Tax accountant & business advisor serving fabric
designers, pattern makers, models, and retailers.
Industry Course Work:
- Budgeting & Financial Management
- Project Management & Cost Accounting
- Trends Forecasting & marketing
- Transportation logistics & Security details
- Brand Identity, Licensing & Merchandizing
- Special events planning, production, marketing & risk management
- Business, individual & International Taxation
- Sponsorship & Sponsors expectations
- Media Buying and Management
- Entertainment Taxation (Music, Fashion, Sports, Culinary & Film)
- Business, Contracts, & Entertainment Laws
My name is Clemson (Clem) Barry. I have clients in the fashion industry. Fashionable attire, accessories, and beauty products are lucrative and rapidly growing industries. They attract a lot of middle- and high-income individuals and they seem to have the right fit with an "entertainment accounting" firm like Barry's Accounting Services. I grew up in a family of seamstresses. My mother and two of my aunts were seamstresses and, back in those days, those three sisters were on the cutting edge of fashion they were "haute couture," so I have an eye for fashion and good fabric. I have a young niece in college who is hot on the fashion trail. My firm sponsored her in 2007 and she has won a trophy.
Fashion is about what's new and what's next. Fashion designers are selected for their creativity, technical skills, and their ability to improvise (with an eye for details). The presentation must fit the vision the designer has promised and the fabric must not have too much bounce or be too stiff. Creativity and skills must be well-executed and the outfit must look elegant, inspiring, and memorable. Designers must manage the nit-picking details before the model dresses for show time finished details such as fit, buttons, button holes, zippers, pockets, hemlines, collars, sleeves, etc. If a designer is not accustomed to dressing a model, s/he should hire someone who knows how to dress the model for that special occasion. Fashion models are chosen for their talent and appearance. In addition, they must demonstrate a positive attitude, high energy, and confidence. They have to look elegant and they have to command attention when they strut the catwalk/red carpet.
Personal lines/collections, new designers' collections, consultation
services, and residuals.
deductions/tax breaks/tax write-offs:
Fabric, pattern/sample, thread, needles & pins, rent (boutique/
warehouse/ showroom/ office-in-home), buttons, zippers, scissors, tape-line
(tape measure), thimble, stationery and postage, electricity, window
display, sewing machines, machine maintenance, cutting tables, iron,
chairs, clothing cabinet, travel, tolls, gas, meals, hotel/lodging,
advertising, gifts, security, depreciation, amortization, credit card
fees, Internet access, membership dues and subscriptions, telephone,
secretarial fees, fashion model/agency fees, accounting fees, legal
fees, insurance, payroll and payroll taxes, sales tax, administrative
salaries, trade shows, yarn and textile shows, vintage shows and online
research of different eras, racks, shelves, counter, cash registers,
hangers, mannequins, street
fairs, sales commissions paid or returned, sanitation, delivery,
shipping/freight, customs duties, defects, etc.
"I am planning to graduate from F.I.T. next year. Getting my clothing sold
in trendy stores will be a dream come true. What financial resource(s) would
you suggest that I tap into to start my clothing line?"
Lisa, Queens, NY
It is tough for anyone to get adequate bank financing for a new business
if there is insufficient collateral to support the loan. Some
entrepreneurs have overcome that obstacle by borrowing from their
savings, pension, credit cards, and home equity. Others have
sold their most cherished possessions to finance the venture.
Some have formed partnerships with people in their industry who
have the cash while others have sold part of the business to
am a designer. I do not want to be bogged down with actively selling
my collections to stores. Any suggestions?"
Raymond J., Manhattan
There are well-known designers who will act as middlemen for new designer
labels that the big retailers would not automatically consider. They
absorb the risks that the big retailers do not want to inherit
from virtually unknown brands. They open the market for smaller
designers by collecting their best creations and selling them to
larger retailers. They help increase the value of the brands by
establishing exclusivity for the brands. This is a good synergy
would like to increase my chances of obtaining corporate sponsorships.
I have tried and failed many times. I would appreciate any suggestions
you can give me."
Companies will review a sponsorship request to see if the event meets
their guidelines and competitive spirit. You must be prepared to
answer questions, such as:
is the event?
are the other participants?
you participated in a similar event recently and what did you achieve?
your participation increase the sales/revenue of your former
sponsor? If so, by what percentage?
and where will the event be held?
form and level of support are you seeking from the sponsor?
is your target market/audience and do you have a strong support/fan
are the significant benefits that you propose to return to
"I and several other students at Brown University are considering starting
a fashion social enterprise. We are curious as to what typical valuation methods
are used in the fashion industry. Do you have any words of wisdom for fashion
Use the Book Value to calculate the market value of a target company
in the industry, then use the Industry Multiplier to calculate
a second market value. Both values will give you a realistic
idea of the maximum value of the business. The answer to your
other question is passion for the industry, enlist the services
of a good coach/mentor, research, attend trade shows, follow
a communication strategy that will build you brand equity, and
maintain your competitive advantage as your demographics change.
mentor program is great. I moved to Miami and purchased the business
of my dream nine months later. I am planning to open another store
in the fall, just like you had predicted; and I am counting on
Cruz, Retailer, Miami, Florida
opened my second store to accommodate upscale shoppers and my collections
are flying off the racks. I am ready to franchise my brand and
I have plans to take the business public. Thanks for believing
in me and thanks for being there for me."
Cruz, Retailer, Miami, Florida
here for "Financial Planning & Wealth Management"
here for "The Entertainment Industry"
here for "The Culinary Industry"
here for "The Sports Industry"
here for "Business taxes, accounting, & strategic planning"