, iSo, you have creative ideas for your fashion brand and are looking to start a fashion business soon or might have already launched. If yes, that’s wonderful, but that stage you’re in is a delicate one.
An overwhelming number of fashion businesses fail during the first two years of operation, and roughly half of all of them don’t survive past the fifth year. These brands launch with so much enthusiasm and fire, but when you check back in a year or two, they seem like they’re barely surviving.
How do you successfully launch and grow? Here are 5 mistakes you should avoid when starting your fashion business.
1. Launching without learning, research & proper planning
I know you might be tempted to ‘wing it’ and start with whatever you think will be fast-selling, but that’s not the way to go about it. If you’re going to succeed in business, you need to do proper research and planning. Start by educating yourself about the fashion industry, learn about the creative, technical, and business side of fashion. Study other fashion businesses, find out where they excel, where they are lacking, and then you can now come up with a solid plan.
2. Trying to be for everyone
When it comes to business, you can’t please everyone, don’t even try to. Find out the gaps that exist in the market and select a niche. When you choose a target audience, make sure you stick to it. For instance, if you pick a large target market it won’t necessarily translate to more customers. You might have to spread yourself thin and under-deliver, so don’t be tempted to change your target market every three months because you think a different one is better.
3. Start too big
You don’t have to start with 30 styles, a professional photoshoot, or a big fancy store in Victoria Island, especially if all your money will be going into it. You need money to run and scale the business; if you expend all the money at the start, it will be hard to grow and scale the business.
4. Underpricing or overpricing your products
Pricing is a powerful yet overlooked pillar of every fashion business. Alot of new fashion business owners make the mistake of pricing their products too low, hoping to increase it after they get alot of customers. However, this plan usually backfires. You need to find the right price point, either by calculating or using a pricing tool. That is why, we created an affordable pricing calculator that does the job effectively.
It not only helps you know exactly how much to charge your customer but also enables you to analyze discounts, track expenses, and set targets for yourself. Awesome right?!
5. Failing to invest in marketing
The business world today isn’t what it was five years ago. There are thousands of fashion brands coming up with products just like you are. To reach your customers, you need to invest in marketing and brand awareness. They can’t find you where you are, that’s why you need to go to them. There are a variety of marketing strategies you can implement. You can try; influencer, affiliate, email, referral, and social media marketing. Pick anyone you think will be the right for your brand and get started. What other mistakes do you see new fashion business owners making? Let us know in the comments.
If you want to learn how to build and grow a successful fashion business, we have online fashion courses for you.