Starting A Fashion Business
You may have a passion for fashion, but do you have what it takes to bring your love of apparel to the next level? Starting a fashion business maybe sound easy at first, however there are various things to consider so you don't crash and burn in the early stages of your business. You will need to consider ‘what’ you will be selling and, most importantly, ‘how’. Whether you kick-start your fashion business through using a physical retailing space or via e-commerce, all clothing retailers require in-depth planning to ensure successful long term financial performance. Here are some tips on starting a fashion business with a bang!
- Develop a niche
Your specialty is one of the most important considerations when initiating a business. The niche of your fashion business is what sets you apart from your competitors. Undertake market research on fashion trends that are currently in the mainstream, or potential emerging styles that can become popular in the near future. Brainstorm the themes, styles and aura that you want your fashion label to encompass. The style should reflect your own personal tastes as a fashion business owner. By resonating with the target market of your own fashion brand, you be will be able to easily understand the consumer preferences as well know how to effectively convey your brand image that will appeal to your customers. Other target market segmentations can be classified by gender, age, lifestyle and hobbies. You should also consider how you will price your retail pieces – higher, equal or lower to your competitors. This will distinguish your brand as either high-end or affordable.
- Get your finances in check
Once you have established what you are going to sell, the next step is how. Obtaining the funds to finance your business is critical to ensure that you are able to pay for all the initial costs of setting up your business and maximise all processes that can impact its longer term profitability. An effective way to obtain financing is by taking out a business loan. RateCity is an online financing tool that allows you to compare different loans from a wide range of financial institutions. Business loans can be used to purchase equipment, hire staff and fund your daily operational costs to get your business up and running!
- Find a supplier
As a fashion business, you will need to decide where you will obtain your stock. Will you be creating fashion pieces in-house, or will you be supplying your inventory from a manufacturer? Do research on potential suppliers and consider the costs for each option. An overseas supplier may charge higher delivery costs to ship to your warehouse for packing, although may the stock may be cheaper overall owing to lower labour and manufacturing costs. A local supplier allows you to support your country’s economy as well as visit the production site yourself, however it may be a more expensive option. You should also consider the quality of the garments and whether they meet the expectations and standards of your customers.
- Choose your selling platform
With the rising use of the digital space, e-commerce is the go-to for new emerging retailers. As this eliminates the cost of leasing a physical retail store, you can maximise your efforts in the exchange process via your website. Platforms such as Shopify and Squarespace allow a seamless process of managing your inventory and listing your products to sell online.
- Market your brand
Once you have your online or physical retail store underway, you will need to market your brand. Develop a marketing strategy that defines your brand proposition, brand story and overall company values. Allowing your target customers to resonate with your brand will develop brand loyalty, rather than encouraging one-off purchases. Consider cost-efficient forms of advertising and promotion through social media platforms such as Facebook and Instagram which can display your fashion products as well as be easily linked to your e-commerce platform or website. You should also use this as an opportunity to generate hype about your new store by creating pop-up events or introductory sales that are promoted via social media.
No matter what style of fashion you plan to offer, ensuring that you have a complete understanding of your products and sales strategy will allow you a positive start to your fashion business. What tips will you take on board to become a successful fashion entrepreneur?
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