More than 60% of small businesses cease trading within the first three years of operation.
It's the statistic entrepreneur Elizabeth Formosa is using to inspire the launch of online programme 'Start Your Fashion Business'.
Formosa, who has 20 years experience in the trade, said it is specifically designed for the sector.
“I realised the industry was filled with small business owners and graduates transitioning from their design courses to industry, but so many just didn’t have any tangible experience running a business, and the information out there for time poor business owners was lacking, confusing and often not relevant to their business model.
“I’ve spent more than 20 years in the industry, working with a wide range of brands and am very aware of the failure rate of small fashion businesses.
"I wanted to create something that would reduce the failure rate in fashion and provide people with the right foundation and knowledge, so they can launch themselves into our industry without fear.”
The course is broken down into ten modules, with over 50 video tutorials, tools and group video coaching calls delivered over 12 weeks.
Formosa said it covers product development, sourcing and sales and marketing, branding, finance and business strategy.