The biggest cause for fashion brands to fail before they have even launched or later down the line and cease trading is a lack of finances.
Building a fashion brand is not cheap and having enough to cover day-to-day operations and cover development and production for two seasons at any one time is essential.
But by contrast, raising finance is not easy. While there are many options, most creatives are not aware of most of the opportunities or if they are – they may not be able to present their ideas in such a way as to unlock these opportunities.
In this episode, we look into what financing options are there from start up stage to scale up phase.
Listen to the episode and discover:
- How to finance your fashion brand from the initial “I have an idea” stage to launch;
- What questions do you need to ask yourself before starting a fashion business and looking for ways to finance it?
- What are the financing options for the early stages of business and what is bootstraping?
- What are the expectations when you borrow mone6y from friends and family and other investors?
- Is getting a loan a good idea?
- What are the advantages of using credit cards to pay for your business purchases?
- Who is start-up loan a good fit for?
- How to finance for growth?
- Why you should always keep money in your business;
- When is the best time to start looking for investors?
- What are investors looking for when considering investment and how to select and vet investors;
- What is the true cost of getting investment money?
Episode Takeaways:
“You have to evidence you have a business before seeking any kind of financing”
References:
Information on European Grants for the fashion sector.
Information on claiming Research & Development Tax Relief
Connect with Darryl:
Website: http://www.darrylbannon.com/
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