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

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

3 ways to start a fashion brand with little or no money

3 ways to start a fashion brand with little or no money

Do you want to start a fashion brand but have little or no money for it? You are not alone! I have met and spoken to alot of people who want to start fashion brands but are being held back by limited funds, and I totally understand. Many people do not realize this, but alot of successful fashion brands did not start with alot of money.

There are methods you can use to fund your fashion brand without taking out loans or getting investors. If you are interested in learning how to start your fashion brand with little to no money, read on;

1. Start with Samples

You can startup faster if you launch with just samples of your product and produce for clients when they place orders. With this method, you don’t have to wait longer for mass production because you’ll have samples available for sale in less than a month.

Another pro is that you also won’t be spending alot because you do not need to stock a lot of products. Many fashion business owners have used this method successfully, and you can do it as well with limited funds. (If you will like to start, your own clothing factory, I have a Step-by-Step Blueprint that can guide you.)

2. Use your Day Job 

Having a job is very important when starting a business, especially if you have no other means to fund it. You need to be able to support yourself and the business financially until you’re up, running, and making enough to pay yourself a salary.

If you already have a job, you should keep it and start saving monthly. If you do not have a job, you should consider working at a fashion startup. Not only will you earn money but also gain experience.

3. Start a different business 

I know this might seem counter-intuitive but hear me out first. You can identify low-cost opportunities around you and come up with creative ways to earn money from them. For example, if you have a 9-5, you can source beautiful thrift bags and sell them to your colleagues to earn quick cash.

It doesn’t have to be long-term or have anything to do with fashion, feel free to monetize any other skill you have such as cooking, baking, or writing. Who says you can’t have more than one successful business?

Starting and growing a fashion brand with little or no money, is not impracticable for you to do. I hope these ideas give you the encouragement you need to get started. 

Do you have more ideas, please share them in the comments, so others can learn from them. 

 

Recommended Resources

Tips for Starting Your Fashion Business on a Lean Budget

Fashion Business: How to Start a Fashion Business with No Money

Want to Start a Fashion Business? Remember the words “baby steps”…

How to Use Storytelling to Sell Your Brand

How to Use Storytelling to Sell Your Brand

⁣One of the most effective business growth strategy you can use to grow your fashion brand has been around since the beginning of time.
Storytelling.

I particularly love telling stories, not because it’s a strategy (I never thought of it as one) but because it’s just who I am. I tell it the way it is. I guess when you have the passion for what you do, it goes beyond just making a sale but focusing more on how you add value to people & transform lives. The story just connects better.

Storytelling is a powerful strategy that you can implement in your business to market your brand and connect in a more organic and personal way with your audience. It is super effective because the buying process is not just a rational decision, it’s also an emotional one.⠀

To create a good story that can sell your business, there are three fundamentals steps;⠀

1.Position your customers as the heroes.⠀
You need to make your customers heroes in your stories, put your customer’s needs and desires front and center.⠀

2. Understand your customer’s pain points⠀
You want your customers to feel seen, heard and invited to drop the barrier that’s been holding them back from investing in your brand.⠀

3. Paint a happily ever after ⠀
What does life look like after they’ve made the purchase or used your service? Are they confidently striding into work with that beautiful dress they purchased from you? Create the ideal scene!⠀

Things are changing and we are moving into an era where you can differentiate yourself from others by delivering authentic and real messages. Use storytelling in your marketing, to give your customers a reason to care about your business.

P.S. Do you know you can learn fashion from anywhere you are in the world? ⠀⠀⠀
Visit our website at www.martwayne.com or WhatsApp 08143402567 to learn more.

3 word of mouth marketing strategies to grow your business

3 word of mouth marketing strategies to grow your business

Word of mouth marketing entails not just getting customers to talk about your brand, but also turning them into brand evangelists.⠀⠀
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Furthermore, word of mouth marketing will also help your business with free advertising, grow at a much faster rate, boost your sales and increase brand loyalty.⠀If you’re interested in exploring word of mouth marketing, here are three strategies you can implement;⠀⠀
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1. Invest in customer experience⠀
Word of mouth marketing tactics is powered by customer recommendations. The best way to get these recommendations is by giving them an experience worth talking about. Talk to your customers, listen to their concerns, answer their questions promptly, and you could turn even skeptics into brand advocates.⠀⠀
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2. Reward loyalty⠀⠀
One of the most effective word of mouth marketing strategy is rewarding loyal customers. You could give your customers special offers or exclusive content that would make them feel special. Capitalize on their loyaltyby making them want to share their great experiences with friends and family.⠀⠀
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3. Get user-Generated Content⠀
As your business grows, customers will start creating & sharing content about your business. It could be an Instagram post of them wearing an outfit you made, or a blog post on their website where they rave about your products.⠀⠀
You can take simple steps to encourage them to create those content by posting the user generated content on your page and offering incentives to those that create .⠀⠀
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Got any more great word of mouth marketing strategies? Don’t be shy! Share them in the comments section below.⠀⠀
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P.S. Do you know you can learn fashion from anywhere you are in the world? ⠀⠀
Visit our website at www.martwayne.com or WhatsApp 08143402567 to learn more.⠀⠀⠀

Fashion Business: How to Find Your Best Ideas

Fashion Business: How to Find Your Best Ideas

Great ideas come and go, often they come in unexpected moments of inspiration. But what do you do when you need to come up with fresh ideas? How do you jumpstart the ideation process?

Here are a few ways to open up your mind and get your creative juices flowing.⠀

1) Take a walk

A change of scenery will do you a lot of good. It’ll help stimulate your senses, decrease stress, get your blood flowing and before you know it you'll probably be able to generate creative ideas.⠀

Fun Fact: Einstein walked on the beach when he needed to work out complex problems.⠀


2) Socialize more

Go out, meet new people, attend events, talk to people in and outside your industry or strike up conversations with customers you’re familiar with.⠀

It’ll help you learn more, generate new ideas and refresh your perspective.⠀


3) Keep an Idea Journal

You can never really predict the exact moment when a great idea will come to you, that's why it is essential to have a journal where you can record them.⠀Write everything down! No matter how silly it may appear. It helps you remember and develop fresh ideas from past recorded ones.⠀

different transport


4) Travel

‘The more you travel, the more learned you are’ – this old saying has proven to be true. And it doesn't have to be outside the country either.  Travelling helps you generate new ideas, knowledge and gain insight previously unattainable.⠀


5) Try out market research

Market research can prove invaluable in generating new ideas. It’ll help you find out exactly what your target market wants, key services/products you should be offering and how to get ahead of the competition.⠀


The best ideas come to you when you’re taking a shower or randomly surfing the web.  For me, it will be when taking a shower, driving or praying.  And that’s okay! The important thing is to find what works for you.  But it's also key not to try tooooo hard.  All thoughts and ideas become elusive when you try too hard. 

idea-clipart-eureka-15

One thing I have also noticed, at least I can speak for myself, is that the best eureka ideas come from your frustration and your pain points.  Think of something that really really upsets you!  A real nag for you and that could just be it!  

I have said this story too many times.  I went into fashion because I was tired of my tailor wrecking my clothes.  I said I would learn it and come back to teach her!  And that was it!  

My sister came up with an idea of a food app because she never understood what the ingredients on her food labels were.  And really that is how it is.   Your best ideas come to you when you least expect it!  So be prepared when they come!

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Meanwhile.....

I'm so happy today!!!!!  I just got this testimonial from one of the participants of our Creative Patternmaking & Origami Online Course and I have really been stoked!  Check out this testimonial!!!

Martwayne online course testiminial
Martwayne online course testiminial

As I said on Instagram, the greatest fear a teacher has is delivering on her promise to make students understand seemingly difficult tasks! Ad I am so glad for the validation that we delivered!!!!!  So really... I have always said... those who worry about online courses have never tried Martwayne Online Courses. You have nothing to fear!  We overdeliver!

Online Short Course in Sewing & Patternmaking

You really should try our online courses.  Check them out at this link.  We have the next online course coming up which is the Online Course in Sewing and Patternmaking. And you get 3 bonus courses instead of 2. It launches on the 1st of February and registration has started. You can register wherever you are in the world.  So check out our courses or you can chat me up on or WhatsApp 08143402567 to learn more.

Recommended Resources

Become a Top-Notch Fashion Designer with our Online & Physical Fashion Courses

Learn how to Sew or Perfect Your Skills in No time with our Online Short Course in Sewing & Patternmaking

Start & Run a Successful Fashion Business with our Fashion Entrepreneurship Course

About Me

Tope Williams-Adewunmi

Tope Williams-Adewunmi

A fashion entrepreneur passionate giving power through fashion by sharing knowledge guaranteed to help fashion lovers turn their love for fashion into a viable business.

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