Many common threads of doubts and anxiety might appear to a Fashion Startup or an Emerging designer while working through the establishments of their fashion business. Before starting up, you should know that launching a fashion business can give you an overwhelming, intense, and all-consuming experience. You have to run your business 24/7 with an endless amount of dedication, passion, energy, discipline, and often, sacrifice. You have to be able to operate each and every aspect of your business. If you want to build up a successful label, then you must have to be 100% dedicated.
In this article, we'll walk you through FIVE key steps to starting a fashion business that will help you to build the foundation of your fashion business.
- Design and Development: The nuts and bolts
The most exciting fashion labels around the globe such as Ganni, manage to have a range of planning, a collection of designing/development, an establishment of the fits and developing patterns, production samples and a selection of trims and fabrics. If you want to be a successful one, then you must have these tactics within your reach. It's good to make a budget from the beginning, it saves you from overbuilding your collection. Every style needs money to develop.
- Production and Supply Chain: Moving and Shaking
You'll need to have a manufacturer to help you put quality control methods in place. Then you need to manage the production and shipping of your services.
Some difficulties might appear such as high costs, margins on construction capability, shortage of raw materials, and so on. You may also face challenges such as high minimums, travels costs, the logistics of importing, language barriers, etc. And you have to learn from these challenges, no matter what supply chain you decide on.
Try to spend more time researching and developing this process. Consult with the experts if you think you're lacking experience in sourcing.
- Sales and Distribution: Set up shop
You need to think about your sales and distribution before having a studio, garage or a spare room full of stock. You can sell your collection online at the beginning but you have to decide a wholesale strategy later on. You should never leave a chance to underestimate the required planning and investment while building an e-commerce site. You need to make yourself as much educated as you can. Here are some questions from me to you:
- Do you the available platforms to build an online site?
- Do you know the necessary assets of other brands?
- Do you have any idea about the legalities of trading online?
- Are you aware of SEO (search engine optimization) and digital marketing strategies?
- Do you know how to pick, pack, and fulfill your orders?
Make sure that you have answers to all the questions above before starting up a business.
- Marketing and PR: Tell the world
You need to have a well-considered marketing and PR strategy. You can take press releases, influencer outreach, Google AdWords, paid social media advertising campaign, and so on into consideration. Famous Danish brand Ganni, had a separate budget for this step during the launch period and still having it in the ongoing period.
- Finance: Pay the bills
You need to have an idea about how you're going to fund your business. If you underestimate this, it will cost you an enormous amount of pressure during a phase which should be rewarding and exciting. So, manage your cash very carefully.
Don't be afraid to ask out for help. There are a lot of experienced people to help you on your journey. Do your research. Spend your time and finances into the right advice with which you can save both time and money in the long term.