Do You Have What it Takes to Start a Fashion Business? 4 Things To Know
Fashion has always been your bread and butter. You keep a close eye on all the latest trends and are always ahead of the curve. You creatively style all the pieces you have in your closet so that it never appears as if you're wearing the same outfit twice. You also enjoy designing clothes…maybe you even went to fashion school.
The idea of starting a fashion business interests you, but do you have what it takes to start a fashion business?
Firstly, you will need talent and creativity. As a fashion professional, you must have a good eye for aesthetics and be a reasonably good designer. Your artistic sensibilities, along with a creative mind, will give you the ability to turn a combination of raw materials -- textiles, buttons, zippers and the like -- into a viable commercial product.
Secondly, you'll need to pinpoint your target audience and gain a good understanding of your market. Who will be buying your apparel and what are the fashion trends among this demographic? Fashion is constantly on the move; trends change from season to season. If you are able to foresee the styles that will be in favor next year, you can ensure your business caters to what your customers want, and that your designs translate into sales. WSGN (www.wsgn.com) and Women's Wear Daily (www.wwd.com) are two trend forecasting sites that are trusted by professionals within the industry.
Thirdly, business knowledge and funding will be crucial to the growth and health of your fashion business. Start by making a business plan -- a simple one-pager can help you define the goals of your business and how you will achieve them. Do some financial planning and gather sufficient funds for operating your business for the first year; be sure to factor in the production costs of your first pattern. Producing this initial sample piece of clothing may cost anywhere between $350 - $2,000, depending on the complexity involved in creating the garment. This will give you a more complete picture of the kind of investment you will need to make to get your business off the ground. In addition, you must devote yourself to getting a good grasp on garment costing techniques, how to estimate profit margins, and fashion merchandising.
Lastly, what you really need in order to help you distinguish yourself within a crowded market is: resourcefulness. Business, especially in the world of fashion, has many moving parts to it. You will be managing different vendors in different time zones, encountering a variety of personalities, and working with companies with different lead times, prices, and standards of quality. With the ability to think outside of the box to overcome these difficulties, you will be on your way to creating a successful fashion business.
Now that you have these four things in the box, all you have to do is get your apparel created! Who better to help you with that than LA Fashion Source? Reach out to us at (424) 322-9011 to discuss how LA Fashion Source can help bring your fashion business to life.
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