WHAT is your year 2020 vision? Are you tired of being unemployed? If yes, then, this year, you must think of a vocational skill you would love to acquire this year.
If you are blessed with a talent for designing fashion items, learn how to turn your passion into a profitable business. No doubt, doing a business comes with its own risks as you are investing money and time. However, since the demand for fashion items is increasing more than ever before, your fashion design business can pick up shortly if you are determined to succeed.
There is a huge scope for growth in the fashion industry and business. According to an estimate, global apparel market alone is worth three trillion dollars and it is growing by two per cent annually. The fashion industry comprises several segments such as women’s wear, men’s wear, children’s wear, luxury goods, sports footwear and bridal wear.
It is clear from the statistics available that the demand for any fashion item you manufacture and sell will be higher. Now, it is up to you as a business person to explore the opportunities in the market and turn them into a successful business.
Here are some tips on how to start a successful fashion business:
Think like an entrepreneur
To build a fashion business, you must be prepared to think and behave like an entrepreneur. You must come out of your design studio, meet those who know the business, and benefit from their experience. Find out how businesses work. Build solid relationships with a wide range of people such as manufacturers, investors, and buyers.
Know who your clients are
Without knowing your target customers or clients, you simply cannot move forward meaningfully when starting your fashion business. Remember that fashion industry and the market is vast, encompassing a wide section of the population from all ages and interests.
Who precisely are your customers among them? Do some research to know what trends of colours, styles, designs and so on people like these days? What is the purchasing capacity of your customers? Answer such questions to get a dependable customer profile.
After getting many crucial details about your target audience, you can address their concerns in your graphic design products and advertisement material. For example, your creative banner design can highlight some fashion solutions you provide to the customers based on your research.
Start small with one product
One of the key points to consider is to start with just one fashion product. Many small business owners work on many product lines. But it is not a good strategy as it involves more time, money and management of staff and other things. Instead, start with one product line. Then, develop that product further so that people can have faith in your design.
Set right prices
Another aspect of running a fashion design business successfully is setting the right prices. Find out the amount that your target customer is willing to pay. Then, calculate how much your business would spend on raw material and manufacturing.
This way, set the prices in between the highest prices such that a customer can pay for your fashion product and your overall cost of production. Make sure that the price you set gives you a decent profit.
Put everything on a website
People use the web to search and shop for their choice of products or services. Most potential customers make online search and then take a purchasing decision. A website for your fashion brand is therefore crucial for its success.
However, only a user-friendly site on the web works for businesses.
A fashion website design is also an e-commerce site, which has special features to make online shopping easier for customers. You can crowd-source your web design job to marketplaces like Designhill, which is a dependable leading platform for graphic designers and business owners alike. You can shortly get your design job done at affordable prices to your satisfaction.
Have a vision for brand identity
Your vision for the advancement of your company and its position in the market must be clear to you and your staff. This helps in building a brand identity that is different and unique from your competitors.
This means that as a young fashion designer, you need to know what exactly you are doing. Be clear in mind why you want to start the business in the first place. You should be conveying something through your fashion products that others do not say.
Promote your brand on social media
Social media is a powerful medium. A majority of your target audience of fashion business are on different social channels like Twitter, Facebook and Instagram. Without putting your brand on a wide range of social platforms, you cannot think of doing a successful business. Social media marketing is important to reach out to more and more consumers.
Meet challenges of production
Small businesses have to face many production-related challenges. When starting your fashion design business, you should order only small quantities. This is because you are required to make timely payment to manufacturers, whereas, you may not be getting the payment on the due date from the retailers. Be prepared to face such challenges.
To run a business successfully, make sure that your company is financially sound. Acquire enough funds to meet your routine business requirements and other expenses for many months.
Remember that your venture may not be able to earn profit right away due to many difficulties such as not getting payments on time. So, make sure that your cash flow position is strong.
Get feedback and make timely improvements
Do not get stagnated at one phase of your business. Instead, make all the adjustments and improvements required to take your fashion level forward in a competitive way. For that, get feedback from your clients and implement their constructive suggestions for the advancement of your business.
To Wrap Up….
Know more about the fashion products you want to create and sell. Know your target customers and acquire enough funds to run your business smoothly for many months at least before you generate profit on your own. Create your brand identity, be present on social media and use every effective promotional medium to build your brand.