The fashion world is constantly changing and the success rate of startups aren’t all that great. This doesn’t mean you can’t have a successful fashion business, though!⠀Here are useful tips that’ll help you develop your fashion business in 2020.⠀
Tips for Building Your Fashion Business
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1. Know Your Target Audience
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, comprising of a wide section of the population from all ages and interests.⠀You need to have a customer avatar which tells you who they are, what they do, what they need, what their pain points are, where you can find them, etc.
You also need to have a product-market fit so your target audience know that they need your product as against you shoving what you have down their throats. Research is also key. You need to narrow down your target audience. You cannot produce for everyone so you need to specialize and determine the audience so you can target them.
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2. Establish Your Brand
You should build up your brand reputation from the very beginning. This is mostly about how much trust people place in your brand name. It is important to realize that the value of what you are providing must be easily identifiable. Branding is not about having a fabulous website or fancy business cards. Branding is what makes your company memorable and that is done by communicating the value you have at all times.
For example, it is not enough to say you just make clothes. You can coin a slogan around customers being confident in your clothes. Your product images must also clearly communicate that. For example your models must exude confidence, can be boss ladies looking fabulous. You must let the customer want to be in your clothes because they want to be boss ladies or men themselves. You are selling VALUE not just an item of clothing. Furthermore work on the product. Let the product sell itself. You must have a product to brand. Starting a business is never about you but about the product. If you are selling yourself as a thought leader, then you are the product.
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3. Start With a Few Products
Source: forbes.com
One of the key points to consider is to start with just a few products and more importantly test the market. Many small business owners work on many product lines, especially the ones I have met in this industry. Menswear, Womenswear, Childrenswear, Maternitywear, you name it, they do it. This is not a good strategy as it involves more time and money. And with time, you will burn out! Instead, start with one product line. Aldo started with one pair of shoes and look at them today. When you focus all your energy on one product line, then you begin to add more products within the same space as you expand. You business will thank you for it.
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4. Promote Your Brand Digitally
With the world becoming a global village, a lot of your target audience, particularly for the Fashion Industry, are online. Without utilizing digital marketing you are limiting your business. Primary digital marketing channels you should explore are email, content and social media marketing.⠀One thing though.... you must consistently test different marketing channels to know which is the most effective. Things like Google Analytics tell you what is working and what is not. And do not advertise just for the sake of it. Be sure you are targeting the right people and driving the right traffic to your Instagram handle or page. Else it is more money down the drain. I have learnt so much about digital marketing that now I know what works and what does not. That is a whole new topic for another day but for now, get yourself and your business online! And act fast as well!
5. Learn, Learn, Learn
Just because you know about certain areas, doesn’t mean you should get complacent. You need to constantly learn, be ahead of the game and be able to adapt your business when needed to fit the market and what customers want. Continue to test the market, continue to test your digital marketing processes, continue to test your processes and LEARN from them. Invest in the knowledge you need to move your business forward. I have since learnt that when you do not invest in the knowledge, you end up losing more money and your confidence level, than you would have if you had invested the money in the knowledge in the first place.
Furthermore, the skill alone will not move that business forward. You need to know about the Business of Fashion as well, including vital areas like costing and pricing, tracking your business finances with an online accounting software, etc. Our Online Fashion Entrepreneurship Course has these topics and is perfect for expanding your mind on the business sides of fashion.
You do not have to wait until you’re a 100% ready. Get crystal clear on exactly what you want and what you care enough about, that passion will help motivate you develop your Fashion business.⠀
Are you ready to start your fashion business or are you still figuring things out? Let’s discuss...⠀
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Recommended Resources
Getting Your Fashion Business Ready for 2020
Finding Your Fashion Brand Niche
Fashion Business Growth Tip: Develop your Unique Selling Proposition
Tips for Starting Your Fashion Business on a Lean Budget
Start & Run a Successful Fashion Business
Aldo - Story & Milestones
About Me
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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