Many people dream of having a career in an industry that they’re passionate about, but there are a lot of steps between having a dream and making it a reality. And in an industry as cut-throat and competitive as the fashion industry, that passion must be paired with some
Research the Market
It’s easy to think that just because you’re knowledgeable about fashion, that you know everything about the industry. This is a dangerous misconception.
Learn everything you can about the clothing industry before entering it. Look at comparable clothing businesses. Are they doing okay? Who are they targeting? What are their numbers? Which time of the year is it busiest and which time is the least active?
Knowing the answers to these industry-specific questions will enable you to react quickly and precisely to varying market conditions. You don’t want to be adding up to your inventory during the least active time of the year for your clothing line, do you? In any business, data is an asset you should be investing resources on.
Offer Something Fresh
While emulating existing businesses is important, that doesn’t mean that you should just duplicate their entire inventory and business model.
Consumers are always looking for something unique and trendy. If you don’t offer anything new with your product line, consumers will likely walk past it.
Furthermore, if you squeeze out the same product that everyone else has already been making for years, people will go with the existing brand instead of the newcomer who has yet to prove its value. It doesn’t matter if you put a cheaper price tag to it. A product that looks like a knockoff will be neglected by its intended market.
Hire the Right People
So you’ve got a plan and something fresh to offer. Now you need to find some people who can help take you to the top.
Starting a business takes just a minimal amount of people. But over time, as the business takes form, responsibilities will increase and the need to hire more people emerges.
Workforce is the blood of any business, circulating around every important departmental organ of the body. This said, it is important to hire the right people who share the same passion, drive, and vision for your brand.
Without money, even the most brilliant business idea cannot take off. You will need to secure startup funds in order to build your initial inventory. The amount you will need depends on your chosen business path.
For example, if you are planning on launching an online clothing store, the cost for web hosting and a fully-functioning website will be minimal compared to the overhead costs of traditional brick and mortars. There are different means to procure startup funding, such as taking out a small business loan and crowdfunding.
Set Up Your Manufacturing
So now you’ve got a plan, you’ve got people, and you’ve got some funding. What else is missing? Oh right, your products!
Manufacturing is a critical part of any retail business model. The right manufacturer should be able to deliver orders at a timely and cost-effective manner. If they deliver products late or at an inconsistent quality, your customers may not consider doing business with you again hence affecting your bottomline.