and-mortar store or an online storefront. Obtain the permits required in your area to run a retail business such as registering your business name and resale permit or sales tax permit. Such business documentation will be necessary in order to open wholesale accounts with clothing suppliers.

The next thing you need to do is find selling venues for your clothing business. The most expensive venue is a traditional, physical store. But there are also some feasible options. Have you heard of the rent free retail incubator with Downtown Winnipeg Biz? You can check that out here.

Less expensive options include mall kiosks, temporary pop-up spaces, your own e-commerce website through companies such as Shopify and Etsy, online marketplaces like Ebay, and social media websites.

Some people have success only selling their clothing brand online. If you do this, include the address for your website on your clothing labels so that customers will remember where to go to get more of your products.

Tradeshows are great venues to promote and get sales leads for your clothing line. Winnipeg currently does not have a fashion trade show or fashion week. If you’d like to support a Winnipeg fashion trade show to showcase your collection along with other designers and local resources (photographers, manufacturers, fabric suppliers etc), email us here.

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With your mood board in place, you can now begin sketching your pieces. It can be a rough sketch but with enough details to show the look you’re aiming for and at the same time can be an accurate basis for a pattern or sample.
For a wholesale buyer for a ready-to-wear collection, they need to see a sample of your work so the main aim of your sketch is simply to present the wearability of your clothes. For a couture or custom-made order, you don’t have to produce a sample but you need to present a colored and detailed sketch with swatches.

As you sketch, come up with a gotta-have-it-item in your collection. Diane von Furstenberg did it with the now-ubiquitous wrap dress while Tory Burch had her Reva flats.

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