...when I go do I bring just some samples, or do I need to have an inventory before I go? Also, I should bring a "look book" with me? and how does pricing and payment go? if a store orders some pieces from me, they pay on delivery? and if a store buys my pieces and they sell, what happens next, do they contact me to buy more peices? any info you could give me would be greatly appreciated! Thanx!
when I go do I bring just some samples, or do I need to have an inventory before I go?
You don't need to have stock to attract your first orders. Attracting as much wholesale orders as you can should be one of your main objectives. Having an important number of wholesale orders will give you enough power to negotiate lower production and fabric costs (otherwise you will pay premium prices for those).
should bring a "LOOKBOOK" with me?
Yes. And also bring with you an
ORDERBOOK and....
...
PRESS CUTTINGS. Buyers will expect you have done some PR before you approach them. And of course, once your collections hit their stores you should continue your promotional activities to bring customers to buy your collections at their stores. Remember this and never forget:
Your collection is sold not when you close a deal with a buyer but when your collections is sold at store level.
and how does pricing and payment go?
As you have different pricing strategies to choose from this isn't an easy question to answer. Specially if you are paying premiums for production and fabric costs and not having a focus/differentiation strategy.
In any case I'd recommend you to first focus on
COSTINGS. Project your costs at different order levels you can possibly achieve (quote with several of your CMT makers and fabric suppliers to get costs above and below minimums for production and materials). Obviously, do
NOT use sample costs for pricing!
For The Payment consider this:
1. Do
NOT forget to sign terms and conditions
2.
ALWAYS check buyer's credit and commercial references
3. Buyers will pay you accordingly to their own cash flows systems. This is a typical payment term:
net 30, 5%/7.
That means the total outstanding is expected to be paid in full 30 days after the collection is dispatched, or buyer gets a 5% discount if payment is done within 7 days. Expect to be paid in 45-60 days or having huge buyers asking you for up to 15% of discount
4. Finally,
CHASE the invoice! This is one of the parts on running a business that irritates so much the sellers in general!
But is the most rewarding...once you get paid of course!
Did you noticed how serious buyers take the payment terms? Well,
YOU should too! I think this is one of the
MOST important concepts to understand! The
MAJORITY of designers (and small business owners in general) that fail to recognize and manage their cash flows go
OUT-OF-BUSINESS in less than a year!
if a store orders some pieces from me, they pay on delivery?
See above.
and if a store buys my pieces and they sell, what happens next, do they contact me to buy more peices?
If everything went smoothly, yes! Of course, you should have the initiative to
ALWAYS contact them first!
I recommend you read a book on how to start a fashion label/fashion business and/or consider having someone with a business background on your team. Don't forget to develop a business plan. Be
If you have any other question related to the topic I'll try to respond right in here.
). This pre-collections permits the designer creative freedom to keep it's main collection as inspirational as possible whilst leaving the other collections more wearable and/or affordable. The pre-collections also help retailer's cash flow, and give him/her a good opportunity to sell good fashion designs earlier, be on the top of trends, and to replenish stock. B)
