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Puttin' on the glitz: dreaming of starting a glamorous business? If you think it's all about fashion shows, red-carpet events and A-list celebrities, take a behind-the-scenes look at what it's really like to be a fashion designer, a restaurateur and more
Entrepreneur, April, 2004 by Nichole L. Torres
* Find your niche. Fashion encompasses a huge market--women's casual, men's formal, plus size and so on--so narrow it down.
* Study the competition. Learn about their niches, why they stand out and how they market. Can you effectively compete?
* Find out which retailers accept new designers. Secure your manufacturing or CMT (cut, make and trim) needs now.
* Have ample startup cash. You'll need cash flow for at least two and a half years, since the fashion cycle is from 18 to 24 months between design and retail.
* Think creative but wearable. "If they are too bold or cumbersome to wear," says Bev, "nobody will want them even if they are fairly priced."
* Get your name out there. Start with a good label that speaks to your niche. Participate in fashion trade shows. Get fashion media attention for your line. Persistence is the only way to attract buyers.
* Put on your business hat. "Being a successful fashion entrepreneur requires 90 percent business skills and only 10 percent artistic skills," says Bev. "Many new designers fail because they have Impressive artistic skills but very limited business skills."
GOURMET TASTE
Do you ache to be the purveyor of an A-list joint? Don Chapelle of Culinary Matters, a restaurant consulting firm in North Andover, Massachusetts, offers these tips:
* Get energized. Prepare physically and mentally to work 12- to 15-hour clays, seven days a week--at least for the first year.
* Solidify your concept. "Make sure that for whatever geographic or demographic location, that it fits--that you're able to execute," says Chapelle. Make certain there's value built into your concept.
* Get a good location. But be realistic about what you can afford. Don't get saddled into lease payments that are too expensive. Chapelle suggests budgeting no more than 5 percent of your gross sales.
* Train your gang. Focus heavily on staff training, as service will make or break your establishment. "I train employees for half an hour on how to answer a phone," notes Chapelle. "It's the most important thing that [aspiring restaurant owners] overlook."
* Get ready to compete. Independent operators can compete with the big restaurant chains by offering better-quality food and service. Make that your mission.
For more tips and information on starting a restaurant, check out Entrepreneur magazine's Start-up Guide #1400, How to Start a Restaurant and Five Other Food. Businesses (www.smallbizbooks.com).
BEAUTY IN A BOTTLE
If you want your makeup line to be the next MAC or Maybelline, heed the advice of Larry Oskin, president of Marketing Solutions, a beauty-industry marketing and consulting firm in Fairfax, Virginia:
* Define your niche, Is it for teens, young professionals or men? "Try to find a niche that no one has," says Oskin.
* Package well. "Beauty care is a highly visual and emotional business," says Oskin. "You have to please the [customer's] emotions and Senses." Use your packaging to please all the senses.
* Get press, Try to get coverage from mainstream and trade beauty press. Familiarize yourself with beauty editors--send press kits (with samples, if possible) along with seasonal press releases.
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