Last night was
Lesson #4: Even after you “make it,” running a fashion business doesn’t really get any easier and there are still many day-to-day challenges. “There are a million small things that always happen that are challenges, like today the toilet broke,” Jeff told us. He finds it hard not to get overwhelmed by small things.
Nellie explained, “basically, your whole day is spent problem solving...maybe 5% is actually designing.”
When asked what has been a major road block that maybe made them want to stop, Eddie responded, “You’re talking as if that’s past tense.” All of the panelists agreed that road blocks are constant.
Lesson #5: Internships are important.
Alan interned for Adam Lippes for 2-3 years and learned a lot about what to do and what not to do. Even interning at Goldman Sachs was beneficial to Timo in terms of learning about running a business.
Nellie took advantage of Parsons’ career center, which landed her internships at Donna Karan and Michael Kors.
Though he himself never interned, Michael said that Revolve's internship program is really important and three of their five buyers started out as interns.
Rebecca gave some great internship advice, passed down to her from a former boss: “Be willing to experience anything and know that no task is too little.”
Lesson #6: Designers are vague about money and factories. When asked how they got the money to start their business, Nellie explained that she started small, with just four dresses and admitted “it’s a continuous challenge to find capital...”
Timo’s advice was to make a really attractive, well-presented business plan with a logo and concept, and present it to your parents, your parents’ friends, or your parents’ friends’ friends. Alan added, “Just go for it!”
Michael “took baby steps, saved up and used credit cards.”
When asked about finding factories to have goods produced, Jeff, Timo and Alan said “trial and error” and Alan advised never to have just one factory because different factories are good at different things. He even advised just walking into some buildings in the garment center and going to each floor and asking people questions. However, no one actually named a factory...
In regards to factories in China, the consensus was that it’s “tricky” because there are huge minimums, it’s harder to get things on time and expensive to go back and forth, but most of them still do produce some things in China.
Lesson #7: Be really, really sure that this is what you want to do and is what you love. This was probably the most important and agreed upon lesson of the discussion. When asked by an audience member what to do if you’re unsure and just want to “try out” a business idea, the panelists unanimously responded, “You have to be sure.” And you must enjoy the process, because there are going to be challenges and you’re not necessarily going to make much money.
Thanks again to our panelists, the Fashionista business team, Megan Maguire Steele, and of course, our audience, who asked great questions.