Lets see, let me get my crystal ball…uh…the spirits aren’t sure. Even they don’t know when a fashion business will start making money. Let’s face it, the answer to this question depends on many different things and since each business is unique it’s hard to know how much time you will need to prepare before you can actually start selling. One thing that every entrepreneur should know is it takes time before you start making money.
Making a business plan will help you come up with the time it will take you to become profitable. While a business plan is not a seer of the future, understanding your profit numbers and creating a break-even analysis is an important of your business plan that will give you some idea of when you will be profitable. As a start up company developing break-even analysis, a profit-and-loss forecast, and a cash flow projection will help you understand what you need to do to reach the goal of making money. Having an aggressive sales and marketing strategy will help it be quicker.
I find nothing sadder than a business owner pulling the plug on the business just before it starts making money, because they ran out of steam or worse money. Having a business plan in place gives you a blue print for how to run your business. It helps you figure out how much money you will need to run it plus an idea for when it will start making money.
Because I know how valuable a business plan is I developed a business plan template specifically for the fashion industry. Click here to purchase the plan. Believe me it if you are starting a fashion business it will be the best $97 you will spend. If you do purchase it contact me and I will review it and give you my critique for free.
Maria Pesin knows fashion, especially the business side of the fashion industry. Do you know how Manolo Blahnik got his start in the industry? How he leveraged a paltry 3 grand into one of the world’s most famous luxury brands? While she doesn’t take credit for Manolo’s success, Maria has walked a similar path on numerous occasions. The world of fashion is not silicon valley, and it has nothing to do with Madison Avenue marketing. In this industry there is ALWAYS room for something new and exciting, but you have to have your ducks in a row. If that’s what you need, believe me, Maria is the General Patton of fashion ducks!
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