To survive in the $21 billion Australian fashion industry, you’ve got to have your wits about you.
Having a user-friendly, all-encompassing online programme that systemises the journey from budding to established designer would also be a plus.
If that’s exactly what you’re looking for, you’re in luck.
Elizabeth Formosa, founder of Melbourne-based consulting agency Fashion Equipped, has added Start Your Fashion Business to her dossier.
Startled by the statistic that 60% of small businesses fail within their first three years of operation, Elizabeth saw a gap in the market for an online course that inspires, instils confidence, and provides skills and first-hand industry knowledge.
SYFB is not only a collection of instructional modules and tools. Opting in also comes with the perk of fortnightly group coaching and face-to-face networking to foster growth and act as a conduit for ideas.
We chatted with Elizabeth on the specifics of the programme, her career in fashion, and her advice for those wanting to break into the industry.
What did your career look like prior to developing this programme?
I have worked with some of Australia’s largest retailers and privately-owned wholesalers and gained valuable industry experience working in senior roles in retail buying, product development, sourcing, sales, brand building, marketing, strategic planning and team management.
In 2012 I launched Fashion Equipped, a Melbourne based consultancy agency specialising in fashion.
As consultant and mentor, I now share my knowledge and experience with Australia’s next generation of fashion businesses and designers.
Most recently, my passion and mission has been focussed on launching an Online Programme for fashion start-ups.
Tell me a bit about Start Your Fashion Business.
This immersive programme brings big business knowledge to emerging business and is a valuable asset for those planning, launching and growing a business
Starting a fashion business can be consuming, confusing and overwhelming. Coming up with an idea is the easy part, but building a business involves skills, strategy, and great connections.
Our ‘Start Your Fashion Business’ covers these key areas, skills are acquired via our 10 Modules and 50+ video tutorials, covering Business Planning, Funding, Branding, Product Development, Pricing, Sourcing, Sales, Marketing and Business Operations. Each module contains strategic action plans and industry best practice tools and templates. This information has taken years to acquire and master and is simply not readily available anywhere else.
The SYFB Programme is supported by fortnightly live group coaching calls which provide access to industry consultants, mentors and connections to a like-minded community of entrepreneurs which is invaluable, especially when starting out.
How did you come up with the concept for the programme?
Myself and my team have been consulting and mentoring emerging fashion businesses 1:1 for over 6 years. We knew there had to be a better way to ensure that our clients didn’t move forward with significant gaps in business knowledge and skills that potentially could be the undoing of their new business.
So we are on a mission to reduce the failure rate in the fashion sector.
We also realised that 1:1 consultancy gets expensive for those clients that require a great deal of information, business tools and support.
So creating an online learning platform tailored for fashion start-ups that includes industry best practice business information, processes, procedures, templates and an all-important industry connections and support network is exactly what was missing and we have now filled that gap.
What was involved in its development?
This programme took 2 years to develop and a year alone to film all of the 50+ video tutorials.
It involved writing all of the content, scripting it, rehearsing it, filming it and the mammoth task of editing the video’s and creating our action steps, workbooks, tools and templates.
Then there was everything that goes along with the tech side of setting up the learning platform. Apps, plugins, a multitude of subscriptions!
I actually took a course on how to develop an online course! I acknowledged that I myself needed to upskill when it came to the online learning space as this was new terrain for me!
There was nothing easy about it, and at times it was overwhelming trying to package up an entire career that spans over 20 years’ worth of knowledge into ten modules.
But we did it!
What is one thing you hope users and aspiring fashion designers take away from the programme?
The one thing is KNOWLEDGE!
My goal is for anyone entering the fashion industry to do so with their eyes wide open. I want to pull back the curtain and give new businesses behind the scenes access.
Fashion is a highly competitive market and you have to operate at a high standard to make it.
So, If we can ensure our clients gain access to industry knowledge that outlines the road ahead, including the investment, skills and strategies required to succeed, then we have equipped them with what it takes to build a sustainable fashion business.
This gives our online programme clients a competitive advantage, putting them way ahead of the average start-up who is learning as they go and at risk of making expensive mistakes.
What advice do you have for aspiring fashion designers and entrepreneurs?
My advice is find your niche, identify your USP early on, keep your customer at the heart of everything you do and always strive to exceed their expectations. Never cut corners! The benefit of being an emerging business is you can build close customer relationships, listen to them and really identify their wants and needs. This is something the bigger brands often struggle to do. As a new business you can work close to market, be nimble and pivot when needed.
Get your funding sorted out early on and ensure you have enough to invest in building and marketing your brand at a high standard. The fastest way to go out of business is to run out of money, so if you’re not a numbers person, then work with someone who is. Planning and managing your cash flow is CRUCIAL!
I would urge anyone considering starting a fashion business to Invest in their own professional development first and foremost.
What’s next for you? Do you have any other programmes in the pipeline?
Our mission now is to share our SYFB Online Programme with as many emerging fashion businesses as we can. At the moment we are the fashion industry’s best kept secret, so spreading the word is crucial!
We have already launched our 1:1 Social medial masterclass specific for fashion brands and we plan to roll out a series of physical workshops over the next 12 months that will cover key topics such as e-commerce, influencer marketing and sourcing. These specialised workshops will complement our online learning and take it to the next level. It also gives us a change to hang out with our online clients in person!
As for online, I just need a little break from filming for now!
But in 2019 I am sure you will see me back in front of the camera continuing to build our online learning experience.
