By Sandra Mateu | Fashion Entrepreneur Club
Many dream of a career in fashion, but few think it’s possible. Thanks to the Internet, technology, and other advancements this dream has become more achievable today. If you get educated and build a strong foundation, you can make it happen.
First, you need an idea of a product or service that you would like to launch. If you don’t know what to offer or haven’t tested your idea yet, do market research. Look into business trends as well as the wants and needs of customers in your industry.
Once you have your idea, you can dive into the following steps.
#1 Define your Target Audience
It’s crucial to know who is your audience. You can have an initial idea of who this group of people is, but stay open and receptive to the feedback you receive once you start sharing your product or service. Being clear about your target audience will make it easier to communicate, market, and sell.
#2 Develop a Strong Brand
You have to work on creating a strong brand. It’s not only about a logo, your colors, or fonts. It’s about the values, your mission, what your brand stands for, and the experience it offers to your customers. We need to truly connect with our customers to develop a long-lasting relationship. We must create an experience that our audience would like to participate in again and again. This is what helps you stand out from the competition and weather the storms you may encounter throughout this journey. Anyone can offer a product or service, but how you do it and how it makes people feel makes the difference.
#3 Design and Develop your Product or Service
Will you self-produce, work with a product that already exists, or partner with a manufacturer? Some decide to start on their own or with a small team. Perhaps your offer includes a product that is ready to go, but you just need to focus on marketing and sales. You can also partner with a manufacturer to produce your product. Decide what works best for you and your circumstances.
#4 Set up a Financial Plan
Determine a budget based on all your business expenses, fabric, manufacturing, team members, freelancers, marketing, space rental, shipping materials, etc. As you go through each of the steps we have listed here make a list of all the expenses, so you can come up with a budget. Remember every decision makes a difference. Don’t spend money on unnecessary things. Don’t expect the business to cover your expenses in the beginning. Have other sources of income. Things may take time and you don’t want that extra pressure on yourself and your business.
#5 Choose the Right Business Model
How will you make money in your fashion business? Getting clear on this is a crucial step. Pick the model that suits you best. Consider your natural strengths and abilities. Also, commit to learning everything about the business model of your choice. Is it dropshipping, retail shop, online store, pop-ups and markets?
#6 Create a Good Offer
Many skip this step. They focus purely on the desire to turn their idea or dream into reality without considering if what they offer is compelling enough. Think about design, quality, pricing, functionality, and any other quality that applies to your product or service. It needs to be something that fulfills a need or want in an enticing way. This is when knowing your target audience and connecting with them through a strong brand, will help you deliver a desirable offer.
#7 Develop a Marketing and Sales Strategy
Think about how you will reach your target audience and how you will present your offer to them. Developing and applying a marketing and sales strategy regularly is key to having a successful fashion business. Many fashion entrepreneurs put most of their attention into their design and production process, but then struggle with sales. All parts of the process are important and marketing and sales is the last step to make everything work. Consistent marketing and sales will help you reach your financial goals, which will allow you to stay in business and continue to grow.
After carefully working on these 7 steps, it’s time to launch. You will be ready to open your business! Know that it doesn’t have to be perfect and that you will learn many things along the way. It’s a journey. Be patient and persistent. Build a support team of business colleagues and friends. Pay attention to the process, so you can identify when to tweak things, take advantage of opportunities, and continue to grow.
I hope this helped you get more clear about this process.
Wishing you much success in your entrepreneurial journey!
If you ever need any help, I have put together 3 guides to help you get started in this process of building your fashion business, which you can access for free here. We also have a monthly membership called the Fashion Business Incubator where we focus on branding, visibility, and sales. You can learn more about it here.
Connect with Sandra Mateu, Gitana Styling:
Image Credits:
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Picture 1 – Workspace | Image by Luis Ricardo Rivera from Pixabay
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Picture 2 – Woman in a boutique | Image by LOFT 184 LOJA LOFT from Pixabay
