Kathleen Fasanella of Fashion Incubator has another great post - this time it deals with finding investors for your clothing line. She makes a good point here:
“Another item of little interest to an investor -at this stage of business gestation- is a formal business plan. Surprised? A business plan really doesn't mean much, not when you're talking about manufacturing businesses. Investors will want to see a project plan. You cannot -cannot- devise a business plan without a project plan so if you've got a business plan but no project plan, all of your money, time and effort was wasted”
For those of you who don’t know what a project plan is, here are some elements of a plan and what it consists of:
1) An explanation of the risks involved with the business as well as quality metrics and the environmental impact, if any, related to the manufacturing process.
2) Plans on how variances will be handled during the project. In other words, if something goes wrong, who is going to deal with it and how?
3) Identification of the stakeholders and a clear definition of what their roles and responsibilities are within the project
4) Scope statement - the objectives of the project and what need or problem the business will be solving.
5) Schedule and cost baselines - a list of tasks, the costs and how long it will take to complete each task
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