Funding your fashion brand

Funding your fashion brand

Our fashion clients often ask us for advice about raising finance. Some need help getting off the ground, whilst others want to know how they can take their established business to the next level.

Whether you are seeking finance to fund your first industrial sewing machine or need to secure new premises, our advice is always the same: start with the basics.

Where to start

The first place to start is in a quiet corner where you have the time and space to write or update your business plan. This is because all potential funders - grant-giving institutions, crowdfunding, venture capitalists, friends, family or even Dragons - need to see that you mean business. 

A properly considered and constructed business plan will not only help others see what you are aiming for, it will also help you focus on where the business is now.

As a creative, you may be groaning at the prospect of having to go into tedious detail about your short and long term objectives, your revenue and cost requirements and your future sales strategy. But they are essential elements that need to be included in any finance application for it to stand a chance of being successful.

Learn from the experts

A good example of this advice is to look at the application criteria for theBFC/Vogue Designer Fashion Fund.This prestigious awardprovides one British-based designer with £200,000 and access to high level mentoring support.

As it is such a valuable prize, applicants need to provide detailed information in their business plan. As well as your end of year accounts, requirements include:

·         Current staff structure, including information on employees, freelancers, consultants and even people on work experience

·         Your current brand positioning and where you envisage yourself in the future

·         Your PR and marketing strategy and activity for the past two years

·         Details about past and current collections, pricing and sales strategy

·         Sales achieved, to whom and for which seasons.

Interested? You’ll need to hurry

The deadline for this year's BFC/Vogue Designer Fashion Fund is Friday 17 October.

Find out more at the British Fashion Council's website.

Funding is still available, if you know where to look

We know how to get funding for fashion brands. Talk to us about all types of business finance, including crowdfunding, investment finance, loans, grants, leasing and asset finance.

Call us on 01323 720555 or email stephenb@obcaccountants.com to get help with your business plan and kick-start your finances.

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