We're the Teen Economists aka the elite team and we aim to inspire and motivate.
Friday, 17 August 2012
Long Heels, Red Bottoms
This article is for the emerging designers that should be aware of the fashion world. How the fashion world is fraught with tricky choices on incorporation, competitors, sales and knowing how to protect your brand.
Sense of fashion comes from within but “the fashion world is not just about making a design that’s great- it’s figuring out the wholesale margins, adding in the cost of packaging, shipping, taxes, tariffs, and making sure your profit margin will keep the business running.” Words by Annmarie Scotto-Dinan, who launched a women’s fashion label called Chloe & Reese. It started small but within two years of the business, the label had gone global.
Annmarie Scotto-Dinan knew she would need to spend a lot of her time learning the trade, but what she didn’t know that she would also have spend her savings too. She figured a business loan would help financing her passion, but when she applied in '08 the world recession had just hit and banks weren't willing to give loans to just anybody.
Now we all ask, how did she do it? She explains that breaking in to the fashion business requires a lot more than just a degree in fashion and a talent of dreaming up styles.
But for the emerging designer that designs shoes or beautiful ball-gowns, before you are ready to show it to the world, ask yourself why you want to do so. Set goals for yourself.
You have to ask yourself: Do you want something nice and chilled, something you do for the love of it that brings in a small income? Or do you want to be a fashion empire?
Designers are very creative and some of the legal aspects of the trade can escape them. Note that part of the business is unseen and that part is not the designs you think and dream of.
Scotto-Dinan said that like many designers, she is so much more creative than analytical but she emphasizes that you have to focus on the numbers to make your business actually work.
By Caleb Kinimi #INM # Elite Team Head photographer
You are in luck, because here on Teenomics we are able to help you learn more about starting your own business and how to make sure it becomes successful. You can kindly ask any questions by sending us an email at Teenomics@gmail.com