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1. What organisation have you created and why?

lon230202008 — 2024-03-25 11:30:26 UTC

The organisation i have a created is a clothing line called Veda Real. this means Real Life in Brazilian/Portuguese. a little insight to why i chose Veda Real (REAL LIFE) is because within the clothes there will be a story told about Real Life experiences and it has also got my initials RL so that is how people could connect it to me. This is because me personally i have always had a big passion for fashion and clothes and just putting outfits together. So i decided that i would like to pursue this passion and see if i can make it grow and become a successful designer brand. I want to create a brand where consumers are able to add/express their own personality, style and identities to the brand Veda Real. 0verall the affect and influence the fashion industry has on social trends is massive as it has the power to shape societal perceptions of style and identity. Design creativity, effective marketing, cultural resonance and consumer psychology contributes to the emergence and spread of fashion and clothing lines as social trends. This maybe because of the success of the business as successful clothing lines can generate significant revenue through product sales, licensing and collaborations with other companies and influencers/celebrities/artists and singers.

2. What is the purpose of your organisation?

lon230202008 — 2024-03-25 11:31:18 UTC

A clothing line serves multiple purposes such as blending practical functionality with cultural expressions and economic significance. Firstly, "It acts as a medium for individual self-expression, allowing individuals to express their own identities, values, and personality through their attire"(Kaiser,2012). Secondly, "Clothing lines drive fashion innovation by constantly evolving designs, materials, and styles therefore shaping trends and influencing consumer preferences" (McCracken,2015).

As well as that, "Clothing lines often serve as cultural artifacts, reflecting and celebrating diverse cultural tradition, aesthetics and social norms" (Breward, 2003). They play a crucial role in social identification, as individuals use clothing to signal affiliation with particular social groups, subcultures or communities (Hebidge, 1979). This fosters a sense of belonging and solidarity among like-minded individuals.

Economically, clothing lines are vital drivers of the fashion industry such as "Generating employment opportunities, stimulating consumer spending and the contribution to economic growth" (Cawthorne, 2012). Furthermore, for designers it provides a platform for "Artistic expression, enabling them to showcase their creativity, craft and design sensibilities" (Entwistle, 2000). As well as that, they create demand for raw materials, manufacturing, retail and distribution services. Therefore supporting various sectors of the economy. Successful clothing lines can "Enhance a country's export potential, boosting trade and foreign exchange earnings" (Lipovetsky & Roux, 2013). Overall, clothing lines serve as multifaceted entities, fulfilling practical, cultural, social, economic and artistic purposes within society.

3. Which laws should you be most aware of when starting you organisation?

lon230202008 — 2024-03-25 11:34:13 UTC

when opening a business or for this instance a clothing line you have to plan whether it is going to be a physical store or an online business. as well as that you have to choose the right business structure. The most common new business structures for fashion brands in the UK are sole traderships, partnerships, Limited Liability Partnerships (LLP's) and limited companies. Each business structure comes with its own legal costs and tax Implications.

Another law you should be aware of when opening a clothing is the registration and licensing. If you open a limited company then you should register with companies house. Additionally you may need to register for Value Added Tax (VAT), if your annual turnover exceeds a certain thresholds. VAT registration comes with compliance responsibilities, including accurate record-keeping/book keeping and regular reporting. on the other hand it can provide some financial advantages.

intellectual property (IP) and branding is another crucial you should be aware of especially in the fashion industry. protection of your brand is crucial in the fashion industry. Trade marks, copyrights, and design rights can help safeguard your unique clothing line and brand identity. it's good to consider registering your brand name and logo as trade marks to prevent others from using similar marks so it doesn't confuse customers.

If your clothing line holds customer information then you must abide by the date protection laws such as the General Data Protection Regulations (GDPR). It's essential to have a comprehensive privacy policy that clearly outlines how you handle customer data. you'll have to register with Information Commissioner's Office (ICO) as you're containing sensitive personal data.

4. Why is accounting important in your organisation?

lon230202008 — 2024-03-25 11:34:44 UTC

When opening a clothing line you may only have limited resources, which means you can't afford to waste money. You need to carefully track your income, spending, and financial needs for tax purposes. If you fail to do this can mean a struggle to pull everything together at tax time.

One way you could manage your finances is by using the right accounting programs and software such as quick books, excel spreadsheets and sage 50 Cloud Accounting. choose a platform the works for you, and constantly keep checking it over inaccuracies and inconsistencies.

Another way you could manage your finances is by monitoring the right numbers. Such as your cash flow, your revenue, your profitability and your available capital. You might also want to keep track of how much you've spent in certain areas.

Accounting is important as it helps keep track of inventory. Such as identifying fast-moving products and it helps overstocking which can impact profitability because if you have stock that hasn't been bought then it's just a waste of money and you might lose money over that stock.

You also need to allocate the tight numbers into marketing, as it is going to generate a high return on your investment, ideally that should increase as you spend more on marketing. On average you should allocate 5-10% of your overall revenue on marketing, however cause it's a start up business you'll need to allocate 15-20% to help your brand get off the ground. Carefully rack your marketing campaigns, if they aren't generating any returns then you may have to change methods or change platforms. However with the rise of social media it is easier to market any business without spending money. This is because of apps like Instagram and TikTok it is easier to hit the target audience because there a lot more online businesses with the rise of social media.

overall accounting plays a very vital role in the financial management and success of a clothing line by providing transparency, control and insights into its operation.