Question

Topic: Strategy

How To Determine Actual Costs? Business Planning

Posted by dkennelly89 on 7/31/2016 at 6:29 PM ET 50 Points
THANK YOU in advance for all who take the time to respond.Im actual focus at this moment is my business plan I know what age group i would like to market to? But codetermine what it's gonna cost me and what I want to sale it for..etc I'll admit Im having a hard time actually figuring Ie: actual costs or around actual costs, or do I need to actually go out and purchase everything and produce a actual bikini and then determine costs????As I have mentioned before Im new at this whole fashion/swimwear /branding starting a business process. But Im trying to learn anything and everything as much as I can and definitely ask other successful business owners their thoughts and guidance on what it takes to start and produce a successful business/swimwear line. Thank you I'm advance for your time and guidance?
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RESPONSES

  • Posted by Jay Hamilton-Roth on 8/1/2016 at 12:14 AM Accepted
    Include such things as: materials, time to manufacture, cost to acquire a customer, volume discounts (of materials & construction & packaging). Ultimately, knowing what your costs are will help you know your bottom line, and then you can truly determine pricing - which may have nothing to do with your cost, and everything to do with perception of what you're selling.
  • Posted by Mike Steffes on 8/1/2016 at 7:30 AM Accepted
    Keep in mind that there is "cost based pricing" and "value based pricing". You will probably be in the value based situation. But you do need to accurately know your costs in order to do basic business calculations. Even though it is a fashion industry... When you're in bikinis, the bottom line is important.
  • Posted by telemoxie on 8/1/2016 at 8:55 AM Accepted
    This forum can be a great resource, and there are plenty of helpful people who want to help to steer you in the right direction. But don't neglect your local business library. They have books about writing business plans. The SBA website also has helpful information on business plans and starting a business.
  • Posted by mgoodman on 8/1/2016 at 10:54 AM Accepted
    Several years ago I created an online seminar for MarketingProfs in which I went through the various items in a financial plan for a new business. It is still online at https://www.marketingprofs.com/marketing/online-seminars/110 . In that seminar there's a real example from my client files (with the company name modified, of course).

    There is also a stand-alone report with the same example in it, including worksheets and blank templates you can use yourself. That is available for a small charge at https://bit.ly/SstLq2 . (It's the one called "The 3 Pitfalls ...")

    Unless you want to become a business plan writer yourself, or hire one who has the experience and qualifications to do a great job for you, the webinar and/or the stand-alone report are probably where you need to begin.

    The question(s) you're asking are important if your venture is going to be successful.
  • Posted by dkennelly89 on 8/11/2016 at 7:23 PM Author
    Thank u all for the great advice and resources
  • Posted by Shelley Ryan on 8/23/2016 at 7:05 PM Moderator
    Hi Everyone,

    I am closing this question since there hasn't been much recent activity.

    Thanks for participating!

    Shelley
    MarketingProfs
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