3 ways to jumpstart a struggling fashion business

3 ways to jumpstart a struggling fashion business

Is your fashion business struggling or going through a difficult phase? Have you been having poor sales, budget deficits, and low revenue despite your high operating costs? You are not alone! All businesses go through tough times too. 

The good news is that you can change things; the hard part is that you will need to do things differently. It is not easy considering all the efforts and resources that go into running a business. But, it is what you can handle.

Ready to turn your fashion business around? Here are three ways you can get things running again:

Fashion business owner

1. Study the warning signs

What went wrong? What were the seemingly salient things you overlooked that made things go wrong? Was it when you decided to expand? You will need to carefully reflect on your business, check the records, try your best to identify where the problem started. This will help you come up with a plan to transform things.

2. Get Fresh Eyes on your business

Competent professionals and consultants were made for moments like this. Get a proven and credible fashion consultant to look at your business and find out what went south and how you can be steered back on course. Be ready to be cooperative with the facts discovered, and also for the hard decisions that will follow. It might seem like an unnecessary expense, but it will save you a lot more in the long run.

3. Take a new course of action

After getting professional insight into your business, it is time to act on them. Study the new trends in the fashion industry. How can you set yourself apart and offer a Unique Selling Proposition? Maybe it is time to pivot and start offering value your customers did not even know they need. Whichever action you take, review the results after some time and act accordingly again.

When you know your business is struggling, you will need to get proactive and take action. 

Is your fashion business struggling? Are you on the brink of a shutdown? What steps have you taken so far? Let’s discuss this in the comments.

Factors to consider before changing your fashion business model

Factors to consider before changing your fashion business model

To run a fashion business that hits target goals, you will need to do more than make beautiful clothes. Running a fashion business, just like any business, requires a business model along with other factors.

It may sound unprecedented for a fashion business to change its business model but think about it: just last year, the pandemic brought some major fashion stores to their knees, with many stores losing patronage due to lockdowns. Business Insider wrote last year, that multiple industry leaders declared the death of the fashion industry as we know it. These show that the industry is changing rapidly, and if your business will survive, your model has to evolve, it must.

Your business model dictates your profit-making. It is how you adapt to trends and challenges that your business will face. It should be updated regularly, or the fashion business will fail to move forward. Fashion business models are the same too.

If your business has been running on a model for a long and you have noticed diminishing returns: then you need to rethink your model. So how what factors to consider before changing your fashion business model?

1. The target audience

If your target audience is not responding to your marketing efforts, it’s rapidly changing, too small, too large or has no buying power. Your model should change to accommodate the new audience you are targeting.

2. Expansion

If you are expanding, what worked for you before might not work again. It might be time to evaluate the market once more and check your plan to see if you are ready to meet the demands.

3. Profitability

A model only works if it is bringing in the expected profit. When you start getting recurring losses, it is time to change your model.

4. A change in trend

The pandemic, for example, is a change in the lives of people. It has drastically changed how much they get clothes as well as other aspects of their fashion life.

Is your model currently working for your business? Do you need to change it or make slight adjustments? Let’s discuss

Fashion business ideas; Corporate Clothing Retail

Fashion business ideas; Corporate Clothing Retail

Are you thinking of turning your love for corporate clothing into a successful business? You absolutely can by producing & retailing them.

All it takes is knowing what it takes and where to start. By taking the right steps, you can launch a corporate clothing line and successfully grow it.

Passionate about starting your corporate clothing brand? Read on to learn how to; 

 

How to Start your Corporate clothing line

 

1. Select a niche

One of the most important things to sort at the beginning is your niche. Figure out what you want to laser focus on; the target could be business casual clothes for plus-sized women or maternity-corporate clothing. 

Whatever niche you decide to go for, ensure the size not too small or big.

 

2. Work on your business plan and budget 

When starting, you need a plan, but it must not be a very elaborate and detailed business plan. With a carefully thought out plan, it will be easier to draw up a budget. 

Don’t forget to plan for important startup costs such as your samples, production, training, sales, and operational costs.  

 

3. Source for funds

To fund your corporate clothing line you could reach out to family members, friends, potential investors, or start without what you have. Yes, it’s possible, and we have a detailed blog post about starting a fashion business with little to no money here.

 

4. Organize the business

Now that you sorted out your business plan, niche budget, and even startup funds, you can start organizing the business. First, you’ll want to choose a business entity type, register the business, choose a business type and get the necessary licenses. 

 

5. Create your designs and samples

After going through all the initial preliminary groundwork, you can start creating your designs and clothing samples. You need to find the manufacturer for your brand or produce yourself with high precision and attention to detail.

This aspect can be fun and frustrating at the same time, but it will be worth it in the end when you see the results.

 

6. Test your market

Take your samples to the market (not literally) to get feedback, make improvements and make other business decisions. You can show them to your family, friends, co-workers using whatever medium you prefer.

At this stage, you should also figure out packaging, shipping, delivery, and marketing.

 

7. Launch

You can now finally officially launch! 

All you have to do at this point is focus on consistently growing and scaling up the business. Find unique and entertaining ways to market the business and expand your customer base.

 

It will not be easy, but it will be worth it! 

Can you think of any more fabulous fashion business ideas we haven’t covered? If so, we’ll love to hear about them!⠀

Recommended Resources

Want to Produce Your Clothing Line? Learn How to Start a Clothing Factory

Fashion Business Growth Tip: Use Compelling Images

Fashion Business Growth Tip: Outsource to Grow Your Fashion Business

Starting a fashion business? Here’s what to plan for

Starting a fashion business? Here’s what to plan for

When starting a fashion business, it is easy to focus on just the branding and products, neglecting other crucial aspects of the fashion business. However, you need to evaluate all the necessary costs to come up with an ideal financial plan.

Generally, your startup cost depends on the type of fashion business you plan to launch. If you want to open a physical store, you will most likely have more upfront costs compared to a brand that operates solely online.

Notwithstanding, we will cover areas we consider essential, especially when you’re just starting on a lean budget.⠀

 

1. Daily operational cost

Your daily operational cost includes all types of expenses, including one-off, monthly or annual payments. These payments are for your workspace, electricity, phone bill, transport, accounting, internet, and phone bill.

They don’t seem trivial, but if not considered and planned for carefully, you might find yourself running the business at a loss.

 

2. Samples & Product costs⠀

Think of all the expenses that will contribute to your final clothing cost, and no, stop calculating just the fabric cost. There are other costs for you to consider, such as your technical drawings, patterns, tech packs, trims, labels, packaging, labor, and storage.

 

3. Training & Consulting Costs

Why make expensive mistakes when you can learn from an industry expert? Invest in a session or get training to avoid making mistakes that will cost you a lot more.

 

4. Sales & Marketing Cost

Marketing is an aspect a lot of fashion entrepreneurs forget to plan. But it is crucial to the success of the business. Marketing can gulp a whole lot of your reserves if not carefully planned. The costs that fall under this category include; branding, photography, PR, models, make-up, hair, fashion shows, web design, and ad spend.

 

The important thing to note though is all these costs must be factored into the price of your products if you want the business to survive.  If you have no idea how to do so, the Built2Bill Price Calculator does the costing and pricing for you automatically.

If you need in-depth knowledge of how to start and grow a viable fashion business, we have detailed ebooks and online fashion courses you should enroll in. ⠀

Recommended Resources

Tips for Developing a Fashion Business

Tips for Starting Your Fashion Business on a Low Budget

Fashion Business Growth Tip: Develop Your Unique Selling Proportion

Fashion Business Opportunities: Face Mask Production

Fashion Business Opportunities: Face Mask Production

The COVID-19 pandemic has dramatically affected our lives and businesses in many ways. The Fashion Industry was impacted on every level, starting with retailers to supply chains to vendors. We have seen a number of retailers close, production has ceased, and demand has plummeted.

Despite the pandemic bringing mostly bad news, it still opened up a channel for new fashion business opportunities. One of these is cloth facemask production.

The No mask, No entry rule is now making masks a compulsory accessory worldwide. While most people wear masks primarily for safety, cloth masks can also serve as fashion accessories for occasions. Some people now match their outfits and facemasks to make a style statement.

All of these are needs that you, as an entrepreneur, can solve and transform into an enterprise! If you already produce clothing, it will be easy for you to offer reusable facemask production services. With this addition, your business will be at an advantage over other sellers. Because people usually search around for new sellers when they need new masks. 

You could produce the facemasks for schools, offices, or retail and even offer to customize the masks using their brand logo or inscription. And then, with proper presentations, where your team discusses the uniformity the aesthetics will bring to the workplace, you will soon find yourself handling mask orders in bulk.

With neatly tailored facemasks that comply with the CDC guidelines and a bit of marketing, you will start having sales and even referrals in no time. Do you think this business idea is great for you? Let us discuss!

If you would like to start a fashion business but have no idea where to start? We have online courses that cover all aspects of building and running a successful fashion business.

Recommended Resources

Fashion Business Ideas – Fashion Illustration

Fashion Business Ideas: Visual Merchandising

Fashion Business Opportunity: Fabric Shopping

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