Last week, we introduced you to Ken Wengrod the President of FTC, a fashion financing company in Los Angeles that works with contemporary brands such as William Rast/Justin Timberlake, 291 from Venice, Society For Rational Dress, Black Orchid, J. Lindeberg and Sally Hershberger (hair care products).

Our interview was full of such great info that we had to break it up into two posts. Last week Ken shared his thoughts on financing in today’s world of fashion design. (Click here for the full article). In addition to his experience in the start-up and management of large factoring companies, apparel companies and fabric converters, Ken also serves on the Board of Directors for People’s Liberation/William Rast as well as Chairman of the Board of Directors of Fashion Business Inc., a non-profit organization, which provides training and industry experience to up-and-coming designers in L.A.

Over the years, Ken has seen companies with great ideas that weren’t able to reach their potential for a variety of reasons. Just because you’ve got the goods, doesn’t mean you’ll be rich and famous. So based on his experience in the business, Ken has spelled out what he sees as the 6 tips to success in fashion design. Grab a pen and paper and write these down!

1. Be certain of your own strengths and weaknesses and find others to compliment your weaknesses.  But be careful. Just because you know that accounting might not be your strength, doesn’t mean you shouldn’t understand the basics. (See #5)
2. Understand the market and your niche. Remember, you may have a specialty product, but if you understand your specific buyer, you’ll maximize your sales potential.
3. Generate a simple but well thought-out business plan. Be conservative in terms of how much capital you’ll initially need to set up the company to weather the storm until you become profitable. Watch every dollar as if it is your last. This has never been more true than it is today.
4. Don’t ever be intimidated by professionals. Anything you don’t understand should be explained in simplified terms. If the so-called expert can’t explain it, then they either don’t understand it themselves or are hiding something from you.
5. As your company grows, know all aspects of the job duties inside and out before hiring more staff.
6. Always go with your gut and believe in yourself.

According to Ken, a company that pays close attention to these six tips, has a great chance of succeeding in today’s marketplace. So carve out a niche, get smart about your business and your designs will sell themselves.

Best of luck!