Hanley Mellon showcased their beautiful new line of designer ready to wear at the Hudson Mercantile building in New York City.
It was a very elegant affair, with models, posing amidst the beach grass in the center of the room as paparazzi clicked away.
The photo above was from Nicole Hanley Mellon’s blog; these are items she loves across the fashion spectrum.
I had a fascinating conversation with Ralph Carbone, CEO of Fisher’s Finery, a very successful company that imports luxury ready to wear and home goods to the US market.
He gave the following 3 small business tips for start ups in the fashion business:
- Make sure every product in your line generates at least a 35% gross margin, net of distributor, customs and shipping fees .
- Keep tabs on how fast an item is selling so you can replenish stock quickly and not lose sales, especially in those bread and butter items that generate most of your revenues.
- Keep fixed overhead as low as possible for as long as possible.
This will make it much easier to reach your breakeven point faster and conserve a lot of cash at the beginning while you’re getting the business off the ground.
If what you just read feels foreign, you need to read chapter four, “Your Breakeven Point” of my new book, Accounting for the Numberphobic; A Survival Guide for Small Business Owners” AMACOM Books.
Illustrated by Disney veteran Ron Bucalo, it’s the only accounting book that will make you laugh.
It will also help you make money in any economic environment. It’s a must read for every small business owner who wants to be successful.
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