Presentation on 10 steps to being a fashion entrepreneur

1. BECOMING A FASHIONBECOMING A FASHION
ENTREPRENEURENTREPRENEUR
byby
DONALD R. SIMON,DONALD R. SIMON, J.D./LL.M.J.D./LL.M.

2. You Can Do It!You Can Do It!
•Congratulations on starting your own biz or at leastCongratulations 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’veYou’ll have a leg up on the competition b/c you’ve
realized that your talents and creativity are notrealized that your talents and creativity are not
enough.enough.
•If you have any hope of making a living usingIf you have any hope of making a living using
your talent(s), you’ve got to learn some basicyour talent(s), you’ve got to learn some basic
principles of biz.principles of biz.
BECOMING A FASHION ENTREPRENEURBECOMING A FASHION ENTREPRENEUR

3. 20 Tips For Success20 Tips For Success
1.1.Determine whether running a small business is rightDetermine 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 andDon’t think you need bankers and
investors from the outset.investors from the outset.
BECOMING A FASHION ENTREPRENEURBECOMING A FASHION ENTREPRENEUR

4. 20 Tips For Success20 Tips For Success
6.6.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

5. BECOMING A FASHION ENTREPRENEURBECOMING A FASHION ENTREPRENEUR
20 Tips For Success20 Tips For Success
11.11.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 loseA 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.

6. 20 Tips For Success20 Tips For Success
16.16.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

7. ANY QUESTIONS?ANY QUESTIONS?