I wanted to write about this because I once jumped into starting my own business without doing the proper research and preparation. When this didn't work out, it took me two full years to get over the disappointment of what I thought was failure at the time. In retrospect, I don't regret it....I learned a valuable lesson including never do anything in haste when it comes to doing your own business. You have to plan, carefully dot the I's and cross the T's......and seek advise and help from the right channels before starting. It really doesn't matter how many years of experience you have had working for other people, starting a business requires so much more commitment and knowledge that is often outside of your comfort zone or expertise.

According to the Bureau of Labor Statistics, 50% of of small business fail in their fifth year, and 20% fail in their first year. You also may want to know once you become a business owner, most of your time will be devoted to keeping the business going rather than designing. For a lot of "creatives" out there, this can be a deciding factor as you will have to deal with responsibilities that you may not want.

The following are some fundamental points to keep in mind:

Who is your target customer? - It is essential you identify who your audience is. What is their lifestyle? Financial background? Their education? The age group they most likely fall into? What are the brands they will most likely buy?
Who are your competitors and how will you stand out? - What are the brands out there that sell similar products that you want to sell? What makes your product unique, and is there a need for this product in the market?
What price point aligns with your product? - Do research on your competitors' retail prices. your prices need to be competitive.
Design and development - Who will you need to hire help put together your initial line? A lot of small start ups rely on hiring freelance pattern makers, tech designers and other freelance consultants in the starting stage until they get into the Production stage. You can also partner up with a manufacturer with whom you may have had a previous relationship from other jobs, who will be willing to make a small sample line for you without their usual minimums. (However, keep in mind they will also be expecting production orders if these samples end up selling at market.)
Production and supply chain - The final product that ends up on the selling floor of a store or in the hands of your customers is probably the most important piece in this process. This will determine that your customer will return . It is important to have the right technical support team to produce your production samples and partnering up with the right factory/factories. " Supply chain, logistics, delivery, and quality control are critical parts of growing a business."
Find a business partner - If you are a creative like me, your partner should be someone who knows the fashion business and has a background in business or sales. ( Word of advice: Try not to go into business with your best friend, mixing business and friendship can be disastrous.)
Create a business plan - Hiring a professional from the Fashion Industry is preferable. This is one of the most crucial steps and will give you a good idea of how much money you will need to run your business. You don't want to run into cash flow problems later.
How will you fund your company? - This is tricky especially if it's your first business venture. Unless you are independently wealthy, it is near impossible to find investors when you are just starting. Most likely, you will end up borrowing from family or friends, or take out a bank loan. (For more options, see below links. )
Marketing and PR - How will you let people know you exist? In the beginning you may not have the proper funding to support hiring marketing and PR professionals. Knowing how to use Social Media to get your product out there is the current protocol. Using your network and contacts can also be helpful. People like to give advice, so take advantage of this.
Sales and distribution - How will you be selling your product? "At the early stages of your business, sales will involve wholesale, selling to online or offline retailers. Eventually you may have your own retail through an e-commerce website and physical stores."
Manage your cash wisely - Situations and mishaps will happen. Search for the best solution to resolve issues both economically and efficiently. Remember the faster the cash goes out the door, the faster it must be replenished. When you are not making a profit in the first years of business, you want to hold onto every dollar you can!
Have patience - Just know even as you make it through the first year, it can take at least two to three years to see any profit. This is one of the reasons why you should partner up with people with a Fashion industry background. They are more likely to understand things do not happen over night. Hunker down for the long ride, stay focused, be resilient, and persevere.

There are many things I have not included in my blog so please visit the links below for more information. I wish you great success in your endeavors! Remember nothing happens without a lot of hard work and smart planning! Who knows, maybe one day you can use my consulting service for your start up business!

https://www.entrepreneur.com/slideshow/299680#7

https://startupfashion.com/3-ways-to-raise-money-for-your-fashion-line/

https://fashionista.com/2014/05/tips-starting-fashion-business

https://www.businessoffashion.com/articles/basics/the-business-of-fashion-basics-3-how-do-i-find-the- right-investors-and-partners?source=bibblio

https://www.businessoffashion.com/articles/basics/do-you-really-want-to-start-a-fashion-business