Lessons From Liza D. ~ The Secret to Starting Your Own Brand
The Cut Fashion Academy owner Liza Deyrmenjian has over 25-years of experience in the industry and a wealth of knowledge. From building multiple successful brands herself to helping others build successful brands she has done it all, and she wants to share her knowledge with you!
In the first of our Lessons from Liza D. this successful entrepreneur lets us in on the secrets of starting your own brand.
First Steps to Start-up Costs
What is the biggest surprise people have when beginning the process of starting the brand?
How much money it will cost. Starting a business isn't cheap so you have to make sure you have a clear idea of what you want to spend to start your business including developing your line - and taking it all the way to sales which includes website design and build, branding, inventory, and marketing for sales.
What are the top three skills an entrepreneur needs to succeed?
Being decisive
Having a vision and confidence in that vision
Integrity - you need this for people to believe in you and it is the vital ingredient to creating a strong foundation to build a business on
What is the first step in opening a brand?
You need to know who your customer is. This is essential. Many people that start a line think if it is priced cheap it will sell. If this is your marketing strategy you are up against big brands like H&M and Zara who spend millions advertising cheap clothing. Most new businesses don't have millions to spend on marketing out of the gate. So instead you have to really know who your customer is, and what demand your product is filling.
Do you need a business plan?
Definitely. This is a road map to how much money you need and where to spend and where you need to pull back. This is important. Budget is very important. If you don't have a budget you will run out of money before cash flow starts coming in.
How do I determine my start-up costs?
This is where your business plan comes in - my launch your line class teaches students how to create this for any kind of business, whether it be clothing, accessory, lifestyle or even bakery (we have had a baker!).
What is the best way to spend your marketing dollars?
This again depends on your target market. Where are they spending their time looking for products? Instagram? Facebook? Google? This will dictate where you spend most of your budget for marketing. SEO (Search engine optimization) is essential, and your website is very important. So User Experience is really crucial. Spend some money making sure your site navigates easily. Collaborations and pop-ups get your product in the hands of your customer and it lets you see how they feel about your product. The feedback alone is worth pop-ups and having pop-ups being in your marketing plan.
How do I know my products fit with my branding?
You start any idea with a mood board. This is the first thing you do. When you start designing your product you will see how they tie into your mood board. And if there is no synergy then you have not zeroed in on what your product is.
Liza D. recommends taking The Cut’s Launch Your Line Class that really focuses on this process in Week 1 and 2 and it is vital. “What is also vital and why a class like is important is because you also need critique and feedback when you are starting out. It is a good thing and you take what is of value and you leave what is not- but having objective opinions is really important.”
