3 key steps to starting a successful fashion business

3 key steps to starting a successful fashion business

 help you Launching a fashion business can be the most exciting, invigorating but tiring thing you’ll ever do. There is the fulfillment that comes with it but also, the terrible nights that come by the side too! Do it well and your dreams will come true, get it wrong and you might have to give up on them.

For most of us, our fashion business is like our baby, we completely commit to it, as you should- that’s a free tip, you are welcome. However, after dedicating a lot of emotional energy and resources to making your fashion business work, it is sad when things go wrong. And, you don’t achieve the vision you had.

Successful fashion businesses make mistakes that can set a brick out of place and bring months or years of efforts crashing down. But, there are some steps you can take to ensure you are not starting off on the wrong foot. Take them and your business might weather the storms. Ignore them and your business will get swept up and forgotten. Here are three steps you can take to ensure your fashion business is up to the right start:

1. Write out a Financial Plan:

Finance is the blood of your business. You need a plan for getting enough of it. If you don’t get your plan right, you might find your business collapsing just as it is about to start taking more strides. As a result, you will need professional help setting up a flow to ensure you get the right type for your business.

2. Set up a Pricing Strategy:

You are setting yourself up for trouble if you are setting prices based on what you think they should be. If your prices do not consider the type of product you sell, the demand for it, the cost of your production, and more, then you might be getting yourself into a serious problem. We have an automatic cost & price Calculator that will price your products for profit.

3. Get a fool-proof Marketing Plan:

If no one knows what you are selling, they won’t come to you when they need your product. If they don’t trust your brand, they will not keep coming and they definitely will not recommend you to their friends who will then recommend you to their friends. These are the issues your marketing plan should be able to cover. Without a proper marketing plan, you will only have a shiny product that is not going anywhere.

Are there more vital steps you think entrepreneurs out there should know? Share with us in the comment section!

MARKETING STRATEGY-Why Instagram and Facebook should be a part of your Marketing Strategy.

MARKETING STRATEGY-Why Instagram and Facebook should be a part of your Marketing Strategy.

In ⁣the very competitive fashion industry, a good Marketing Strategy is what sets you apart from the pack especially with the advent of numerous marketing means.

It is very easy to get caught up in what other brands are doing but the truth is one cannot do it all. As a business owner, you can’t explore all the marketing strategies at once, you need to decide which one works best for you, as result, channel your effort into it.

We have found that one of the fastest and easiest ways to make your mark is with Facebook & Instagram Ads. ⠀

# Brand Awareness

When done correctly, it gets your product in front of your ideal audience so they become aware of your brand. They purchase your products and ultimately turn into brand ambassadors.⠀Hence it increases Brand Awareness.

# Increase Sales

Not only can it improve brand presence, but it can also increase sales, easily tracked, and more importantly, can help you determine if you are using the appropriate strategy.

# Active Users

As of the fourth quarter of 2020, Facebook has about  2.8 billion monthly active users. The bottom line, your potential customers are already active and engaged on both platforms. You just need the right strategy to  reach them

Lastly, you can choose your advertising budget, choose your audiences, add shoppable links/call to action and track the performance of your ads.⠀

In a nutshell, Facebook & Instagram Ads have the power to transform your business into a powerhouse. Both can generate a lot more than you can imagine if done correctly.⠀You can delve into the endless opportunities of Facebook and Instagram Ads and have a successful result.

Have you been able to  Develop your Unique Selling Proposition? Found your marketing strategy? Do you utilize Facebook & Instagram Ads for your business? What have your results been like? Let’s discuss….⠀

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Recommended Resources

How to Use Storytelling to Sell Your Brand

Do I Need a Website for My Business?

How to Use Freebies to Grow Your Business

3 Things you need to know before starting the Business Of Fashion

3 Things you need to know before starting the Business Of Fashion

An overwhelming number of startup fashion businesses fail after they get started simply because they failed to figure out some basic things required to run the business successfully.⠀

In the last few years, South Africa, Kenya, and Nigeria have become the hubs of startup establishment. According to the Venture Capital Report of 2019 by WeeTracker, Nigeria has the maximum score of Venture Capital followed by Kenya and South Africa.

However, in terms of trends, Nigeria has experienced more startup business shutdowns at 61.05%, Kenya at 58.73%, and South Africa at 54.39%.

According to the data from the US Bureau of Labour Statistics, 20% of small businesses fail in the first year, 30% in the second year, 50% in the fifth year while 70% fail within the first ten years. These statistics show that there is an increase in the failure rate hence it is a global concern.

Your business does not have to be on the list of the failed business.

 
Here are 3 things you need to know before you start the Business of Fashion;

 

⠀1. Know Your Niche Well

Firstly, you need to determine the niche you want to focus on in the Business of Fashion and avoid pivoting frequently. This will help you establish your brand and be known as an authority in that area. For instance, if you’re launching a plus-sized women’s wear brand or Corporate Clothing Retail, focus on selling those items only.

 

2. Identify Your Target Audience

Many fashion brand startups fail because they do not know their target market.  This article on How to define your target market explains what you need to do before starting.⠀

A successful fashion business requires an understanding of one's target market.

Avoid making this mistake. Research your target customers’ social, financial, educational, and other backgrounds. This will help you deliver the choice and needs of your customers. For example, if you identify pregnant women as your target consumers, then you should create fashion items as per their choice of colors, trends, comfort, etc.

 

 3. Know What It’ll Cost

Lack of funding is surely one of the reasons many businesses fail without realizing their full potential. In order to avoid such a situation when starting out, have a realistic budget of how much money you need to set up and run your business. After you have your budget ready, work on getting a significant portion of it ready.⠀This article on important costs to plan for will surely help you.

Starting a Fashion business

Starting any kind of business requires tenacity, endurance, and dedication. Setting up the business of fashion is all the more challenging because this is a hyper-competitive industry and a very complex one as well even at the smallest of scales that’s why you need to be prepared from day one.⠀

What are your thoughts?…. Let’s discuss …⠀

P.S.

Do you know we offer Online Courses in Sewing and Patternmaking, Pattern-making only, Sewing Techniques for Perfect Finishing, Origami Patternmaking and so much more?  And you can register anywhere in the world! ⠀⠀

Check out our Online Courses Here: https://martwayne.com/online-fashion-courses/

Recommended Resources

Fashion Business Idea: Corporate Clothing Retail

How to Start a Clothing Factory

5 Ways to Build Buzz for Your Fashion Business

FASHION BUSINESS OPPPORTUNITY: Fashion Marketing Consulting

FASHION BUSINESS OPPPORTUNITY: Fashion Marketing Consulting

The fashion industry has a role for almost everyone; over the years, the roles have evolved so much. It doesn’t matter if you don’t have the precise technical skills of a textile designer or the artistic flair of the fashion illustrators. Because, with your knowledge of trends, fashion principles, and marketing, you can become a fashion marketing consultant!

A fashion marketing consultant gives fashion advice and recommendations to clients. 

 

You will use your knowledge of fashion trends and principles to help your clients. They could be individuals, customers, and companies while working closely with businesses to identify their marketing needs and provide effective plans and strategies to boost sales.

Thanks to the internet, it is simpler to turn your passion into a career. You can brand yourself and create an online presence that will help you attract your first customers, and from there, you get to build that shiny portfolio!

However, getting your clients is one thing; ensuring they are satisfied enough to stay is another. You will need to go out of your way to learn about social media, SEO, email marketing, visual merchandising, reputation management, and image development will go a long way. Your clients need to be sure you know your onions if they will be trusting you with their businesses.

Fashion marketing can be challenging but also highly gratifying: Because you will not just be building your brand. You will also get to be a part of the success stories of other fashion brands as well.

Does this sound like something you are well-suited for? Do you know any other new fabulous business idea? Let us discuss this in the comments!

Visit our blog for other lucrative business ideas you can start. We also have online fashion courses to help you successfully start your fashion business. As we all know, execution is everything!

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