The fashion industry is unarguably one of the most lucrative industries in the world right now, and because of this, a lot of fashion entrepreneurs are entering the market daily. The interesting thing is the competition in this market; a lot of brands are offering the same product to the same audience. This is one of the reasons why you need to have a solid strategy before considering launching a fashion brand.
There are different niches in the fashion industry and whichever you choose, you will have to deal with competition. Also, launching a fashion brand and becoming successful does not only have to do with your ideas. There are certain steps you must follow and tips you must consider to stand out from your competition. Here are five steps you can use to make your fashion business up and successful:
- Spend time planning
There is no other way to say this than you have to plan! As a new fashion entrepreneur, you have to do a lot of planning. One way to start is to set realistic goals and divide them into smaller achievable bits. For every moment in your fashion business, make sure you have plans for those moments.
These goals are very important to your business because they will serve as the driving force during challenging times in your business. Also, with each goal, list the steps you will need to take to achieve those goals. These steps may include connecting with some fashion professionals, taking online courses in customer service and others. To effectively do this, you can create a business plan including the following essential elements:
- Executive summary
- Company description
- Market analysis and opportunity
- Competitive analysis
- Execution plan
- Marketing plan
- Know your audience
Without taking time to know your audience, your business might just be selling to the wrong set of people. Before you launch, you need to answer the question; who is going to buy your products? Know your target audience, study them and get to know the processes that appeal to them. This can include the type of marketing that appeals to them, their preferred social media platforms and other important factors. Gather every relevant information about your target business and plan your business strategies around them.
Here are some ways to find your social media target audience:
- Compile data of your existing customers and social media audience
- Use social listening to find conversations about your business
- Find out what social channels your audience prefers
- Check out your competitors
- Understand what your target audience wants from your social channels
- Invest in your online presence
Statista put the number of online shoppers in Nigeria as of 2019 at 76.6 million out of a population of 200 million. Consumers buying behaviour has gradually moved from the traditional fashion store to online shopping, with a surge in this number last year due to the pandemic. To make huge sales as a fashion entrepreneur in this period, you cannot do without an online store.
Your website should be user-friendly and creative in all aspects as it serves as your customers first contact with your brand. Take clear pictures of your products and also practical pictures too. Also, include all the best details about your product, as this can go a long way in influencing your customers buying decisions.
- Start little
This is the best advice you can get when you are starting your fashion business. It is always normal to have those creative fashion products and ideas, but you need to take them one step at a time to avoid huge losses. Release an amazing product, promote it, then sell it, sell it, sell it. This will reduce your startup costs and also the risks that come with the business too.
- Maintain good people skills
Customer service is a very big factor in today’s fashion market. Learn to market yourself and at the same time keep courteous relationships with your existing customers. Your fashion business is meant for people, so start talking to them. Build relationships with people that are relevant to your business. From manufacturers to influencers, bloggers and other professionals.
We hope these business tips serve as a guide whenever you decide to launch your fashion business!