If you are doing this just to be famous, forget it. The fashion world requires hard work, discipline,
perseverance, and passion. There is no magic formula or secret to success, and while designers can
learn from others, they each must find their own path.
It’s easy to romanticize the freedom of having your own business, but it’s not as easy as it looks.
According to the Small Business Administration, more than 50 percent of small businesses fail in
their first year, and 95 percent are gone by the fifth. Gilbert Harrison, chairman of Financo, a New
York invest ment bank, says starting a small fashion business is even harder and less than 1 percent
make it. He compares fashion to acting: “How many people go to Hollywood to be a star and end up
waitressing?”
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Several designers, including Darryl K, John Bartlett, and Isaac Mizrahi, who were considered
established at one time, had to return to square one and restart their businesses. John Galliano and
Michael Kors are two of many designers who have experienced bankruptcy.
Don’t be discouraged but realize entrepreneurship is the hard road, not the easy one. When asked
what surprised them the most about having their own businesses, designers Matthew Morgan and
Allessandro Poddie replied “that it’s so hard. Every bit from the fabric, production, and sales, to cash
flow.”
5 Be honest so hard. Every bit from the fabric, production, and sales, to cash flow.”5 Be honest
with yourself and assess whether self-employment is the right path for you. Not everyone is happy as
an entrepreneur, and there are realities to brace yourself for up front.
It takes more money than you think. When asked, ” What is the hardest part of running your
own business?” the majority of designers answered “the money.” In fact, designer Keanan Duff
ty says, “No matter how much you think it will cost, multiply that by ten.”
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. Up front, you must
determine if you can afford to start your own business and whether you are willing and able to
work potentially for several years, stretching cash and struggling, to pay everyone but yourself.
You will live, eat, and breathe your business. Designers work 7 days a week, 12 or more hours
per day, and have little time for friends, exercise, or vacation. Designer Daniel Silver of Duckie
Brown confirms, “It has to become a lifestyle.”
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. A designer needs physical and mental stamina
and must be absolutely, passionately in love with what she is doing. Designer Micheal Spaulding
of Gunmetal shoes says, “the hardest part is the endless hours you put into it. You are always
tired and every morning you have to get up, and not be tired, and do your work.”
8
.
It could take years. Getting your business on its feet can easily take five or more years. Many
designers who get significant press attention, grow their sales each season, and are cited as
models of success are in fact still not making money. Ralph Lauren did not go from tie salesman
to fashion emperor overnight.
You will design less than 10 percent of the time. A designer takes on many roles and spends
significant time on paperwork, managing people,
shipping, spending time in factories, servicing customers, mailing lookbooks, sourcing, and chasing money. Most young designers do everything themselves, and while many learn to love the other aspects of the business, they generally spend only 5 to 10 percent of their time designing. It demands militant self-discipline. When you work for yourself, no one is there to make you get out of bed each morning, meet your deadlines, or prioritize your time. An entrepreneur must create his own structure and set daily goals to stay focused and ensure everything is organized and on schedule. the buck stops with you, and when problems arise, you can’t run and hide. You need to be tough and assertive. this is business, and a designer can’t be timid or take it personally. Designer Louis Verdad says, “the hardest part of being an entrepreneur is having a split personality. When running your business, you have to be hard, but the creative mind has to remain emotional and sensitive.” 9 . Business owners must deal aggressively with factory supervisors, store owners, and collections people who bully, intimidate, and try to rip them off. You will have to call people who owe you money, make tough decisions that can upset others, and learn to say no. You are on your own. Being independent means facing the daily stress of not having a steady income, benefits, or any guarantees. Despite how nice it sounds to not have a boss, working alone can be lonely. Independent designers spend hours by themselves and often feel isolated. Business can be shady. People will steal from you, stores won’t pay, and others will copy your designs. One well-known young designer recently saw his $1,500 dress in a store next to the store’s own $300 polyester knock-off. Unfortunately, this is part of the business. At times, you have to fight for yourself, but at other times, you have to just make the best of it, like the designer who walked into the offices of a large, well-known clothing brand and saw photos of his collection on their design board. Rather than explode with anger, he offered to consult for them and ended up making enough money to fund his next runway show.
Having your own business is not the only way to go. Too many designers get hung up on the idea of being independent and lose sight of other amazing opportunities. Tom Ford, Nicolas Ghesquiere, and Hedi Slimane each made their name designing for another label without having to manage the business issues. Even Karl Lagerfeld, though he has his own label, is famous for designing at Chanel.
Paige Novick had a handbag line for ten years called Frou. She sold her product into the stores she wanted and created a well-known, respected brand. But despite landing the success many hope to achieve, Paige closed her business to become the creative director of a multibrand licensing firm, where she was responsible for two well-known fashion brands. She says the hardest part of being an independent designer is the financial pressure. Even with ten years in the business, she broke even some seasons—and didn’t in others. “The burden is so great when it’s your company because when you wear so many hats, design becomes an afterthought” she said. “In this new position, I am able to focus my eff orts and attention on the creative without the outside distractions, and my design skills have flourished.” 10. While she admits there are times when it’s hard to have a boss, the imposed structure has its good points. She can design a lot more product and do it quickly, whereas with Frou, she would labor over tiny details. “I was a prisoner before,” she says. “With Frou I had so much anxiety about the other aspects of the business that I often played it safe. Psychologically, it has been very liberating to design under someone else’s label and ultimately more creatively fulfilling.”
Many young designers start their own businesses too soon without the resources to survive their mistakes or the experience to avoid them. Be patient and realize there is no rush. Showroom owner Denise Williamson said, “Too many designers want immediate gratification. You have to build it over time and be smart about it.” 11 Favors are a limited resource that you don’t want to use up too soon. Putting yourself out there too early, building up debt, and making mistakes will slow you down rather than get you there faster. Don’t strike until you are ready. Build your resume and put in the time. If you aren’t ready now, you can be later. If you are talented, that will never leave you. Realize that you have more than just one shot. Designers do take time off and come back stronger. they survive bad experiences with the stores and magazines. Everyone makes mistakes, and the industry will still be there when you come back, if you have the product, energy, and drive.
shipping, spending time in factories, servicing customers, mailing lookbooks, sourcing, and chasing money. Most young designers do everything themselves, and while many learn to love the other aspects of the business, they generally spend only 5 to 10 percent of their time designing. It demands militant self-discipline. When you work for yourself, no one is there to make you get out of bed each morning, meet your deadlines, or prioritize your time. An entrepreneur must create his own structure and set daily goals to stay focused and ensure everything is organized and on schedule. the buck stops with you, and when problems arise, you can’t run and hide. You need to be tough and assertive. this is business, and a designer can’t be timid or take it personally. Designer Louis Verdad says, “the hardest part of being an entrepreneur is having a split personality. When running your business, you have to be hard, but the creative mind has to remain emotional and sensitive.” 9 . Business owners must deal aggressively with factory supervisors, store owners, and collections people who bully, intimidate, and try to rip them off. You will have to call people who owe you money, make tough decisions that can upset others, and learn to say no. You are on your own. Being independent means facing the daily stress of not having a steady income, benefits, or any guarantees. Despite how nice it sounds to not have a boss, working alone can be lonely. Independent designers spend hours by themselves and often feel isolated. Business can be shady. People will steal from you, stores won’t pay, and others will copy your designs. One well-known young designer recently saw his $1,500 dress in a store next to the store’s own $300 polyester knock-off. Unfortunately, this is part of the business. At times, you have to fight for yourself, but at other times, you have to just make the best of it, like the designer who walked into the offices of a large, well-known clothing brand and saw photos of his collection on their design board. Rather than explode with anger, he offered to consult for them and ended up making enough money to fund his next runway show.
Or You Could Be Tom Ford
Having your own business is not the only way to go. Too many designers get hung up on the idea of being independent and lose sight of other amazing opportunities. Tom Ford, Nicolas Ghesquiere, and Hedi Slimane each made their name designing for another label without having to manage the business issues. Even Karl Lagerfeld, though he has his own label, is famous for designing at Chanel.
Paige Novick had a handbag line for ten years called Frou. She sold her product into the stores she wanted and created a well-known, respected brand. But despite landing the success many hope to achieve, Paige closed her business to become the creative director of a multibrand licensing firm, where she was responsible for two well-known fashion brands. She says the hardest part of being an independent designer is the financial pressure. Even with ten years in the business, she broke even some seasons—and didn’t in others. “The burden is so great when it’s your company because when you wear so many hats, design becomes an afterthought” she said. “In this new position, I am able to focus my eff orts and attention on the creative without the outside distractions, and my design skills have flourished.” 10. While she admits there are times when it’s hard to have a boss, the imposed structure has its good points. She can design a lot more product and do it quickly, whereas with Frou, she would labor over tiny details. “I was a prisoner before,” she says. “With Frou I had so much anxiety about the other aspects of the business that I often played it safe. Psychologically, it has been very liberating to design under someone else’s label and ultimately more creatively fulfilling.”
There Is No Rush
Many young designers start their own businesses too soon without the resources to survive their mistakes or the experience to avoid them. Be patient and realize there is no rush. Showroom owner Denise Williamson said, “Too many designers want immediate gratification. You have to build it over time and be smart about it.” 11 Favors are a limited resource that you don’t want to use up too soon. Putting yourself out there too early, building up debt, and making mistakes will slow you down rather than get you there faster. Don’t strike until you are ready. Build your resume and put in the time. If you aren’t ready now, you can be later. If you are talented, that will never leave you. Realize that you have more than just one shot. Designers do take time off and come back stronger. they survive bad experiences with the stores and magazines. Everyone makes mistakes, and the industry will still be there when you come back, if you have the product, energy, and drive.
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