Business Report
Small Businesses & Fashion
As this pandemic washes over us, studies indicate that many closet entrepreneurs have finally made the decision to turn their ideas into reality. But is this the right time to start a new venture? Matilda Kalaveshi addresses this question in an insightful take on small businesses and the fashion industry in Downtown Miami.
According to the Small Business Administration site, the US is home to over 3 million small businesses accounting for over 99% of the total businesses in our country. Small business is a major driver of our economy and will play a pivotal role in the recovery process. As this pandemic washes over us, studies indicate that many closet entrepreneurs have finally made the decision to turn their ideas into reality. One might wonder if this is the right time to start a new venture. Is it a fool’s errand or a stroke of genius? As Sun Tzu said: “Opportunity lies in the midst of chaos”. Given that chaos has thus far characterized our calendar year, I believe we should put our energy into fostering business in order to breathe new life into our world if we are to ultimately be successful.
The fashion industry, my area of expertise, has the potential to become an important driver of our economy. When we think fashion, we think glamorous models, paparazzi, the ultra-rich, social media, Milan, Paris or New York. However, that is just a representation of the narcissistic veneer. Drill a little deeper and a more comprehensive understanding of fashion is realized by focusing on the business of retail, branding, customer shopping habits, the garment industry, factories, supply chains, jobs and beyond.
In fact, Miami may be perfectly positioned for success. Given its geography, the cultural and financial connections to Latin America and its diverse population, we are poised to become the next fashion capital as long as we take the initiative to create an inclusive and dependable fashion community for ourselves and future fashion leaders.
Miami is now fostering education in fashion at an incredible pace. Downtown is home to the Miami International University of Art and Design and Miami-Dade College with its well-recognized Fashion Institute. A stone’s throw away, the Marangoni Fashion Institute offers our future professionals an array of certificates and degrees. Additionally, Miami presents phenomenal retail possibilities for entrepreneurs with the Miami World Center opening, Brickell City Center, and the Design District.
It is clear that the Magic City is trying to vie for a place at the forefront of international fashion that goes beyond just the superficial. Miami has been dubbed as the Latin American capital and is considered an important destination for Europeans, Asians and Americans alike. In order to realize its true potential, our city will need to invest in fashion at a grass roots level. Sound business strategies can translate into successful business practices when guided by fashion academia, collective collaboration, local business support and the natural flair for the exceptional inherent in Miami.
Matilda Kalaveshi is Downtown News Business Columnist. Matilda teaches retail and business at Miami-Dade College and Istituto Marangoni. She is also the founder of EMP Retail Consulting.
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