How much money will you need to start up a fashion label of your own? This is a question that a lot of people ask as they set foot in the industry. Based on the kind of products you want to work on.
Entrepreneurs are always talking about budgeting in fashion news and a good budget is one of the keys to successful growth. No one really tells us how to budget. How much money you are bringing into your business and most importantly, how that money will be spent.
It’s actually pretty simple to think about how can you really make money without knowing how to spend it?
A good financial budget for fashion will lead you to some positive cash flow at the end of the time period. To start off, it’s good to have a monthly budget. You can compile your history and records to create that into a quarterly and yearly template.
Coming back to the type of company you want it to be, there are mainly three kinds:
Figuring out a budget is the toughest part if you don’t know what type of company you’re planning to form.
Remember, if you’re at the point of break-even where you’re able to put that money back into your company, it’s definitely going to be worth it!
Keep in mind if you’re really serious about your label, the more money you spend, the better your products will be!