So what does it take to be ready to start a business?
The majority of clients who contact me about starting a business only have an idea in their heads.
They don’t have a business plan, they haven’t saved up the cash they need for capital expenditures, and they haven’t thought through the costs of actually running and marketing the business.
All of these entities are requirements for setting yourself up for success; skipping any or all of them can cause you to stumble later on down the line.
It’s important to note that creating a solid brand takes time and varying amounts of cash.
Have you calculated how much money you need to create a website, create your image and brand identity, and create your marketing materials?
Have you saved up the money to cover those costs? And if not, are you trying to get started on the cheap by hiring the most inexpensive (and often least professional) help possible, thereby setting yourself up for failure before you even begin?
Advice for start Ups in the Fashion Industry
A great understanding of the competition a new start-up may face is key, fear of what else is available in the market shouldn’t prohibit you from pursuing new concepts.
There wont be any innovation in the marketplace if there’s fear over competition scares entrepreneurs away from starting a new business.
How many competitors are out there and what are the certain metrics there using to gauge success? Why are there so many or so few fashion businesses in a particular vertical?
How does the media cover these businesses?
Where are the whereabouts of these businesses? For more
Choose your brand carefully
When you are trying to work out your brand, draw down on a piece of paper on your own experiences and personality to make the designs reflect aspects of yourself. Check this out
Consumers will straight away notice poor work, tacked-on, generic or insincere attempts at branding.
Making sure your clothing line is up to scratch is highly important e.g. When making a clothing line for dresses its important you use great materials that are going to be cost effective also, make sure you know your audience so make sure your dress making patterns are exactly what your audience are into.
So, think you are ready to start a business? Use this list as a reference:
- Have you written a business plan?
- Have you researched your market and competition?
- Do you really know what you need to get started?
- Do you have enough money saved to cover your capital expenditures?
- Are you capable of funding marketing activities for your business once it’s off the ground, and do you know what those will be?
- Have you set goals and targets for your business so that you can gauge whether or not you are being successful? Click here