If you’re hoping to set up your own fashion business, it may be difficult to know where to start. Follow our top five tips and you should be well on the way to successfully launching your fashion start-up.

 

Set out a clear plan from the beginning

Rather than blindly entering the industry with little besides passion, set out as much of a solid plan as possible. This doesn’t have to be restricting, and you can always deviate if necessary, but it will give you a form of structure and some clear goals to work towards. Of course, if you’re hoping to find external funding, a realistic business plan is essential – you will have to show that your ideas can be made a reality in order for investors to put their trust in you.

 

Consider your budget carefully

It’s really important to have an understanding of how much money you will need to help get your business off of the ground. When it comes to budgeting, it’s always better to overestimate than underestimate how much money you are going to need; if you have any spare funds left over, that’s great, but if you start running out, you risk jeopardising your whole business. Think about every single aspect that requires cash and keep note of how much allowance you will give yourself for each area.

 

Decide on a target market and learn more about them

Think about who is most likely to want to purchase your products or services and then find out as much about them as you can. Carrying out consumer research is an important step towards making successful sales. Understanding your target customers and their spending habits will help you market your product/service and make it more appealing to those who are already likely to be interested.

 

Use research to help you create a strong brand identity

In a crowded market, brand identity is one of the things you absolutely cannot afford to get wrong. Just like attending a job interview, you want your brand to make a good first impression. Research to see what already exists, and then find something which makes your brand different, while also representing your beliefs and values. When creating your brand identity, you should also think of the tone you want to set, and who your target audience is going to be – it’s them you need to speak to after all.

 

Do everything you can to get your name out there

Once everything is ready to go, don’t be afraid to do whatever it takes to get your brand’s name out there and get noticed. Self-promotion is one of the quickest ways to get talking about your brand when it’s at launch stage, then eventually, word of mouth can take over. There are plenty of ways to promote your company, social media being one of the most prominent. Depending on what your consumer research revealed, try Twitter, Instagram, Facebook and Pinterest.

 

If you're interested in studying fashion and boosting your knowledge of the industry, you can study luxury fashion and design at LCCA. Click the link for more information.