Some of the most exciting business ideas are the ones that allow you to be at your most creative. Fashion is certainly one of those, but it’s also a very tough industry. If you want to be successful, then it’s essential that you maintain the right blend of creativity and business acumen. There are many people who have tried and failed in the world of fashion, but that doesn’t mean it’s impossible. Here are three of the most important things you need to think about.
If your products aren’t unique and don’t offer something that people can get elsewhere, then you will lose out. As a small business, you’re always going to struggle to keep up with the big distributors when it comes to price. Economies of scale mean that your clothes will almost always be more expensive than huge chain stores. The only way of fighting this is by offering a better product. Spend a long time on the concept and design phases in order to get things right.
Many business leaders will tell you that profits are made and lost in the supply chain, and it’s just as true for small businesses like yours. It can be tricky maintaining that balance of having enough stock to satisfy customer demand, and not having loads built up and taking up space. Most businesses like yours will need to pay for some sort of space to hold stock, but ideally this should be as small as possible; there’s no point paying for more. In a well-oiled supply chain, stock should be constantly moving. Maximise your available space by using a good system; Warehouse Storage Systems have some good examples of racks that stack your clothes up high.
Be a Brand
The truth is that in fashion, the brand is almost as important as the products themselves. You could have some fantastic clothing designs, but if you don’t have a strong brand that people want to buy into, then you aren’t going to be successful. If you think of all the major fashion houses, you’ll know exactly what we’re talking about here. It could well be a good idea to consult some marketing specialists for this bit, but then if you’re of the creative disposition, then you’ll probably be good at this yourself.