Today's Business Woman 2/08

Starting up
A business plan is
essential to keep
Going
everything on track
swimmingly
goals, their interests. Ask questions about together, sharing risks and liabilities, the
Annabel Hume, founder
their business, how they are doing, who management and also the proﬁ ts of the
of swimwear label,
they would like to meet, what their current business. As a partner you will be personally
Bellinski London.
projects are.’ liable for any debt of the partnership so
‘I enrolled in a swimwear
‘Don’t broadcast – have conversations,’ you stand to lose not only what you have
design course at Central
Power warns. ‘The worst form of networking invested in the business but also any other
Saint Martins University as well as a short
is when you broadcast a 60 second property that you own. ‘Partnerships will
course at London College of Fashion on
announcement on what you do. Networking only work if all partners share the same
“Setting Up Your Own Fashion Label”
is about making friends and ﬁ nding people goals and actively work together to achieve
to give me an idea about what would
who you like and who like you. Conversation them,’ says author of Which? guide Mike
be expected of me and how I should go
is the only way to achieve value in your Pywell. ‘As a partnership, the approach
about starting to create the label. Because
network.’ and attitude you take to work is much more
of my background I hand design all of the
important than if you are a sole trader.’
bikinis myself – to me it’s the best part of
Business structure Setting up a limited company will mean
the job.
When setting up your business you will need you keep your business separate from
I worked full-time in the events and
to make a decision about its legal structure. your personal affairs. It can also help build
marketing team at ITV, right up until the
Will you be a sole trader, partnership, credibility with other businesses and appear
day of the launch. I funded my business
limited company, or franchise? Each option more professional. However it will increase
through two years of hard saving and a
has its pros and cons, tax and ﬁ nancial your administrative burden and there are a
small loan from my father. Anyone wanting
implications. number of mandatory statutory provisions
to start up their own company should
If you’re a sole trader you’ll have complete that you will have to comply with.
thoroughly think everything through before
control over your business and all proﬁ ts Alternatively you may decide to buy a
diving in head ﬁ rst. You need to come up
after tax will go to you. On the other hand franchise. Franchising is a means of running
with a sensible and realistic business plan
you will be personally accountable for any a commercial operation using some or all
and it is essential to know and understand
liabilities that your business incurs, and any aspects of another business, including its
your market. If possible try and stick to
business debts will be your personal debts. name, brand and products. These might
what you know. I learnt quickly not to be
f
.com
A partnership allows two or more include licensing agreements, distribution
disheartened by the amount of “Nos” you

123r
people to join forces and set up a business deals, or some sort of agency agreement.
will receive when starting out.’
©
TODAY’S BUSINESS WOMAN 29
T'sBW7 Business born.indd 29 1/12/08 2:44:57 pm
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