Yinka Olatunbosun

At the end of the workshop, every participant at the Fashionpreneurs’ Hangout held recently in Ikeja left with a tea cup and a tailor’s tape. But more significantly, they were all returning to their private homes and businesses with ideas that would spin their creativity into wealth.

Organised by LEAPWORLD Limited and SME TINK TANK platform, the training session covers a wide variety of issues that surround running a successful fashion business with world class standards in view. The panelists included bespoke clothiers, public relations strategist and marketing communication consultants as well as representatives of the Bank of Industry.

The participants were taught how to run their fashion businesses with good managerial skills such as good record keeping practices. This fact was amplified by NiyiAkinyemi who spoke on Finance in Small and Medium scale enterprises. He encouraged his listeners to use daily sales and purchase books in monitoring their business transactions. Suggesting the use of Excel in drawing up the cash and credit columns, he advised that entrepreneurs should be mindful of what has been purchased on credit and promptly pay back before making any further expenditure.

Today, fashion business marketing has transcended road side display of mannequins. Without a physical office, many fashion entrepreneurs have sought after social media platforms to market their products and services. While speaking on promoting fashion business, the marketing communication consultant, Florence Olumodimu revealed that online reviews can bring goodwill to one’s fashion business.

She added that the social media can help win the hearts of people who enjoy the content. This is why the fashion entrepreneur must think of the age and temperament of his or her target audience on social media. This will also determine the type of social media tool to be used. She advised each entrepreneur to humanize the brand to reach the heart of the target customers.
For Isaac Idowu, it is important to also make and keep a chart for the operational cost and maximize profits. He advised the young entrepreneurs to start a fashion business at a reasonable cost and size.

ChinweOnubogu, a lawyer, gave a legal perspective to the discussion. She said it is necessary to register the business with the Corporate Affairs Commission and make a shareholder’s agreement if partnership is involved.

For FunkeMedun, it is very important to create a plan for every business. She said that free templates are available online to guide the user and referred to the movie, “Akeela and the Bee’’, referencing how the lead character enjoyed the tutelage of 50,000 coaches to prepare for a spelling contest. Like Akeela in the movie, a fashion entrepreneur can enjoy at no cost the advice of family members and friends on how to run a successful business.