How to Write a Business Plan in Fashion Design

Make your dream of owning your own apparel line, a reality.

It's easy for fashion designers to get wrapped up in the artistic details of designing clothes. Setting goals is a hard task to do, regardless of what industry of business you're in, let alone ones who's success relies heavily on creativity. Not only will a business plan help you secure funding for your business, it also provides a structured outline that helps propel your business forward. The more planning that goes into your business before hand, the better off your company will be in the long run. An effective business plan for a fashion design business will include:

Things You'll Need

• Time
• Goals
• Passion for Fashion
• Determination

Instructions

1. Executive Summary

   The executive summary is an overview of the business plan. It should be written for those not in the fashion industry and should summarize the main points of the business plan. Despite that this is the first section of a business plan; it's usually the last section to be written.

2. Overall Concept and Audience

   In this section you should not only reveal why you want to start your own company, but also who your target audience is. Be specific. Utilize online research tools like the VALS system to help define the attitudes, interests, and lifestyle of your target audience. The more detailed you are, the more compelling your business plan will be.

3. Market Research and Competition

   Provide details about the current state of the fashion industry. Be sure to include estimated long term growth for both domestic and global markets. Collect information on businesses that you will be in direct competition with as well. Analyzing the industry's present and the future will give you insight into possible difficulties you may encounter in reaching your objectives.

4. Tactics

   If you don't have a well thought out tactical plan, your business is just an idea without direction. Describe the logistic requirements your business needs in order to thrive, along with ways that you will meet them. Things like staff, space, and specific expertise need to be taken into consideration. Devise a plan that details all of the functions needed to operate your business. This can include, but may not be limited to: retail, marketing/PR, sales, production, and design, and clearly state what their roles and responsibilities will be in the company.

5. Investments and Profits

   This section includes financial figures on the costs required to get your business off of the ground. An income statement is generally used to show short and long term projections of revenue and profit growth, and the financing needed to elicit those returns.

Tips & Warnings

• Once the business plan is written, you can seek financing through partnerships, independent investors, and loans.

References

• Small Business Administration: Write a business plan
• Business of Fashion: The Business of Fashion: Basics 2 -- What is a business plan for and how do I go about writing it?
• Strategic Business Insights: The VALS™ Survey