Every company starts with an idea, but the path to success begins with a plan, a business plan. For the uninitiated a business plan is a document for how you plan to start and grow your business. All business plans should have three basic sections: the concept or idea, the marketplace and the financial section. In my opinion the most important part of the business plan is the competitive analysis. Fashion is one of the most competitive industries if you don’t know who your competition is than its a good chance you also don’t know who your customer is and that’s a big problem.
Most people think business plans are long and complicated documents. This is not true. I have seen business plans that are only one page long, but I doubt those businesses are still around. The main point is that the idea should be clear and simple with solid analysis and accurate projections. My plan started out at five pages and through conversations with my old business professor and a few close friends has grown to eleven pages. My goal is to build a company with a strong foundation and one that last.