Small Business Startup

Pre-College Program - HMG 165 A

Production Management
 

After walking twenty blocks from 10th street, spilling strawberry smoothie on my freshly ironed shift dress, and going to the wrong class for the first 10 minutes of the day, I have finally arrived in Professor Vega’s small business start up class. Immediately his kind demeanor and huge smile confirmed that my morning nerves were no longer needed.  He asked us why we were here. Why had we, high school students on summer vacation who could be relaxing at home or at a beach, choose to be in his classroom learning about the business of fashion?  I have yet to think of an answer to his question but after hearing about the details of the course I know one thing, I am in the right place.  

Since I can remember my grandmother has been my shopping partner.  She comes from London, England and has always had a keen sense for up incoming trends.  She would take me to Bloomingdales and Barneys and I would stare in wonder at the beautiful garments she tried on.  Of course being only a young girl I did not fit into any of the clothes, but I knew since then that the fashion industry was for me.

Since my town is exceptionally small, there are no real opportunities to take classes in my field of interest.  I attended a course at the Fashion Design School of Boston this winter and loved it.  This 6 week, 36 hour course gave me hands on training in the arts and sewing portion of the fashion industry but I have yet to dip my toe into the business pool.  I know that the garment industry is what’s right for me, now the only thing left to do is figure out what area I am right for.  I hope that this class will help with this question and allow me to get a better understanding of the business of fashion and myself.

My first week in small business start up has been exhausting yet fulfilling.  My fingers are cramped from all the typing I have done for my notes, but my brain is thriving with all of the new knowledge I have acquired.  Some of the questions that Professor Vega asked us were, do I have what it takes to own and manage a small business, am I a self starter, and do I have the physical and emotional stamina to run a small business?  These questions are the foundations for at least 15 pages of notes that I have taken during class.  We researched brick and mortar, a physical location for our store, servers, a computer that handles data for your company, and even what our motivation is.  I feel like the most beneficial part of this first week was when we learned what went into a business plan.  It is important to know about all the aspects of the plan, even if you are not planning to write one yourself.  We learned about Pro forma sheets,  cash flows and everything in between.  This first week has really been valuable.

This week I really hit the ground running by creating everything from business cards, to opening day flyers, and even a website for my small business!  We dealt with more lab time which means more time on the computer to develop our business and catch up on assignments.  During the first two days while taking notes, we learned an abundance of information about how to protect our businesses with security systems and how to avoid embezzlement.  We were told how we should handle our company’s cash; Professor Vega suggested that using a POS system can help you track sales in an organized way.  By researching how much money it really takes to start a business, it helped to put a perspective on why 90% of all small businesses fail within their first year.  During lab time, I really worked hard on creating a fully functional website for my company.  It took a while but I am finally content with my final product.  Now all that’s left to do is take my business public!

The past three weeks have been filled with much newly gained knowledge, acquired skills, and memories that will last a lifetime.  Since July 6th I have been staying in an NYU dorm on 10th street with a friend from home.  Commuting to class every morning really made this college like experience real.  I can picture myself attending FIT and loving the city.  It’s now the last day of this small business class and I can’t help but have mixed emotions about leaving FIT.  On one hand I am excited to go home, sleep in my own bed, and see all my friends and boyfriend whom I have been away from for three weeks, but on the other hand I’m sad about leaving the city and my classes.  From opening day flyers and logos, to lectures about business plans and pro forma balance sheets, I will leave this class more mature, and knowledgeable than before.  If I could do it all again, I wouldn’t change anything.  This experience has been amazing and I thank FIT for establishing such a supportive and efficient program.

 - Callie Weldon