What Do Fashion Start-ups Need to Survive in the Industry?
The flourishing US fashion industry employs an estimated 1.8 million people. It’s also home to some of the biggest global fashion brands—Old Navy, Victoria’s Secret, and Gap are just the tip of the iceberg.
Survive alongside these giants may seem unlikely, but we have got a few tips that’ll help set you up for success.
Be sure of your choices
Every new entrant in the industry has two choices: join an existing company or set up your own venture.
Having your own start-up is a huge commitment—physically, mentally, and financially. As an entrepreneur, you will likely be managing most of the company yourself with maybe a small team to help.
Regardless of either option, you’ll have to be committed to working 24/7 for a long period of time before your venture takes off. The takeaway is that you should only sign up for this huge commitment if you think you can handle it.
Have a Unique Selling Proposition
You’ll have to offer potential customers a different experience for them to want to switch over. This will be your Unique Selling Proposition (USP). Think hard about what you can offer that no one else can to establish your dominance!
Know your Target Audience
Knowing who to target is the most important factor that determines long-term success. You can’t cater to everybody, and you shouldn’t! Remember the old adage “jack of all trades master of none”?
That’s exactly what your start-up will be if you don’t have your eye on the prize. Here’s a simple way to do this: think about your ideal customer—who they are, what they do, what they like, and who they aspire to be.
This should help set up an ideal customer profile for you that you can then design around.
Be careful where you spend your money
As a start-up, you’ll most likely be working on a tight budget. With lots to be done, it can be hard to track and manage everything. You may be spearheading your start-up, but trying to do everything yourself can prove to be exhausting—not to mention expensive.
Without the right expertise, you may end up squandering more than what’s required for specialist services. To ensure that you get the best value for your investments, partner up with professionals who can help manage some of your departments. You’re basically guaranteed a good return on investment.
As a start-up, the quality of your work largely determines your success and survival in the industry. It would serve you best to partner with a professional garment manufacturer near you. If you’re based in LA, look no further.
At Lefty Production Co., we provide garment patternmaking and other production services to businesses in L.A. Visit our website or call us at (323) 515-9266 to book an appointment today.