Fashion and Brand Management

fashion

Support to the Fashion Industry

The fast moving nature of this industry require businesses and individuals to be constantly on their toes, planning ahead and delivering creativity as regularly as possible.

The skills needed for many of these requirements do not translate easily to the financial matters underpinning the business and indeed can be overlooked to the detriment of a flourishing business.  

OBC therefore offer support in respect of these other aspects of your business where you might not be so strong.

Where to start?

Everyone is different so the following are a few general ideas to consider, but the answer is always to get advice specific to your own circumstances:-

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START UP and STRUCTURE

Starting as a sole trader or Limited company and deciding whether to VAT Register depending upon your target market can be daunting decisions for new businesses.

There are potential tax refunds available for losses in the first year of trade, but pricing issues if your customers are retail and thus not vat registered.

For established businesses, as sales lines and markets develop, there may be a need to utilize a number of business entities, particularly to separate the trading activities from the Brand IP, and thus these should be considered carefully.

For more tax planning advice for your business, click here

BUSINESS PLANNING

From setting initial goals to planning exit strategies we can offer advice on implementing systems and processes to help achieve these.

We can advise on maximizing income sources and structures thereof (i.e. licencee’s and royalties or distributor bases), brand development and management, and IP planning to minimize tax liabilities.

BOOKKEEPING

The bane of many a creative businesses life is dealing with the paperwork and especially the Vat. We are increasingly using cloud based accounting software called Xero (click on the link to learn more) to ease the pain and take this stress away from you.

With direct bank feeds, photo based data entry applications and intuitive functionality, you can dispense with paperwork and get on with what you enjoy. We can offer full bookkeeping services, leading to management accounts and Vat returns amongst a range of reporting options due to the collaborative nature of this software.

This is accessible from anywhere in the world, and fully integrated with your online banking, paypal etc. to give you the details you need and enable you to keep on top of the figures at a glance

We can also train you or your own staff should you so require. Ask us for a free trial and download the App to see what it could do for your business.

PAYROLL

We are happy to offer payroll support through our payroll bureau. RTI penalties are harsh and it is not worth you getting this wrong - do take advice, or ask for one of our guides.

We can advise on employment issues or the use of freelancers and the implications to consider.

FINANCE

We are able to advise on many areas of raising finance, particularly if the production and sales cycles are causing a funding gap. We have dealt with many aspects of trade finance, invoice discounting and crowd funding and can provide guidance in these areas.

We can help prepare and monitor cashflow forecast to ensure you know how the business is trading, as often the focus on profits can mask the risk that cash runs out.

We can offer cost reduction services to review your expenses and ensure you are getting the best deals, through accessing discounts available to bulk buyers.

For those starting up in the Fashion Industry or looking to grow, there are additional useful resources available at http://www.fashion-enterprise.com,  two of our favorites being the Guide for Start up Fashion businesses in the UK, and the Fashion Toolkit.

Call us for copies or to discuss in more detail.

CONTACT OUR FASHION SPECIALIST - ANDY HILL

If you have any issues or concerns with your business then please contact us to discuss more fully (free of charge of course) to see where we can assist.

Contact us and ask for Andy Hill or call Andy now - telephone 01323-720555

 

 

 

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