We love meeting with new entrepreneurs and hearing about their ideas! Being product development experts, we know the fun is in building and testing the product. But, before you jump in with both feet you need to complete the first step in launching any business: determining the start up costs. You don’t want to get 3 months down the road and realize you have spent your entire budget and you haven’t even started production yet! You need to calculate that budget before you start. Here are some steps you can take to help you determine your start up costs:
There is a huge shift today in how consumers purchase fashion. It seems as though the idea of fast fashion is being flipped on its head as consumers are looking deeper than just the price tag into what clothes and brands they purchase. One of the biggest (and hotly debated) trends we see in fashion today is the idea of “sustainable” fashion. Even with the growing awareness, it can be tricky to define the movement. Nonetheless, there is no doubt that consumers are demanding brands be more environmentally and socio-economically aware as they design and produce their products.
We are super excited that one of our favorite fabric and trim sourcing shows is coming to Chicago! Check out DG Expo December 6th and 7th at the Palmer House. Not only will we have our own booth, but we are one of the sponsors for the Fashion Group International's Holiday Party which takes place after the show on the 6th. We hope to see you on the trade show floor or at the party!
Being an entrepreneur is an exhilarating roller coaster ride! One moment you are killing it and the next minute you are asking yourself why you got out of bed that morning. We all have those specific challenges that can knock us down. Here at Stitch Method we encounter some we didn’t even see coming! For instance, when we started looking for office space we thought “this will be fun! Looking at real estate is awesome!” Wrong. Looking at real estate IS fun. But it takes time out of your day that you need to be working on other things. It takes more time and more money than you thought to find the perfect place, pack up everything, move everything, organize all the people involved, set up the phones and it goes on and on! It was exhausting!
It is tempting to jump right into the fun part of designing your line when launching a new product. We love that part too! However, before you even start to design your new product line, it is important to create a business plan. Writing a business plan can sound scary. But, unless you are seeking funding from a financial institution your business plan doesn’t necessarily need to be that overwhelming. We suggest a basic business plan outlining a few specifics for the apparel industry. Below is our top 5 list of questions that we suggest you address in your plan.