Why You Should Think Twice Before Starting Your Fashion Business
Annually, millions of creatives enroll or graduate from fashion schools globally, however, just a fraction of these talents are able to transcend from being passionate to being commercially successful.
Considerably, your fashion business may involve pieces that spans across one or more of shirts, skirts, pants, dresses, gloves, jewelry, undergarments and socks; nonetheless, it is worthy of note that building a successful fashion business goes beyond charming clothing designs as the changing consumer behaviour and modern technologies continue to evolve the fashion industry.
How To Start A Successful Fashion Business From The Scratch
- Stand Out
It is highly important for you as a fashion entrepreneur to clearly decide your field of expertise in the fashion industry. Carefully work on your Unique Selling Point (USP), that is what makes you unique. In plain terms, stand for something and stick to it!
Like Diane von Furstenberg, you need to know your niche. Diane entered the fashion space in 1970 when she moved to New York and two years later founded her eponymous line. The Belgium born designer created the wrap dress in 1974, which advanced to symbolize power and independence for women and helped establish Diane as a legendary and important icon in the industry. By 1976, over five million dresses had been sold and Diane, at only 29 years old, she was featured on the cover of Newsweek.
2. Know Your Customers
Research your target customers financial, educational, social and overall backgrounds. This is vital as the information obtained will guide you in designing your clothing line so as to tally with the choice and needs of your customers.
Do not try to cater to the entire planet’s demographics. Choose to focus on your target market and think through how to meet their needs. The most successful fashion brands of today know who their customers are and cater to their demands. They treat every customer like the only customer.
Do not start your fashion business if you cannot answer the below questions:
- What identity do I want my fashion brand to project?
- Who will purchase my fashion products and why?
- What can customers get from my fashion brand that cannot be obtained elsewhere?
- What is the most important part of my customer’s journey?
More so, your business name, logo and website design should evolve from the answers of the above questions.
3. Cost Implication
The U.S. Small Business Association estimates that 50 percent of all new businesses fail within their first five years of operation. Although this can be linked to an avalanche of reasons, lack of funding tops the list. To eliminate the probability of this occurring, we advise having a pragmatic insight and account of the cost involved in starting and funding your fashion business.
4. Pricing Is Everything
Profitability of your business is influenced by the pricing of your fashion items to a large extent. Your fashion brand is only profitable when it’s at the right price point and revenue generated is more than your company’s fixed and variable expenditures. Furthermore, carefully evaluate if your business is well-structured to sell online considering the current market trend and have prices fit for online shoppers.
5. Together Everyone Achieves More (TEAM)
Be deliberate about hiring as the wrong team can set ablaze an amazing venture. Recruit individuals that supplement your weaknesses and exponentially grow your strengths as a founder.
6. Be Visible
Social media has drastically changed the business ecosystem across all industries. It is a non negotiable to have an online presence as a fashion company. Your website should be user friendly with the ability to provide your customers and prospects with all vital information about fashion products or services, pricing, images, product descriptions contact information amongst others. Significantly, build a loyal community of customers and be open and authentic with them.
7. If you build it, they will come
This is not a cliche; the success of your fashion business largely depends on your Marketing/PR strategy. In this digital age, we have a plethora of tools like social media to help your target market know your brand exists, thankfully, most of these tools are free. We encourage you to use them as you forge ahead to work with influencers. Clothing is highly personal because our clothing choices are one of the ways that we define our identity. Let your marketing strategy speak the ‘language’ of your customers and address their tastes.
8. Have A Vision
As commonly said, ‘Rome was not built in a day. It is important to have a business plan and sales projections. To help you thrive at the beginning, try finding free resources and purchase items second hand. A successful fashion brand takes time and work; having a vision is like having a map.
In conclusion, not every fashion brand gets the luck of a second chance, to get it right like the Canadian athletic apparel retailer Lululemon. In March 2013, Lululemon made a costly mistake in the production of their popular women’s yoga pants which led to the recall of 17% of the garments as the yoga pants’ fabric was too sheer. While few blamed this on their effort to decrease manufacturing costs. This caused loyal customers and investors to question the brand’s motives. We encourage you to go big or go home.
Palette life represents a world of colours, simple but yet chic, a world that puts a smile on your face and encourages warmness. Open to experience and a target for progress. A touch of sun. We at palette life, provide a platform for the unseen and unnamed designs to calm your home. For yet unknown designs to walk the streets of any country with pride. Visit our Store and connect with us on Facebook and Instagram
