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Our clients often ask us about how much capital it takes to launch a successful apparel business so we wanted to record a short video to explain what apparel entrepreneurs should think about when thinking about capital for their new business.
When thinking about how much capital to raise, it is most helpful to work backwards from where you want to end up. Look at selling/shipping data, work in process requirements, what inventory levels are required and is this impacted by just in time manufacturing?
Cash flow is king when it comes to start up companies. You must understand the terms in which you get paid by your clients and the terms in which you pay your vendors. Are the terms 60 days or 30 days if you get credit at all. Most importantly, can you pay your bills before you get paid by clients?
Retail stores may pay on seasonal basis. Very short season on outerwear business. Figure on interest rate considerations.
Call us at 215-628-2557 if you have questions about raising capital for your apparel company.
Our clients often ask us about if Greco Apparel has any book suggestions for apparel entrepreneurs so we wanted to record a short video to explain which books can be helpful for learning more about the apparel business.
The concepts of benchmarking, creativity and working together are important regardless of the industry. The Biography of Steve Jobs by Walter Isaacson is an interesting read for people who run businesses.
There are many parallels between types of business, no matter if it is financing, purchasing, and inventory management. Books about Ralph Lauren are helpful to understand the building of an American brand. Tony Hsieh of Zappos in las vegas is another interesting read, as most successful ideas typically come from outside apparel industry with new ways of thinking.
Call us at 215-628-2557 if you have questions about books for apparel entrepreneurs.
Our clients often ask us about if Greco Apparel has suggestions on technology for apparel companies so we wanted to record a short video to explain what technologies are being used by our start up apparel clients.
Cheaper commerce systems enable cost structure to be a significant part of the value proposition.
Technology has become part of apparel companies just like all industries. There are technology systems that exist online and in the cloud that can help facilitate: order entries, pick tickets, packing labels, fulfillment for pick and pack. The technology helps reduce costs such as labor. In addition to reducing costs, consistently in packaging just as clients want can be achieved.
There is a FedEx mentality of delivered the next day, Amazon may deliver same day with drones in the near future. With technology easier to install systems, Greco Apparel can get orders at 2 PM and ship out by 4 PM on the same day with FedEx for our pick and pack clients.
Call us at 215-628-2557 if you have questions about technology for your start up apparel company.