The Ultimate Do’s and Don’ts of Building Up and Running A Successful Fashion Brand
The fashion industry is one of the fastest-growing industries in the world, and according to a survey, revenue from the fashion segment was expected to be a whopping 878,334 million U.S. dollars in 2021. And that’s not it; this revenue is expected to increase at a rate of 7.31 per cent annually.
The global apparel market, which is one of the leading sectors of the global fashion industry, is projected to experience an increase in value from 1.5 trillion U.S. dollars in 2020 to about 2.25 trillion U.S. dollars by 2025.
Apparel includes all sorts of clothing items like the ones we regularly use, including socks, shirts, trousers, to high-end luxury items.
The high probability of high returns is one of the reasons why one would want to be a part of the fashion and apparel industry. However, just the incentive of earning high revenues is not sufficient to be a part of this industry, let alone thrive in it.
One of the key ingredients to build and run a successful fashion brand is enthusiasm and passion.
Keep reading this blog to learn more about what steps you should take and which measures you should stay away from if you want to set up a fashion brand and ensure that it is successful.
The Do’s Of Building And Running A Successful Fashion Brand
1) Always Start With A Business Plan
Whether it’s a fashion brand or a construction business, a good and thorough business plan is the building block of a successful business endeavour. Forming a business plan helps fashion entrepreneurs understand how much they can and are willing to spend on things like raw materials, operations, and other areas of the business.
A business plan also provides guidelines and goals for a certain time period, and if these goals are not accomplished, the business owner will have the means and parameters to identify and assess the issues. This can help one analyze the business health.
A clear and detailed business plan can be presented to potential business investors who will be willing to provide the business with some capital if they understand the costs and benefits.
2) Research The Market And Come Up With Unique Designs
As a fashion entrepreneur, it's crucial that you research the market and your target audience thoroughly to understand the demands in fashion design.
One of the first signs of an excellent product is that it gives your target audience a solution to their problems. An example of a problem in the fashion industry could be the lack of affordable yet high-quality business suits, which you can try to solve through innovative and creative means.
3) Do Understand The Importance Of Testing And Sampling
Always, without fail, test the products that you’ve come up with. Proper testing and sampling of your ideas will help you see any defects and weaknesses in your products. This way you’ll be able to improve on the fashion products you plan to sell in the market and build your reputation as a reliable and trustworthy business.
Failing to do so will tarnish your business name, and as a fashion entrepreneur, who has just started their journey, you’ll have to face some major setbacks which will prevent you from growing and spreading your fashion brand.
4) Do Hire The Right People
Starting a business, especially a fashion brand, is a tedious task that can get more difficult if you plan to look after all the specifics on your own.
You can’t source, sew, and cut all the materials yourself and expect them to be of the desired quality. It’s better to get in touch with someone who can help you with patterns, development, design, production, and all such things that are crucial to ensure that your vision is implemented perfectly in your product.
5) Do Create A Functional Yet Interesting Site For Your Business
E-commerce has taken the world by storm and has been growing exponentially. All over the world, leading fashion brands have also embraced the growing e-commerce trend.
A fashion brand needs to have a creative and interactive site that will keep the customers engaged and generate traffic on the website. This will not only increase online sales but also promote the brand.
It’s also important to keep your brand’s website up-to-date and ensure that the user interface is simple so your customers can navigate the website easily. Obsolete sites with complicated user interfaces will make it difficult for the consumers to browse the website and make the online shopping experience tiring and cumbersome.
There’s also a risk of you losing your customers to a competitor because of an inaccessible website. To avoid this issue, it’s best to hire someone who specializes in creating and designing good-quality websites.
6) Do Try To Keep The Costs At A Minimum
High costs and expenses are one of the main reasons business owners take longer than usual to make profits or even reach a breakeven.
Although it’s true that in the initial stages of the business, you shouldn’t expect profits to go through the roof, a fashion entrepreneur must try to keep their business costs low to increase chances of a higher profit margin and reach the breakeven point as soon as possible.
7) Do Market Your Products Properly
Marketing can make or break your business. With the right marketing strategy, you’ll be able to increase your sales and profits but might also pique the interest of potential investors, which will increase the chances of getting more money to run your fashion brand successfully.
Marketing fashion products also allows fashion designers to create a brand perception in the minds of their customers, and intelligent marketing creates a buzz regarding the fashion brand.
The Don’ts Of Building And Running A Successful Fashion Brand
1) Don’t Micromanage
Micromanagement is the enemy of business growth and productivity. It lowers the employees’ morale drastically and will harm your business in the long run.
As the name suggests, micromanagement is trying to control every single aspect of a project and to impose your methods and opinions on your team members or employees.
Whether you have a small number of employees or an entire team of them, micromanagement will discourage and annoy them, and they’ll lose interest in their work. Try and keep an open mind to other people’s ideas and creativity and appreciate them whenever possible; this will encourage them to perform better and will benefit your fashion brand.
2) Don’t Let Money Become A Hindrance
Although money is very important to lay a foundation for your fashion brand, it’s not going to ensure growth or success. The main components that will make your business grow are your passion, perseverance, and determination.
It’s not wise to put your plans on hold because there’s a lack of money. There are several ways you can use to create and run a successful fashion brand. Some of these include preparing an excellent business plan and pitching it to potential investors who will be willing to invest in your business.
You can also make use of things you already have. Search the market for cheap raw materials which will save you money and get the work done. You can also look for any grants or local funding opportunities that are specifically designed for fashion entrepreneurs.
3) Don’t Compromise On The Quality
Quality of products is your biggest resource to build a reputable name for your fashion brand.
It’s crucial that a fashion brand, especially a new one, offers its potential clients something compelling enough to make them choose the brand over the competitor. Premium-quality products are one of the most important components that will help you make new customers as well as loyal ones.
Compromising product quality to save some money is a grave mistake that will cause the fashion brand to endure significant losses. It will drive away your customers, and you may also lose investors and opportunities to get any loans or grants you’ve applied for.
4) Don’t Be Afraid To Ask For Help
Planning to start a fashion brand or any other business is a life-altering decision and needs a lot of planning. It’s normal to feel confused and overwhelmed when starting a business. Seeking consultation and advice from those who have experience in the field and are willing to help you can help you start your journey efficiently.
Try reaching out to clothing factories and production companies who can offer you valuable advice and guidance and provide you with the necessary information and data so you can be ready to spread your wings and take your first step towards establishing a famous fashion brand.
5) Don’t Forget to Ensure Customer Satisfaction
Your customers are going to decide whether your fashion brand is good enough to grow and excel. Your main priority as a fashion entrepreneur should be to offer your clients the best possible customer service.
A satisfied customer is the biggest and the most important asset for any business. Strive to provide your clients with customer service that caters to all their problems and answers all their queries. This helps build a loyal customer base which will be beneficial for the fashion brand in the future.
6) Don’t Set Unreasonable Prices
Setting exorbitant prices for your products to maximize earnings and profits will be counterproductive.
You need to justify your prizes with the quality of your products and the customer service you provide. Any rational customer wants their money’s worth. High prices will drive away business and prevent the business from becoming successful.
7) Don’t Ignore The Importance Of A Brand Name And Logo
When you’re done with planning and manufacturing your fashion products, it’s a good practice to focus on building your brand name, market profile, and brand logo according to your budget.
Pick a business name, logo, and try to form a catchy and witty slogan for your fashion brand. Customers are attracted to brands with a compelling background story so try to incorporate some part of it into your products.
A brand name and slogan will help customers remember the business.
Get In Touch With Lefty Production Co., A Cloth Manufacturer, And Fabric Design Consultation Organization
Building and running a successful and reputable fashion brand is a very difficult and exhausting task. It requires one to put in their time, money, and hard work to make a name and remain in the fashion industry.
There are multiple aspects like production, designing, sewing, cutting, and much more that go into creating high-quality, practical, and visually appealing fashion products. Hiring a clothing manufacturer to produce clothes might just be the best decision that you take as a fashion entrepreneur.
If you’re looking for an organization that can make it easier for you to establish your fashion brand, Lefty Production Co. has got your back.
Lefty Production Co. is an organization that offers marketing services for designers so that they can get help with the business’s planning side. We also provide cloth designing and manufacturing services and manufacture all kinds of accessories.
Some of our numerous specialities include men’s wear, women’s wear, lingerie, swimwear and bikini, home accessories, children’s wear, athletic wear, home textiles, leather handbags, and much more. We also provide apparel pattern making.
At Lefty Production Co., we offer our clients several options to create more sustainable fashion products with technologies like laser cutting and help them source environmentally friendly products such as hemp, organic cotton, recycled materials, bamboo, and more.
Get in touch with us today to get more information about our wide range of services.