For one of my assignments in my Parsons x Teen Vogue course talks about production costs and how to make a better profit. I wanted to share what I’ve learned just in case some of you all are entrepreneurs.
I’ve calculated how much it’ll cost me to continue making these pair of earrings one set at a time.
These is my calculations on if I buy my materials in bulk for my earrings.
In the end I realized it’s cheaper to buy my materials in bulk because my production costs lowers making my profit increase from $4.06 to 7.56 per earring. The sources I would use to purchase my materials in bulk are whole sellers from Amazon and eBay but if I decide to use whole sellers outside the country I would calculate making a even bigger profit.
When you’re looking to make a bigger profit try finding ways to maximize your earnings such as buying in bulk or buying overseas.
Hi Aspirers as you all already know I’ve been working on my online fashion certificate program with Parsons x Teen Vogue for the past few months and you’ve been watching my video updates on my YouTube channel so here it is another update for you all. I’ve graduated from a four year university with a BS in Consumer Apparel Retail Studies and all my professors told me that all these assignments would help me in my everyday life but at that time I didn’t think so (more so thought this about my core classes not in my major classes). All I wanted to do was graduate and start making money! Since I’ve been working on the assignments I’ve completed with the Parsons x Teen Vogue program I’ve realized I’ve been applying my course work to my everyday life especially Course 3 The Production Cycle. At the beginning of each course and assignment there is a mini video to watch and this one particular video talked about having a business plan. What a business plan can do is help you build a company, start a fashion line, or for me it help me create event I’m planning for next year with another blogger.
To start a business plan you have to have an idea. You can’t do anything without knowing what and why you are doing it. Second is your funding. Are you using your money, taking out a loan, applying for grants, or maybe sponsorships. Currently I’m on the this step for my event. Without funding there is no way your idea will happen. Nothing in life is free. Third, how are people going to know about your idea? You’ll need to market. Now there are endless ways on how we can market ourselves and our businesses. Thinking about the second step funding find ways to market for free first because that will cut down your costs so you’ll see a bigger profit. Maybe trade services to get your advertising costs cut in half. Fourth is management. We have to stay on top of everything especially when the wheel starts turning and it’ll start turning fast once people are seeing your buzz and loving your buzz. If you lose control on what’s going on the plan you once had will turn towards a different direction.
Once you have a set business plan in place you can use that same plan to venture out into different avenues. The other important thing to know is success doesn’t happen over night. Some people might not understand your vision like you want them to, so don’t give up on your idea just figure out a plan that will work.