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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

The Fashion Industry - Barry's Accounting Services

Let's get to the specifics!!

In the Fashion Industry, Our clients are Designers, Pattern makers, Models, and Retailers. They operate as Individuals, S-Corps., C-Corps., LLC's., and Partnerships. 

We bring "Industry-Specific" knowledge and experience to our clients in Fashion, Music, Films, and Culinary. We will make EVERY regulatory tax loophole, credit, deduction, exemption and exclusion in the new tax laws work for you. If you didn't file your tax returns; or if you have a tax problem with the IRS/IRD, we will prepare your tax returns and help you resolve U.S. and overseas tax problems.

We will ensure your royalties/earnings/revenues from multiple income streams (modelling, singing, song writing, book publishing, merchandise sales, appearances, voice-overs, acting, speaking engagements, etc) are timely received and properly accounted for; and we will monitor your investments performances (stocks, bonds, real-estate, and business and franchise ownerships). You will have peace-of-mind and a BIG smile on your face.

What more do we bring to the table

In addition to those benefits that we have discussed above, we bring Quick, effective, and efficient business execution strategies to every niche/area in the entertainment industry (Music, Films, Sports, and Culinary). We have practical experiences in Real-Estate, Transportation and Insurance. We are "WICKED" with numbers. The more complex the better. Our Clients have all kinds of money; and they have thank God we had their backs.

Question:-"I am a singer and a fashion model. I recently started my clothing line, and my sister and I plan to launch our wine label in collaboration with Hill Family Estates Vineyards. Would you be able to help us scale our business? Any advice/guidance will be greatly appreciated".- Liza,G., CA.

Answer:-I can certainly help you scale the business while you minimized costs and taxes. I am also taking the risk with you because I can bring a lot of value to the winery. You will make a lot of money; and you will thank God you accepted me as your Business Partner. You can keep my fee in exchange for 20% stake in the winery (15% ownership plus 5% for board advisory). In addition, you will pay me a Royalty of 45 Cents on every bottle of wine sold in perpetuity. 

Each item (Music, Fashion and Winery) will be under a seperate corporation. We will put together a strategic and execution plan for each section of the business because each has its own unique method of operation, marketing techniques, tax credit, and tax deduction rules. Finally, we will merge those plans and showcase the business in its entirety. That powerful marketing technique will grab attention, create demand, and boost sales exponentially. Joining Hill Family Estate Vineyards has its advantages. They use organic agricultural methods to cultivate wine with depth and character; and they have an established branding, marketing and distribution network that can push your entire business to the top. That is a great opportunity. You have a lot of work to get done. Let's start today!!

 

You can read my best selling book, "Sweet Success, Knowledge & Quick-Skills," by Clem Barry on Amazon.

 

Services we provide for clients.

*Compensation forecasting/projections .

*Review employment contracts for tax planning purposes.

*Multiple States and Foreign tax returns preparation.

*Business, Franchise, and Real-Estate Advisory.

*Investment and Retirement Planning.

*Public Relations & Crisis management Planning and execution.

 

How we know about models

*Fashion Shows & Fashion Week(LV magic, Ibiza, New York, Los Angeles, Milan, Paris, and London Fashion week)

 

How we obtain clients

*Direct mailing from our exclusive database.

*NY and CA Fashion Association.

*Business Referrals(FIT, Parsons, Mood Fabric, and Spandex House).

*Agency Referrals(Ford, Elite, IMG,).

 

What we want from fashion clients

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.

6) A copy of your Drivers License or State ID (The IRS & State need the information to help combat identity theft).

***NOTE:- Some of our clients Fax us their documents. Most of them send us their documents by Fed-X, UPS, DHL and Post-Office.

 

Here is an Overview

Fashion is about what's new and what's next. It is also about having an effective business plan to showcase/sell your product/craft/talent; and a public relations plan (PR Plan) that will enable you to successfully defend your reputation and your brand- (Leave nothing to chance)

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 a 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., CA. 

 

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. 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/policy and competitive spirit. You must show them you are using their product, you like their product, and the benefit(s) you obtain from using their product. 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 (age group or gender, etc..); and do you have a strong support/fan base?
  • What other significant benefit(s) do 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:-For a new business that doesn't have any sales or proof of concept, you must multiply the Book Value by the Industry Multiplier/Multiple. That will give you a realistic idea of the maximum value of the business. The answer to your other question is passion for the industry, unwavering courage, extensive research, strong work ethics, enlist the services of a good coach/mentor, attend trade shows, and follow a communication strategy that will build you brand equity and maintain your competitive advantage as you scale or expand your business to other demographics of the population.

 

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"

Click here for "Business taxes, accounting, & strategic planning"