Fashion is a term that in modern times as well as historically refers to a non-verbal expression of one’s ideas, status or person. It is normally related to clothing, but it also extends to body ornaments, appendage, and modification. It is a sign of changing times and cultural identity that is directed to the onlookers. This form of iconography is the most accessible medium that a person can take on to make a statement.
In 2019, the fashion segment had an estimated revenue of $611.8 billion, which has been steadily increasing year to year. Apparel still has the biggest share of the market, followed by a considerable distance by bags and accessories and footwear followed close in third. It is expected that with the increasing middle-class population in Asia and the incorporation of fashion to social media and digital content, as e-commerce is now on the rise, this increase in fashion will continue.
If you have an eye on business or in creative fashion design or both, and the passion to succeed, then you might want to go through the worthwhile gruel in building your fashion empire. The increasing market is a potential that is ripe for you to capitalize. Here are some tips to start your business in fashion:
1. Remember, It’s Business
Make sure you know how to gather the necessary things to make things or move things your way. You will need to expand your network, you can get a mentor and learn a lot about your business.Finance
You will also need to know how to finance your ideas, a lot of empires had their start by borrowing money. Loans from banks or friends can help you start your business and with passion and creativity, you can make it worthwhile for them to have trusted you with their resources.Product
Have a catalog of your ideas and evaluate how to mass-produce them and make improvements. This way, you will have a theme of your business.Operation
Organize your structure in your production from creation to shipment and after-sales.2. Know Your Brand
Mark Your Niche
Deciding on your niche will give you an identity even if you have expanded and offered other products. You may have a story, an idea or advocacy that will be your platform and will instill that to your audience.Market Your Brand
This doesn’t mean selling your product. Most of the big brands are not actually describing their products in commercials, instead, they are just letting people know who they are and they are describing what they represent. After deciding to an identity, be sure to protect it and reinforce your ideas with your brand name.3. Start Small
Starting small can make it easier for you to focus and make adjustments in your business. If you already have a prototype you can try to make orders from your vendors and create a production line for that product. This will also let you know where is the best place to go to sell your product. Online is a rising trend and with social media, the “inspire and sell” method is now gaining some momentum. Having a small inventory will also make it flexible for you to choose a suitable physical store for your following products.4. Understand the Operation
Remember that it is a business, so keep an eye on how things come together to make it work. As a creator or in the retail business of branded products, having a supplier that you can rely on, will make it easier for you in the long and short term. If you sell eyewear, an experienced importer and distributor of eye-wear will be an invaluable partner for you to gain as much and reducing overhead costs. Getting the right people, entities or materials and making it work will test your entrepreneurial prowess, but it will be invariably important for the future of your business.5. Make It to Market
E-Commerce is now one of the best places to sell your products. This will help you reach a wider audience and will reduce costs in inventory and rent for a physical store. You will have to strategically plan on looking for a market. As of now, China is the biggest market for fashion and a lot of Asian countries are on the rise as well. Being able to connect to this potential and making yourself known to the people who’d be taking your offer is the frontline of your business.6. Keep Mind On Your Budget
Running the business from designing, operating, marketing and everything in between, it is important to keep your mind on the budget and cash flow. Learn to make yourself flexible in uncertain times while putting something for new products and taking them to market. This is a reality that cash goes out before the money comes in from your retail stores. Know how to price your items so that you can keep your business a float in the meantime.Once you’re on the rise you will now begin to scale up and expand operations. Make a detailed evaluation of the current state of the business and try to adjust some key aspects that would help you expand and monitor it. You will have to hire your first employee to help you in your day to day or an important specific role. Keep learning about your business and don’t let the passion die down. Remember that people will always need something to wear that’s a basic need we have but we also need to express ourselves, thus fashion is an essential part of our humanity.
