I'm sure the actual business end of the tailoring business is a HUGE topic, but I'm always interested in hearing how other people make a living, particularly in the trades. Just having worked on boat seat "jackets," I know the price of fabric alone ranges from a little to a lot depending on what it is, where it's made, and who you buy it from. As an American, I try to buy from American manufacturers/retailers first, knowing I'll pay a premium, and sourcing denim for my project months ago is what got me thinking about those of you who tailor for a living.
For discussion sake, I found a denim manufacturer in thr U.S. who sells directly to the public. The fabric I wanted was $25/yd. The product I want to make requires 2 yards. That's pretty easy math. Again, simply for discussion, let's say currently, I can sell every product I make. How many can I make on my own in a month, and how much do I have to charge to end up with the salary I need/want to make?
Obviously, success depends on whether I can make as many as I need to sell. Can I do it? Well, how long does it take me to make one? Equally important, if I walked into a bank and asked for a business loan, would they throw me out on my ass? Would my spouse?
Like any business, it's a risk, but I'm guessing it's extremely difficult for a tailor to successfully run his or her own shop, even before all of the other expenses, risks, and competition are added in. I haven't got any answers, just thought I'd throw it out there for discussion. 🤔
Perfect topic.
Most tailors run workshops. Only a few manage to turn their workshops into a company. Even less manage to become a brand.
There are ways to be a successful company, but the requirements are not always met.
Leadership is the first problem many artisans face. Being a great cutter or tailor doesn't mean that you'll manage to lead a team or company. Organisational skill is again another problem. Learning a cutting system is not the same as being a systems thinker. Then there is the scarcity of imagination. A company must be fueld by imagination. This is extremely crucial if one wants to make a marketing plan beyond the commodity.
Those problems are enough to prevent an individual from building a succesful company, but there is more...
Employing staff, training them and last but not least keeping them is almost an impossible task for most companies. While there are a few freelancers who make an absolute fortune, the majority of freelancers aren't doing high numbers. Buying a house might be within reach, but being wealthy? Chilling on Maldives, fine dining, a second house? I don't think so.
I hope that ISOT solves the problem of training staff for many companies. But even then, keeping staff is another maze to explore and differs per business model.
As for the numbers, this all depends on getting the above right. You can always charge profitable rates, but must have the ability to back it up with imaginative marketing, efficient systems, excellent people skills and of course persistence.
I recently made a simple business calculator which I will soon have on the website. It tells you what you must have in place if you want to make X profit a year. Perhaps that can be a good extention to this conversation.
Reza
International School of Tailoring