Photo: Kola Oshalusi/Insigna
If you are reading this post, then you are probably thinking about starting a fashion business, or you know someone who wants to. Starting a successful fashion business is not as easy as it seems. Some people think it’s all about fun parties, beautiful models, and an opportunity to showcase their talent. But starting a successful fashion business involves sweat, blood, tears, and many hours of hard work. You’ll need to constantly create unique designs that will make your company stand out from the rest.
Here is what you have to know before starting your brand.
Fashion Industry is Very Competitive
Starting any business requires patience and dedication and the fashion industry is no different. But due to the level of competitiveness in this industry, it becomes more challenging to start a successful fashion business.
Besides, many people want to venture into this industry. You’ll require a lot of planning, creativity, and dedication to break into this industry.
Research, Research, Research
It is important to research about some brands and companies that you find attractive. Look for posts and interviews with the owners of those companies. Visit different flagship stores so you can find a suitable model for your company. The success of your business is dependent on your brand, product distribution, and being able to maintain sales, so you should research these aspects too.
You may even consider doing specific business courses so you can improve your skills. It’s not just about creating beautiful dresses, it’s also knowing the channels where you can sell them for a profit.
Photo: Courtesy Hone Your Business Skills
We all have our weaknesses and strengths. You should assess your skills so you can understand what you can do and what you can’t. After that, you’ll know what other skills you will need for your business.
List the things that you can do by yourself and the ones that you’d need help from other people. Having a degree in design does not mean that you can run a successful fashion company. There’s a difference between a design process in school and the design process in business.
Start Building Contacts in the Fashion Industry
The people you know in an industry will determine the level of your success. It is also important to look for mentors or a friend to help you out.
Talk to people who have been in the industry for a long time so they can advise you on how well to start your business. Looking for an internship at a large fashion company is also a great way to sharpen your skills.
Photo: Niklas Kickl/Unsplash Creating a Brand Name
Your company’s brand name says a lot about your business. Here is what to consider when choosing a brand name for your fashion business.
Your Target Market
Understanding your target market before choosing a brand name for your business is very important. Are you designing products for women or men, adults or children, older or the younger market?
Uniqueness
You’d surely not want to pick a brand name that is used by other players in the market. Think of something that will make your brand different from the rest. Create logos and brand designs that look different and not just a shadow of a popular company.
Funding
Start with a Business Plan:
Creating a business plan is very important if you’re looking for funding from an investor or a bank. A business plan also helps document your vision and goals for the company. It shows your company’s budget and projections.
Look for Partners and Investors:
Your way of funding your company will determine the size of debts you’ll have to pay once your business is up and running. You can decide to take a loan from a bank that you’ll pay back in installments, or you can get money from investors. Investors provide money to run your business while sharing the ownership of the company. You already know this if you have ever watched a single episode of Shark Tank.
Manufacturing
The price of your materials will determine the cost of your products. Look for favorable deals from fabric and supply companies to ensure that you don’t break your budget. Depending on the number of products you want to produce, you’d want to consider buying wholesale fabric from online suppliers.
Find a manufacturer with a reasonable payment plan. Sometimes you’ll be required to pay upfront fees, so consider it when preparing a business plan.
Marketing
After doing everything to get your company off the ground, now you should focus on promoting your company. There are a lot of ways you can use to promote your business. One of them is taking advantage of social media platforms. Platforms such as Instagram, Facebook, and Pinterest offer an excellent opportunity to promote your fashion company. These platforms allow you to showcase your products to your target market.
Photo: Bence Boros/Unsplash
Be sure to change your clothesline from time to time. You can achieve this by producing new products or make some changes to an existing collection. Also, don’t forget to take note of what your customers are saying regarding certain designs.
