BECOMING A FASHION BECOMING A FASHION ENTREPRENEURENTREPRENEUR

bybyDONALD R. SIMON, DONALD R. SIMON, J.D./LL.M.J.D./LL.M.

You Can Do It!You Can Do It!•Congratulations on starting your own biz or at least Congratulations on starting your own biz or at least thinking about it!thinking about it!

•You’ll have a leg up on the competition b/c you’ve You’ll have a leg up on the competition b/c you’ve realized that your talents and creativity are not realized that your talents and creativity are not enough.enough.

•If you have any hope of making a living using If you have any hope of making a living using your talent(s), you’ve got to learn some basic your talent(s), you’ve got to learn some basic principles of biz.principles of biz.

BECOMING A FASHION ENTREPRENEURBECOMING A FASHION ENTREPRENEUR

20 Tips For Success20 Tips For Success1.1.Determine whether running a small business is right Determine whether running a small business is right for you.for you.

2.2.Get your personal finances in order.Get your personal finances in order.

3.3.Pick your niche.Pick your niche.

4.4.Create a business plan.Create a business plan.

5.5. Don’t think you need bankers and Don’t think you need bankers and investors from the outset.investors from the outset.

BECOMING A FASHION ENTREPRENEURBECOMING A FASHION ENTREPRENEUR

20 Tips For Success20 Tips For Success6.6.Know the hats you were best.Know the hats you were best.

7.7.Remember that nothing happens until a sale is made.Remember that nothing happens until a sale is made.

8.8.Hire superstars.Hire superstars.

9.9.Ignore regulatory issues at your peril.Ignore regulatory issues at your peril.

10.10.Know the tax laws.Know the tax laws.

BECOMING A FASHION ENTREPRENEURBECOMING A FASHION ENTREPRENEUR

BECOMING A FASHION ENTREPRENEURBECOMING A FASHION ENTREPRENEUR

20 Tips For Success20 Tips For Success11.11.Protect your ideas and plans.Protect your ideas and plans.

12.12.You have to see a customer to know one.You have to see a customer to know one.

13.13.Solve your customers’ problems.Solve your customers’ problems.

14.14.A good reputation only takes a few minutes to lose A good reputation only takes a few minutes to lose and years to regain.and years to regain.

15.15.Don’t go it alone.Don’t go it alone.

20 Tips For Success20 Tips For Success16.16.Vendors are partners, too.Vendors are partners, too.

17.17.Fast, good, or cheap--pick only two.Fast, good, or cheap--pick only two.

18.18.Put profitability first, rewards second.Put profitability first, rewards second.

19.19.Develop a passion for learning.Develop a passion for learning.

20.20.It’s the people.It’s the people.

BECOMING A FASHION ENTREPRENEURBECOMING A FASHION ENTREPRENEUR

ANY QUESTIONS?ANY QUESTIONS?