According to a report by the Small Business Association, almost 30 percent of small businesses fail within the first year. A number of reasons are behind this phenomenon.
No matter how great a product is, the fact is that designing, manufacturing and promoting apparel and accessories requires money.
Due to limited financial resources, small businesses struggle to keep up with the bigger and more financially secure players.
However, with some research and preparation, your small business can make a mark for itself in the fashion industry.
First off, you need to identity your target market. Conduct thorough research on your target market’s likes, wants and desires. This will help you launch a product that generates interest.
If the market for your product is too small or competitive, there is a good chance your business won’t last long.
When studying your target market, focus on your main competitors as well. How will your product position against their products? What differentiates your product?
Finding a niche is critical for small businesses. It allows startups or small business to successfully cater to specific needs for a specific demographic and become an expert in that field.
Keep initial expenses under control. Develop a realistic budget and stick to it. Being careful with your expenses will help you ensure a successful start.
Take advantage of social media marketing for product promotion. Identify where your target customers hang out online. Next, communicate and engage with them.
Get customers feedback and use their input to improve your product. By becoming part of the community, you can gain the trust of your target customers.
Focus on your unique value proposition. Figure out what you offer to customers that similar products don’t. Capitalizing on your strengths will give you edge over others.
If you are looking for domestic manufacturing company near you, Lefty Production Co. can help you.
Lefty Production Co. offers complete design, development and production solutions to new and established designers and brands.
The company has extensive expertise and experience in making women’s wear, men’s wear, children’s wear, bridal wear, athletic wear, swimwear and bikini, lingerie, handbags and accessories.
From fabric sourcing and pattern making and sample making to marketing, we take care of each step of the manufacturing process for our clients.