Barry's Accounting Services, Corp.
1852 Flatbush Avenue - 2nd Floor
Brooklyn, New York 11210
(718) 677-4006
E-mail:
clembarry@aol.com
 
Client Update - quarterly newsletter
 
 

 

The Fashion Industry - Barry's Accounting Services - Brooklyn, NY

Tax accountant & business advisor serving fabric manufacturers,
designers, pattern makers, models, and retailers.

The Fashion Industry - Barry's Accounting Services

The information on this page would answer ALL your questions in 5 minutes. Call us if you are convinced that we are the right fit for your specific need and you are ready to do business with us.

 

How we obtain clients

  • The internet search engines
  • Trade & Fashion shows (LV Magic; NY & CA Fashion Association, etc.)
  • Business Referrals (FIT, Parsons, Mood Fabric, Spandex House, etc.)
  • Agency Referrals (Ford, Elite, IMG, etc.)

 

What we want from you

1) Your Cell Phone number and E-mail address for quick communication.

2) A paper copy of the last tax return you filed.

3) Your Business Gross or Total Income for the year; or Forms 1099.

4) An analysis of your business expenses for the year.

5) Your Credit Card or Bank Account Information to pay for the service.

 

Overview

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/swagger the catwalk/red carpet.

 

Testimonial

"I opened my flagship store to accommodate upscale shoppers, and my collections are flying off the racks just like you had predicted. I am ready to franchise my brand. Thanks for believing in me and thanks for being there for me."
         - Latacia, M., Rodeo Drive, California

 

E-mails received

1) Question
"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 can tap into to start my clothing line?"
         - Lisa, Queens, NY

Answer
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, family members, pension, credit cards, home equity, etc. 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 their business to venture capitalists.

 

2) Question
"I am a designer. I do not want to be bogged down with actively selling my collections to stores. Any suggestions?"
         - Raymond J., Manhattan

Answer
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 for everybody.

 

3) Question
"I 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."
         - Janice, CA

Answer
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:

  • What is the event?
  • Who are the other participants?
  • Have you participated in a similar event recently and what did you achieve?
  • Did your participation increase the sales/revenue of your former sponsor? If so, by what percentage?
  • When and where will the event be held?
  • What form and level of support are you seeking from the sponsor?
  • Who is your target market/audience and do you have a strong support/fan base?
  • What are the significant benefits that you propose to return to the sponsor?



4) Question
"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 startups?"
         - D. Gurevich

Answer
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.

 

Click here for "Financial Planning & Wealth Management"

Click here for "The Entertainment Industry"

Click here for "The Culinary Industry"

Click here for "The Sports Industry"

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