It might seem daunting setting up your own fashion business, but our advice can help!
Featured Photo from H&M.com
Launching your own business can be very rewarding, but also very demanding. You’ll need to juggle many balls in order to get the business launched and trading successfully. Therefore, it’s important to do some thorough research and planning. With a large amount of competition out there, it’s essential to have a business strategy in place that is clear and on point.
Create a business plan
A business plan is like a personal roadmap, that outlines your goals, visions and objectives. It will be central to the business development and will be a helpful tool to measure progress and success.
You also need to work out how much finance you will need to set up and run the business until it starts generating income. Fees can include the cost of sample collection, marketing materials, professional fees, insurance and any deposits required for rent or utilities.
Plan your collection
It is tempting to get carried away when designing a collection of clothes or accessories, but for the first few seasons, it’s better to create a small focused section to target a specific group of people. Once you’ve built up a reputation and have a good sales history, you can expand the collection more.
You could hire an image model to model the clothes in photo shoots, as a way of promoting the range. Image models are beautiful women who have a unique charm, grace and energy and can adapt to any situation they are in. They look after themselves well and of course photograph well, so you would be able to have a collection of professional photographs ready for your clothes line.
Check out competitors
Don’t be afraid to research and find out about your competitors, it helps to learn what other people in the market are doing and you can learn a lot from analyzing a competitors business model. It will help you to identify your USP and helps to give your business a slightly different edge to others in the industry.
Keep on top of your finances
Make sure to monitor your cash flow on a regular basis. Doing so well help you foresee any potential problems from happening and will give you time to find suitable solutions. Rather than being faced with a bill that you cannot pay.
You’ll need all the help you can get, so it would be an innovative idea to join groups where you could meet people and forge collaborations with other like-minded people, such as designers, entrepreneurs, social media influencers and bloggers. Anyone that can help promote and get the word out for you about your brand is a big help. Always carry business cards with you to help build up a database of useful contacts, because you never know who you might meet!
Starting a fashion business isn’t easy, but if you feel passionate, are driven and have a clear vision, it can be one of the most exciting and fulfilling industries to work in.