The fashion industry is one of the most desired and misrepresented industries in the world. It looks fun, glamorous, and easy but there is as much work required for building a fashion business as it is for any other industry or career field. Actually, the fashion industry may be a bit more work due to the ever-changing trends. Although there’s some difficulty launching a business in this industry, it is possible, as we see new fashion companies launching daily. As an emerging fashion professional, you must be able to compete with others in your field. Researching the competition, refining trends and creating a voice are all necessary to standing out in an highly saturated industry but the basics such as a business plan, timely launch, and a online presence can make or break you.
1. Not Having A Business Plan
Having a great product is one of the steps for making it in the fashion industry but it is by no means the only step. Not having a business plan for a clothing line could leave the line in the infancy stages for quite some time or permanently. Part of a business plan is researching the current market. This includes your target audience and your competitors. In the fashion industry, you must have a competitive advantage that is always evolving. Also, the absence of a business plan gives potential investors and partners the impression that you are not prepared to build a company. Drafting up a business plan can be difficult but knowing the basics and getting the important details written down or into a presentation will help you get started.
2. Launching Too Early
Launching a new line without properly setting up your business is a big mistake. Before you plan to create any type of buzz in the media or online, make sure you have everything in place that is necessary for you to grow. You also need to make sure your brand image is the truth with reflecting the brand’s personality. What is your brand’s name? Who is the face of your brand? What’s the brand’s personality? Does my logo reflect this? Is it the best it can be?
3. Skimping On The Website
E-commerce is a growing giant in the fashion industry and in some cases are leaving some stores without an online presence obsolete. When trying to grow your fashion company, your online presence is extremely important. Your website should reflect your brand and how you want customers to view your company. Imagine your website as your storefront…how do you want customers to feel when they enter your store? What do you want them to see? The visuals are very important along with making sure that the website is user friendly and buying products is as seamless as possible.
There are many mistakes and strategies that can lead a company or line down the wrong pat but they can be avoided with help. If you are ready to build your fashion business, contact us.
Thanks for reading,
Memphis Fashion Group