Financing options during the business creation

Silke Geib –in the industry for 20 years – gives some insights on how to make your fashion business become profitable.

The co-founder of ABOUT:FASHION – a student & career counseling service for the fashion industry – Silke Geib works since more than ten years successfully as a fashion designer for international fashion houses in Europe. In 2010, she founded her own fashion brand with a business partner. In 2012, they won their first award at the established competition “Start Your Fashion Business” in Berlin. Silke Geib explains how to prepare in regards to the financial aspect, for the founding process.

How do I calculate the startup capitral for my startup idea? 

To calculate the business expenses, the collection and production costs, as well as the costs for marketing and PR – in order to be as realistic as possible ­– good research upfront is needed.

How do I realistically estimate if my revenue will cover all operational and private costs?

My advice is: write a professional business plan, including a financial plan, which shows the costs and future turnovers. That’s how to evaluate the profitability of your business idea realistically.

How much own capital should I invest in my startup?

The capital someone can invest into a business idea depends on the personal situation of that person, but the capital a business idea needs depends on the business idea itself. This varies a lot.

Any great idea, the right product and the right distribution channel, a great understanding of the target customer, anything is possible – including investments of course.

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