Diary of a Fashion Start up - Part 1

We are pleased to host a new series of guest blogs from Meeka Harrison-Topham who's blog my fashion start up chronicles the issues faced by an aspiring fashion business entrepreneur.


Business plan 101

Putting pen to paper and churning out a 15 page document mapping out the backbone of your business can be an excruciating task, despite the wealth of resources and guides at our finger tips via the web. To help me along the way, I decided a bit of interactive focus wouldn’t go amiss, so last Thursday I found myself biking over to Tottenham Court Road to attend a workshop run by Alison Lewy of Fashion Angel, entitled “how to write a business plan”, aimed at fashion design businesses.

While these kinds of workshops inevitably put forward the same guidelines and tips contained in business guide books which you can get for a fraction of the price, the money spent was well worth it  – as the interactive style workshop ensures that you come away with better presentation skills, a clearer idea of the strengths and weaknesses of your idea, and maybe a fruitful contact or two found through networking.

Here are some key points I took away with me from the workshop:

• A business plan is essential to provide a clear structure for your business, as well as to create momentum and keep you along the right path.
• Research is key, and will form the most labour intensive part of the process, from looking at your market segment, ideal customer, competitive field, price points, to targeted boutiques.
• Financial forecasts can be brutal tasks, but are vital in order to draw all the aspects of the plan together in numerical form, and of course ensure that you make money!
• Business plans evolve – they are not static, so keep on adding to it as your business grows and changes

The workshop put a useful amount of emphasis and time on how to put together financial forecasts, and to monitor cash flows – no doubt both the dreaded nemesis of any designer! So all in all a productive morning, and very useful to meet Alison, who has just written a book called “Design, Create, Sell”, offering advice on cracking the hard nut of the fashion industry, which I’m sure is vital reading…

Project 104 - our second mentoring session

Project 104's designer Sarah Reader and I  had our second mentoring session on a lovely sunny  March day. I was so excited to find out what Sarah had been up to since our last session and was blown away by how much she had managed to achieve in the four weeks.

From not having any formal plan in place, using the Fashion Angel Business Plan Guide, she has now started to put together her  business plan and strategy for going forward with the business, and we have started to develop her USP and key messages that will be used to reflect her brand across all communications.

Project 104 jackets are now on sale on the Etsy.com website and she is investigating other online retail opportunities, as well as the development of her own website which is now underway.

An opportunity has risen for Sarah to participate in a pop up shop in May – this is a great way for her to promote her brand and generate income. Sarah attended our ‘Setting up an Accessory Business’ workshop and as we are moving into Spring/Summer season, has wisely decided to design a Project 104  limited edition accessory range.

It’s tight, but we worked out a manageable schedule so she can make up  enough stock to sell at the pop up shop and then online.

Accessories serve as a good way of allowing consumers to buy in to your brand at an entry price point level, even if they can’t afford to buy from a main collection.

It’s been a tiring month, juggling all the work entailed with starting a new brand, especially when you are also working part time and on a tight budget, but Sarah has done tremendously well and we are all very impressed with her progress so far.

As ever, we  finished the  session with some clear actions and target completion dates before our next session at the end of April.

Author Alison Lewy Follow @FashionAngel1

Project 104 - Business Mentoring Session

Today was  the first mentoring session with our mentoring competition winner Sarah Reader founder of Project 104,  which was sponsored by Etsy.

Sarah wear Project 104 jacket 

photo Jay Mclaughlin

We had a really productive session, first discussing the current status of her business and outlining what the goals Sarah wants to achieve over the six month programme.  We defined  the key areas that are a priority  to focus on in preparation for the brand’s launch to market.

There are always so many things that need attention when starting up a fashion business,  but it is important to be realistic with what can be achieved with limited time and resources. It is far better to take things slowly and make sure you have everything in place, rather than rushing, making costly mistakes and putting yourself under pressure.

As with many designer, Sarah has so many ideas and plans for the brand  but has yet to formalise her strategy into a business plan  Many people think you only need a business plan if you are trying to raise money, and whilst this is certainly true, your business  needs one anyway as it is becomes your roadmap and guide, allowing you to keep on track with your goals and objectives.

Sarah in Project 104 

photo Elliot Rose

I  have given Sarah our Fashion Angel guide to writing a business plan – writing a plan isn’t  as onerous as it sounds and can be broken down into small chunks. It’s not something you can put together quickly – it usually takes a few weeks while you refine your business model and conduct the necessary research.Working on the plan makes you think about the direction of the business and the many aspects to running a successful business.

The plan will evolve as new opportunities and challenges arise. Sarah is at the perfect stage of her business journey start working on her plan and working with the Fashion Angel team will give her the tools and confidence to do this.

Aside from this we discussed how important it is for a brand to have a clear USP which will be the cornerstone for all brand development activity and be reflected in all sales/press and marketing channels. Over the next few sessions we will be defining the USP, looking at  production options, costings and profit models and researching routes to market.

We rounded off today’s session with some clear actions and target completion dates and will review  progress at our next meeting at the end of March.

I am really looking forward to working with Sarah over the next few months and watching her label develop and launch to market!!

By Alison Lewy
Follow @FashionAngel1