In our latest series of free masterclasses aimed at FTA learners, FC Designer Workspace tenants and new brand start-ups, we aim to provide crucial information to ensure new businesses will be a success.
FTA learners wanting to start their own brand often ask about business entities, legalities and provide an appreciation of HMRC and we are only too happy to provide support. For this session we wanted to find an expert on these ever changing areas of business, ‘Establishing Your Fashion Empire: A Comprehensive Guide to Understanding Company Formation for Aspiring Brands and Designers’ (21st June 2023) was led by speaker Nigel Rust.
Nigel, has over three decades of industry experience and was able to ensure that we are providing the right business advice/development for each of the designers and also the learners that attend the Fashion Technology Academy. Financial reporting advice was also provided during session and Nigel stressed the importance of keeping a simple but effective invoices in and out system so everything that is purchased is verified and reconciled on a monthly basis.
From the masterclass there was considerable discussion regarding the legal identities of Ltd, v Sole Trader v Partnership with significant advantages and disadvantages being raised by the attendees. This conversation then developed into people starting off their brands as a sole trader to then become a limited company if and when this was appropriate.
The session went over time so that Nigel could answer questions on setting up a solid business structure as well as legal considerations and financial planning. Nigel explained everything clearly and was incredibly helpful and informative.
Feedback from attendees included:
“I learnt the difference between being a sole trader and a limited company.”
“I found out how to build your business and what to look out for.”
“I found out about the business side and how to do a tax return.”
“I learnt about the differences between sole traders, partnerships and limited companies. I also learnt how to register a business and was informed about tax processes for individuals and businesses.”
The next free masterclass takes place on the 13th July An Hour with Designer and Brand Owner Louisa Parris – hear how Louisa got her business off the ground and into boutiques around the globe.
Tap here to view our extensive list of supportive masterclasses. To join all you have to do is sign up and a Zoom link will be emailed to you closer to the date.