You may look at famous designers and think that they are so lucky, but the truth is that they worked extremely hard to get to where they are today.
The first and most important step of any new business is the business plan. It’s a key document that contains information on your products, competitive landscape, your industry, marketing, pricing, distribution, management and financial information. It is surprising then to find out that many fashion businesses don’t actually have one.
“Luck is what happens when preparation meets opportunity.”
Lucius Annaeus Seneca, Roman philosopher
Starting a business without an idea of what it is, what it sells, who will buy the products who it competes against is actually very risky.
You might start a business that the market can’t support and you will waste a lot of time and money.
So do a little preparation and you will greatly benefit from defining your goals and objectives.
Why is a fashion business plan important?
Before you start a business you need to work out whether you are going to be profitable. By mapping the business out before you start (especially working out those complicated financial projections) you are going to save a LOT of time and effort.
Financial partners and potential investors will need to see your business plan before they consider coming on board.
Without a business plan you really just have an idea about a business; the business plan is a strategic road map that will help you reach your goals.
If you’re not sure how to create a business plan download our free template.
Need a completed fashion business plan example?
Join our Fashion Business Plan e-course!
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