CASH & FUNDING: When To Make Your Financial Estimates?

A model walks the runway during the Victoria's Secret Fashion Show at

Source: Victoria’s Secret Fashion Show – Laurent Jean Philippe – Creative Commons

Hi Guys,

Today’s post is going to  be short. After talking with a few fashion designer clients, I thought I would write about the timing when to start making your financial estimates.

Making your financial projections is the last step to carry out in your business plan. To stack all odds in your favor, you need to go through three steps before that.

alignment

Your chances to raise capital are as big as your ability to align those three elements: your vision, your design and your strategy.

What is your vision as a designer? 

Since your vision is the main element that will truly make the difference and be the basis of the whole concept, you need to clarify your vision first. Who are you as a fashion designer? What is your brand identity?

Is your design in line with your vision? 

Have a critical look at your collection. Have you found the adequate balance between madness and more basic pieces? Does the overall result perfectly reflect your vision?

Have you adjusted your strategy to express your vision? 

Your strategy should be a translation of your ideal world. Who is your ideal customer? Do you know how to reach them? In your ideal world, how should your product be showcased? Where would you sell your product? How would a boutique look like? How would you communicate and interact with your customers?

 

In the end, look at the big picture. Does it look cohesive?

If yes, then you have reached alignment. You can now start calculating how much you will need to implement all that and make your financial estimates.

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Find more tools to help you through your fashion business plan, with the number one FXF guide. “The Fashion Business Plan” by Bako Rambini is available on Amazon.

button Fashion BP

Book cover - The Fashion Business Plan

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