As I wait for fabric to be sourced to produce new samples, I’ve found myself building out cost models – again. It made me realise how honest you have to be with yourself to build these models. Models that account for all of your costs pre-sale.
It’s SO easy to not account for everything. When you account for all the costs, sometimes the numbers don’t look as pretty. Everyone likes a spreadsheet or set of numbers that leaves you feeling warm and fuzzy. As I built the tables, every once in a while I remember another cost. Now we’ve officially Brexit-ed, no matter where you’re importing from, you’ll need to add Customs (well I’m doing this as a precaution for the time being). Then there’s VAT which you pay on the total value of what you’re bringing in + shipping + insurance!
It’s a sobering exercise. But a necessary one. It actually reminds me of times when I’ve built financial forecasts in my personal life. Again, sometimes you don’t want to come face to face with how much you spend on coffee shop coffees…or takeaways! Or other random purchases. However, the sooner you look at the numbers in the cold light of day, the sooner you can accept / adjust or move on.
A few – not even all – of the columns from a recent costing/target price exercise.
These exercises are beyond valuable. They make me more informed when speaking to suppliers and give me cost parameters within which I can explore certain ideas.
In my opinion these spreadsheets are a must when it comes to planning costs for a new business.
I’m currently back in the design process. I’m working on new prints and colourways. Whoa..that’s great, but you haven’t even released your existing designs I hear you say. You’re correct. However this is one of the most time consuming, best and worst parts of this whole process. Nonetheless, it’s a part I care deeply about. …
I saw a friend of mine yesterday and she asked me, ‘How’s the business going?’, Surprisingly, this emotion wasn’t what I felt first. I went on to explain to her my current ‘dilemma.’ It made me realise this is what I should write about this week. I’ve named this dilemma, ‘ The Inventory Trap.’ When …
Hooray! Our trademark certificate came through. Back in December I wrote about how it had taken a while for me to get round to filing for a trademark at with the Intellectual Property Office (IPO). In early March, the trademark was approved, and I received the paper work a few weeks ago. I was nervous …
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All The Costs
As I wait for fabric to be sourced to produce new samples, I’ve found myself building out cost models – again. It made me realise how honest you have to be with yourself to build these models. Models that account for all of your costs pre-sale.
It’s SO easy to not account for everything. When you account for all the costs, sometimes the numbers don’t look as pretty. Everyone likes a spreadsheet or set of numbers that leaves you feeling warm and fuzzy. As I built the tables, every once in a while I remember another cost. Now we’ve officially Brexit-ed, no matter where you’re importing from, you’ll need to add Customs (well I’m doing this as a precaution for the time being). Then there’s VAT which you pay on the total value of what you’re bringing in + shipping + insurance!
It’s a sobering exercise. But a necessary one. It actually reminds me of times when I’ve built financial forecasts in my personal life. Again, sometimes you don’t want to come face to face with how much you spend on coffee shop coffees…or takeaways! Or other random purchases. However, the sooner you look at the numbers in the cold light of day, the sooner you can accept / adjust or move on.
These exercises are beyond valuable. They make me more informed when speaking to suppliers and give me cost parameters within which I can explore certain ideas.
In my opinion these spreadsheets are a must when it comes to planning costs for a new business.
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I’m currently back in the design process. I’m working on new prints and colourways. Whoa..that’s great, but you haven’t even released your existing designs I hear you say. You’re correct. However this is one of the most time consuming, best and worst parts of this whole process. Nonetheless, it’s a part I care deeply about. …
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I saw a friend of mine yesterday and she asked me, ‘How’s the business going?’, Surprisingly, this emotion wasn’t what I felt first. I went on to explain to her my current ‘dilemma.’ It made me realise this is what I should write about this week. I’ve named this dilemma, ‘ The Inventory Trap.’ When …
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