When you have an exciting new business idea, jumping right into the action can be tempting. But success is often less about what you do and more about how you do it.
Are you a fashion designer looking to start your own fashion business? In this article, I will outline five tips for creating your fashion business the right way.
- Choose your niche.
Starting a fashion business is a very personal journey. You are most likely a creative person with something different to offer in a fast-moving industry. You probably have spotted a market gap or have a unique design in mind for a specific customer group.
It can be more challenging to find success when stocking up for all categories of people. Narrowing down your target audience will help create a more focused brand identity.
Don’t just say, ‘I want to build a men’s fashion brand’ and stop there. There are thousands of brands out there for men, and you need to figure out what age group and type of fashion product you will focus on. Who exactly will buy your products and why?
- Know your audience.
Your objective is not simply to identify a fashion item that should exist but also the target market of consumers for that product.
Here are a few questions to consider when determining your audience:
- Who are they?
- What do they generally look out for before making a purchase?
- What social media platform do they use?
- How often do they shop?
- What fashion trends appeal to them?
- What is their price point?
Consider the pros and cons of targeting specific demographics and decide what category of people you would like to focus on.
- Design and source your products
You will probably already know how to design and source your products. However, if you’re on the fence or open to ideas, there are three main ways:
- Buy products from wholesalers
- Design your own and have them manufactured
- Design and produce them in-house
- Price your products
Pricing products in fashion is determined mainly by two key variables. First, the cost of goods sold (e.g., labour expenses and cost of materials) and second, the niche you’ve chosen to target. Here are a few essential costs to include when pricing your products:
- Cost of materials
- Marketing and advertising
With your pricing, you will want to balance making a profit and setting a price that customers are willing to pay. That said, your niche research will come into play, as you already should know who your demographic is, their spending habits, and how much they would be willing to spend on your items.
- Put your brand on social media.
In this age, having an online presence is indispensable. Social media marketing is now an industry standard for fashion brands. Implementing a comprehensive social media strategy for your fashion brand will benefit you. They include:
- Increasing your brand awareness
- Connecting better with your audience
- Ensuring that superior customer service is available on platforms your customers prefer to reach you on.
6. Level up with technology.
Starting a business in 2022 means, you can’t afford to miss out on technology. Think of implementing innovative technology to simplify your overall business process and get more significant business insights, especially your sales numbers. Applications like Dukka can help you integrate all your operations, from tracking sales to managing supplies and inventory, keeping track of profits and losses, and tracking your business performance anywhere and anytime.
Although starting a fashion business can be challenging, it is also rewarding. Successful entrepreneurs know that success in any industry is more than just the product or service you offer. They research their niches well, understand their audience, work hard on marketing themselves and their products effectively and keep learning from mistakes along the way.
As a new entrepreneur, you should remember that great things take time. So, be patient, do the necessary work and watch your fashion brand bloom in no time.
For more tips on how to grow your fashion business, read here.