When you have an exciting new business idea, it can be tempting to jump right into action. 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’ll be outlining 5 tips for starting 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. It’s likely that you have spotted a gap in the market, or have a unique design in mind for a specific customer group.
It can be more difficult to find success when stocking up for all categories of people. Narrowing down your target audience will help you 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 really need to figure out what age group and what type of fashion product you are going to 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 certain demographics and make an informed decision on what category of people you would like to focus on.
- Design and source your products
You most likely already know how you’re going 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 largely determined 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 key costs to include when pricing your products:
- Cost of materials
- Marketing and advertising
With your pricing, you’ll want to strike a balance between making a profit and setting a price that customers are willing to pay. This being said, your niche research will come into play, as you already should have a sense of who your demographic is, what their spending habits look like and how much they’d 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 have many benefits. This includes:
- Increasing your brand awareness
- Connecting better with your audience
- Superior customer service by being available on platforms your customers prefer to reach you on.
6. Level up with technology
When starting a business in 2022, you can’t afford to miss out on technology. Think of implementing smart technology to simplify your overall business process and get greater business insights, especially into your sales numbers. Applications such as Dukka can help you integrate all your operations starting 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 about 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, put in the required work and watch your fashion brand bloom in no time.
For more tips on how to grow your fashion business, read here