The fashion industry can be exciting and lucrative for entrepreneurs. According to Statista, each consumer in Europe will be spending $999 on fashion-related items in a year.
However, starting a fashion business can be difficult with a huge red ocean of competing brands. Launching a fashion brand in 2023 will need a clear vision and a well-thought out strategy that differentiates a new company from it’s competition. Furthermore new products and customer needs will need to be identified to create an offering that’s truly differentiated.
It’s essential to think about all aspects of starting and running a fashion business beyond the product and brand itself, including achieving tier 1 publicity for fashion brands. Baden Bower Head Journalist AJ Ignacio gives three business tips that can set a fashion startup off to a strong start.
- Make a business plan
Ignacio says this is the first thing every fashion entrepreneur must do. Plan your short and long-term goals and keep them in mind. This will propel you forward and ensure you sustain the unwavering passion for fashion you have right now. Goals will keep you going.
Plan out all the steps, from marketing, funding, expenses, production, 3PL and all the way to customer service. Then divide your long-term goals into small actionable steps.
2. Know your customers
Do you know who your product is for? Ignacio notes that even if your product is fancy and interesting, it will not sell well without a clear target buyer. Don’t simply say you want to create a women’s fashion brand without digging deep into the needs of your target customer. The competition will be tough, and you must decide which age group and what kind of fashion product you’re targeting.
Spend time identifying these things to give your business a good start. Then research your ideal customer’s preferences. Gather as much data as you can about the target market so you can design your brand and product with them in mind.
3. Concentrate on your online presence
Prioritize developing a publicity plan for your fashion brand, including headlines, interesting data points and newsworthy angles about your audience and their needs. Be creative in designing a highly optimized and user-friendly website. Include high-resolution images that showcase your products.
Customers also want to know exactly what they are purchasing. Inform them about your products. Estimate your production expenses and the maximum price your audience would be willing to pay. Go for a price between the production cost and the maximum limit.
Starting a fashion brand with a bang
Starting a fashion brand can be daunting. However, with adequate planning and smart use of data, one can compete in today’s fashion industry as new entrants are creating unicorns literally out of thin air with the right marketing and publicity. Running lean and managing the brand reputation can boost any newly launched fashion business.