Since the rise of the gig economy, several have disrupted the apparel and fashion industries with now top brands. Looking for a business strategy model to emulate them? Here are seven steps to get you there...
It Takes A Smart Business Strategy To Create A Fashion Brand Everyone Will Want To Wear
You may have always dreamt of starting your own award-winning fashion brand, but have you ever really thought about what goes into that? There are a number of critical steps that you need to take when it comes to starting your own clothing line.
In this article, we’ll look at how you can develop your own fabulous fashion brand with a list of business strategies that make up a quick guide. Here is a business strategy for your award-winning fashion brand in seven doable steps.
Find Your Niche In The Marketplace
Before you even start designing your products, you should think about where you would like to situate yourself in the market.
- Do you see your brand as a high street player?
- Can you design fast fashion that sells in huge volumes?
- Do you see your team carving a niche followed by fashionistas?
Decide where you want to position your brand and aim for that corner of the market. But be certain: there is no room for trying to cover too many bases.
Align Your Business Strategy And Your Marketing Strategy With Branding
What will your brand name look like on the hang tag? On labels? On social media?
Do some market research around some of your finest ideas and see how potential customers would react to your intended brand name and image. Once you have branding in place, you’ll want to be consistent in presentation.
Invest in quality work and get it right the first time. Re-branding should not come until many years into the future.
Create Designs That Captivate
This is the fun and creative part. You get to create the designs you’ve dreamed of selling. You probably have sketches. Now make some mock-ups.
Remember, you’ll need to generate a tech pack that a factory can follow when it comes to manufacturing your garments.
Business Strategy Must: Keep One Eye On Your Finances
Running a creative business may seem like a dream. However, it is still important you put some focus on the serious aspects of the business.
You’ll need to draft budgets and business plans for:
- Lenders
- Stakeholders
- Investors
And your internal leadership team. These official documents will be essential for securing funding and investment.
Sell Your Products Online
If you want to be a niche brand, you may want to start selling products yourself on your own website before an official launch.
Find a web developer that will make you an eCommerce platform and enlist the help of a customer service team that will help you manage all of the orders that you receive.
You will need to utilize social media platforms - particularly Instagram. Build a strong following to help create a positive brand reputation.
Market Your Products To Retailers
If you want to reach a wider market, you may want to approach some well-known retailers and department stores with similar products in the hope that they will want to sell your items. This is a great opportunity to develop regular customers that make bulk orders.
Before you meet with them, have professionally made samples and provide as much information on your fashion brand as possible.
Produce Your Designs For The Masses
Before you have secured orders from your own website and trusted retailers, you will need to arrange for the manufacture your designs.
You may choose to run your own factory, or you may find it cheaper to outsource this. Usually, overseas.
Beware of the potential ethical issues in using cheaper labor and try to provide a fair wage. The wrong moves will bring your brand a bad reputation. Make decisions that help you avoid that situation.
