The King of Lies lay sleeping in his golden bed. Suddenly he was awakened by a voice calling out to him, “Arise.” He rose from his bed but saw no one. The voice called again, “Put on your royal…
Consider these 5 steps when making your plan:
What do you want to achieve? We encourage you to put in some time and effort and work on your business plan the first thing you do. Ask yourself why you are doing this and what you are aiming for. Set clear targets, and then make a plan for how you should get there. A ship without destination will end up anywhere or nowhere.
Running a sportswear business involves spending a lot of money in the start-up phase before you get any revenue. Typical posts where you will spend your cash is studio rent, office supply, computer, phone, Internet connection, web site, advertising, photo, branding, marketing, sales, salaries / consultant fees, and of course the product development. Before you start spending, make a detailed budget plan, have a look at financing options for your business and a potential plan B in case “things” happen.
To help you keep track of all costs associated with each product design/development, you can use a costing sheet. This is a list of all the costs imbedded in one garment, everything from fabrics, trims, making, labels and packaging.
It doesn’t take a great entrepreneur to spend a lot of money. It is much more difficult to be profitable from the start, but you should definitely aim for it. See to that your margin covers your costs including overheads. Make a realistic budget to help you achieve your goals. The product development cycles are long and with a clear plan you don’t loose yourself and your money along the way. You will need the profit to reinvest in your collection and to manage larger demands and production. It is all doable, but you need to stay in control.
Over 1 billion candles are sold each year in the US, making them one of the most popular gifts. Millions of consumers spend money on candles without realizing that cheap, safe alternatives can be… Read more