Do I Really Need A Business Plan ?
(117). Many of our fashion business clients do not consider it necessary or worthwhile to construct a business plan, especially if they are not planning to obtain loans or to attract investors.
While we am sympathetic to that view, a simple business plan can be a very useful tool for our clients.
A business plan will inform you whether your business is viable, how much money would be needed to start your business and where that money would go at what stage in the development. It helps enormously to have to think through the logistics and to have some written clarification.
In order to run a successful and profitable fashion business, a business plan is very important. It contains vital information on your products, competitors, pricing, marketing and finance. It also helps greatly in defining your business goals and objectives.
The fashion business is very different to other businesses due to the short life cycle of the product. If everything is not planned and coordinated correctly the product may not come to market at the correct time, which could seriously effect the price and the cash flow.
It takes many hundreds of hours just to pick up the basic information needed to set up and run a successful fashion business. We ourselves always suggest that our clients learn alongside us as they get on with the real business of designing and creating fashion.
We can supply invaluable mentoring and advice . In my opinion this is infinitely better than spending forever researching and planning.
Fashion Business Plan Workshop
We run a two hour, 1-1 bespoke workshop designed to create your own personal fashion business plan with you. For those new to the fashion business we recommend if possible combining this workshop with our fashion start-up workshop.
” The beginning of wisdom is to call things by their proper name” CONFUCIUS
The executive summary is a short preface of the business plan report. It focusses the mind in order to distill the essence of your business down to a page or less.
This page may well be the only page that is read by a potential investor, so having a strong executive summary is key. In fact the first sentence may be the only part that gets read. So there is a good argument that your executive summary needs an executive summary.