Module 1 - The "Economics" of Fashion
Let's get down to business!
I want to provoke you a little bit. Not because I want you to feel uncomfortable but because I want you to look critically at what you are trying to achieve. Why? Because I believe in fashion with impact. But I think we have a long way to go.
Your target customers are tourists, and you want to sell “Made in Barcelona” with a mark-up? But if you are selling as the boutique, local brand your quality needs to add up.
Even if you are an absolute expert at upcycling: no one will buy your piece just because of that. People buy fashion to feel good, feel attractive, confident, make a statement. And then maybe, if you are lucky and they love your product and trust your brand they are willing to pay a little bit more because it’s upcycled.
You brand yourself as sustainable, but then your webpage, Instagram, Facebook page doesn’t clearly show, where your materials are from? The best intentions don’t get you anywhere if you don’t communicate your principals and ensure coherence and brand alignment.
Do you recognize, any of these issues? I know you do.
So let’s get started! By talking business.
“The purpose of of your business plan is to tell a story; the story of your business. The plan must establish that there is an opportunity worth exploiting and must then describe the details of how this will be accomplished.” – Andrew Zacharakis
Your business plan is your roadmap. It’s a way for you to ensure you have all your bases covered. It’s important to note that a business plan is never a finished piece of work but much rather a work in progress. If done effectively your business plan can help you to:
- Identify new opportunities and short-comings
- Structure your thoughts and communicate more effectively
- Gain a better understanding of your customer
- Reach out to investors
- Keep your finances in check
- And ultimately greatly benefit your chances of successWe will provide you with a basic business plan framework, and cover some of its elements in detail. Please note that the structure can be adapted to your specific situation and needs. But the core elements should be incorporated to ensure a comprehensive understanding of your business story.
A Do it! attitude and a mind full of ideas!
Sandra A. Schoeber is a former financial consultant, now researching the intersection between performance and business models in social entrepreneurship. She holds an MSc in Innovation and Entrepreneurship from ESADE, as well as a Master of Research for which she received a full talent scholarship. Sandra is part of the team who launched “El Salvador por el emprendimiento social” (emprendete360.com); is assisting the social tourism start-up Autheticitys in its fundraising process (autheticitys.com), where she is also currently leading SoFE Spain: with a passion for the creative industries and an eye for an opportunity at the intersection between design and travel.
She has now worked with entrepreneurs in eight different countries as a team member, mentor, advisor and facilitator. The multi-faceted experience has made her agile in changing perspectives and sensitive to stakeholder needs. She combines insights from Design Thinking, Human Centered Design and Business Model Innovation in her approach and is a firm believer of for-profit social entrepreneurship.