The Basics, Part 2: How Do You Write a Fashion Business Plan? | BoF Education

The Business of Fashion Podcast

The Business of Fashion

Fashion & Beauty, Business, Arts

4.6 • 770 Ratings

🗓️ 15 October 2017

⏱️ 13 minutes

🔗️ Recording | iTunes | RSS

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Summary

In part two of four of The Business of Fashion's series, 'The Basics', Imran Amed explains, the importance of a business plan and how to approach writing one.

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Transcript

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0:00.0	In part two, I'll be exploring the issue of how to write a fashion business plan, which is a fundamental part of any fashion entrepreneur's journey.
0:10.0	Just to note that this talk was recorded in front of a live audience, so please excuse any audio issues.
0:16.0	So part two of the business of fashion basics is really about writing a business plan and how
0:22.9	to think about writing a business plan.
0:24.8	Of course, we can't cover all the minutia of it today, but what I really wanted to cover
0:29.8	was the main things that you need to address in a business plan and also to understand what
0:36.7	a business plan is for.
0:38.3	So let's start with that, and that's really about like,
0:41.3	well, why do I need a business plan in the first place?
0:45.3	Why do I need a business plan in the first place?
0:48.3	A lot of young designers think that a business plan is something you need to raise investment.
0:53.3	Potential investors certainly are one key audience, but a business plan is something you need to raise investment. Potential investors certainly are one key audience,
0:56.0	but a business plan is also a communication tool
0:59.0	and a device that enables you to ensure alignment
1:02.0	amongst the different constituencies in your organization,
1:05.0	whether that be your team, your wholesale partners,
1:08.0	or your board of directors.
1:10.0	Having a well-thought-out business plan provides clarity about where you want the business to go,
1:14.6	and means that at any given time you have something to share with people who ask about your strategy.
1:20.6	A business plan also helps you to measure progress against your goals and milestones.
1:24.6	Every few months, you can go back to your business plan and have a look at where you stand.
1:29.3	However, a business plan is not written in stone.
	...

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