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Do you have a business plan?
For example, is it a good idea to project your sales revenue and expenses? Yes. I know it takes time and can be discouraging sometimes but I highly recommend you write out your business plan using an online software called Live Plan. The software makes it easy to enter your sales revenue and expenses so you can see your profit and loss projection. The business plan will help you get clarity and build confidence to convince the factory that you are serious.
If you are new to the game factories figure it out quickly. They tend to refuse newcomers because the production quantities are low and the chance of repeat orders is low. Take a copy of your business plan with you the first time you meet a factory. When the factory asks about your company history, then let them read your business plan. They probably won’t read all of it but they will take you more seriously than someone who doesn’t have a well thought out plan.
If you need to borrow money from bank having a written business plan will be necessary to get approval for the loan. I recommend you write a business plan for your fashion start up.
Does your brand solve a functional problem?
If you are solving a functional issue then it is important to research the market to see if anyone else offers a design that solves the same problem. If you have competitors with a technical patent then research them to make sure your idea doesn't infringe on theirs.
If your brand is about fashion (not function) then you are designing clothes they love to wear because they feel and look great in them. You still need to do market research to know what styles are trending and or what specific styling and colors your target customers want.
Do you market research, listen to your customers and validate your unique selling point.
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Reviewed in the United States on October 23rd, 2018
Entrepreneurs: If you are considering garment production in Vietnam, this should be your first book and handy reference guide. Whether you have experience in the garment industry or just a dream of a fashion-line, this book explains the nuts and bolts of garment manufacture in Vietnam. The book is written in a manner that answers the questions Chris had when he came to Vietnam 10 years ago. He learned on the job the hard way and is passing on his extensive knowledge to the reader. Additionally, the book provides culture and business tips to travelers in Vietnam so they are able to put their best foot—or shirt-forward. Even if this book doesn't answer all of your questions, it gives you the questions YOU, the entrepreneur, should be asking.
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