A lot of fashion designers who undertake the venture of fashion designing commit many mistakes and consequently, they have to wind up their business. It is true that you may be a proficient fashion designer but it is not enough to make you an accomplished fashion business entrepreneur. When you commence a business, you have to know and adhere to some basic principles to manage your business successfully.
You may be considering embarking on a business of garment manufacturing that designs, prepares, and markets clothing merchandise like shirts, skirts, t-shirts, pants, dresses, and other accessories such as gloves, socks, and jewelry. But the clothing manufacturers suggest that you need to focus on some basic rules of running a successful business. For example, as an expert graphic designer, you develop the finest designs; but to market your designs, you have to learn business and marketing skills as well. If you have little experience in the field, try to observe others and learn from their mistakes.
Here are 10 best things to follow if you plan to begin your own clothing line.
Comprehend Your Niche
First of all, you have to decide and pick your domain of expertise in the fashion designing industry. For instance, if you are adept in tote and bag designing, you should carry on your career in this niche. Likewise, if your t-shirts designs are appreciated by the customers, you need to consider taking up t-shirts business and start producing, marketing and selling your uniquely designed t-shirts. You should keep from marketing those designs which you have not created and manufactured yet. Neither have you had to start marketing your merchandise beforehand.
Recognize Your Target Audience
A number of new fashion ventures fail in the beginning due to the reason that they don’t bother to know and recognize their target audience before embarking on their venture. Therefore, it would be great to avoid this oversight. Undertake a survey to learn about your potential customers’ educational, social and financial backgrounds. This study will aid you in crafting and developing your garment business according to the needs and choices of your target audience. Don’t make the mistake of selling one product item to every section of social set up. For instance, if you decide to design and produce your garments for the teenage group, you must bear in mind the choices, trends, and colors that appeal to the teenagers and manufacture accordingly.
Realizing your potential customers is significant from marketing and selling point of view as well. As for instance, if you determine college students as your target audience, it would require you to publish your advertisements in college newspapers and magazines. And you will have to adopt a different advertising approach if you intend to manufacture for elderly folk. In the same way, you will have to choose from different options of graphic designing approaches. For instance, if your brochures and ads are meant for young customers, these would contain trendy elements and colors. Hence, get to know your potential audience properly.
Figure Out the Precise Cost
A study by the US bank reveals that almost 82% of fresh business ventures collapse due to their flow of funds problem. Inadequate and deficient funding is certainly one of the major causes for collapsing of a number of small startups before they are able to realize their full capacity and potential. In order to escape such difficulty, you should really figure it out how much financing you would need to establish and grow your enterprise.
Note down your essential expenditures such as the cost of buying furniture for your office, payment of salary to the employees, and cost of publishing of your business cards. Another aspect to bear in mind is that your client may not make your payment at once, so make sure you have some money in the store to meet fixed expenditures as well as any unforeseen expenditure.
Set an Appropriate Price
After establishing your clothing startup, you would aspire to make it lucrative. Ensure setting an appropriate price for your products. You will be able to earn a profit when your revenues overcome your fixed and variable expenditures. Take into account all your variable and fixed costs and then set an appropriate price for your product items.
Craft an Unforgettable Brand Identity
When you begin a clothing line, your target audience would get an initial impression of your business by glancing on your brand identity i.e. your company logo. A professionally crafted logo impresses and draws in potential customers. Fashion logo has to comprise of brilliant colors and attractive typefaces. A well-crafted and fine logo communicates the vision of a business effectively.
Make Sure an Online Presence of Your Enterprise
Another vital requirement to establish and advance your clothing line is to ensure the online presence of your brand. Most customers look for stylish dresses online. A nice online presence of your brand is therefore vital for your business prospects.
You should create a company website that would render all the relevant information regarding your products and everything.
Discover a Business Partner
To make sure the smooth running and expansion of your business, try to find some partner to work with you in a win-win situation. To say it otherwise, search a partner to share the burden of your business. Look for a trustworthy partner.
Establish Your Brand
To attract a majority of customers, you need to consider establishing your unique brand. It will take a lot of time and energy to build your brand. To make your business a brand, the most essential aspect is to inspire trust and emotion. Convey a positive message to the potential customers about your business utilizing various platforms.
Build a Marketing Strategy
You have to devise a persistent marketing strategy even before starting your clothing line. For an effective marketing strategy, you should undertake good research, get to know your target audience, and exploit all the means and platforms at the exposure. And then you will be able to market your products successfully.
Learn from Mistakes
Everyone is once a beginner and exposed to commit mistakes. The wiser approach is to learn from your mistakes and move forward. If your business plans are not working well, discard those and try out new ones. Quick learners remain a step ahead of their competitors.
To sum up, while beginning your startup, study your niche, customers, and market potential, devise an efficient marketing strategy, design a memorable logo, ensure the online presence of your business, and last but not the least learn from your mistakes.
Alex is fascinated with “understanding” people. It’s actually what drives everything he does. He believes in a thoughtful exploration of how you shape your thoughts, experience of the world.