Quiz: Can you Run a Fashion Business?
Keen to go into the fashion business but not sure you've got what it takes? By answering these simple questions you can get an impression of just how ready you are for the real challenges ahead. Simply tot up your score at the end and you can start thinking about what you still need to do if you're determined to realise your dream.
1. How experienced are you at making clothes?
A. You've made a few outfits for yourself and your friends.
B. You've taken a short course in fashion design or worked making clothes for somebody else.
C. You have a degree in fashion design or you've already worked successfully as a designer.
2. How much business experience do you have?
A. You've helped out in a family business or worked in office administration.
B. You've talked to your local business support centre and taken an introductory business course.
C. You have a degree or similar qualification in business, or have already run a successful company.
3. Why do you want to run a fashion business?
A. You really love fashion and want to make your mark.
B. You think it could be a practical way to bring your different skills together and strike out on your own.
C. You think you've got what it takes to make it to the top and get rich.
4. How much financial planning have you done?
A. Your overheads will be low so you don't think you'll need much money to begin with.
B. You have some savings or have been offered a start-up loan
C. You've done a profit and loss analysis for the next three years and researched a number of different funding sources.
5. How do you plan to source materials?
A. You're already a regular in your local fabric shops and you're always discovering interesting new things.
B. You've looked into local wholesalers and used the internet or business support services to identify sources for the other things you'll need.
C. You have good connections with national and international wholesalers and are ready to make a major investment so you can get the materials you need to stay ahead in fashion terms.
6. How do you plan to market your business?
A. You've made a website and your friends are telling everyone they know about it.
B. You've set aside a marketing budget and explored a range of options with the help of business support services.
C. You've invested in a big budget launch campaign to make sure you arrive on the scene with a bang.
7. How committed are you to making your business work?
A. You want to have fun, and whilst you hope it'll be a success, you'll be satisfied if you can get by for a while doing something you love.
B. You realise there'll be a lot of hard work involved and feel you are up to the challenge even if it takes a few years to make real progress.
C. You're determined to give it your all because you know that's the only way to be a real success.
How Did You Score?Mostly A's - You probably need to do more planning before making the leap into the business world, but you have the passion and energy to do well if you can put in the effort. Talk to your local business support services about the help they can give you, read the rest of these pages, and check out free courses on offer in your area. Don't be too shy about your own potential.
Mostly B's - You've made a good start and are taking a sound practical approach but you know that it's a tough world out there. Work on developing your skills further but don't lose your love of fashion in the process - you'll need it to keep you going when times are hard.
Mostly C's - You've done a lot of preparation and are sure to impress prospective lenders but be careful that overconfidence doesn't lead you into difficult situations. Sometimes it's not possible to predict everything as well as you might like. You'll need to develop good instincts to back up your formal skills.