5 Tips for Building a Profitable Fashion Business

5 Tips for Building a Profitable Fashion Business

A single look at Lauren Nouchi and what she has accomplished a couple of years before hitting the big 30, and you instantly wish to accomplish all of your fashionable goals. The co-founder of the globally famous brand Apparis is one of those inspirational examples of how we can get ahead in life with pure talent and raw dedication, even in one of the most competitive industries in the world. This particular brand is vegan, and it’s slowly changing the impact of the industry and its perception. Who knew that such major goals could be possible at such a young age?

Well, with the right amount of zeal, becoming a fashion entrepreneur is far from impossible. However, in addition to a surplus of creativity, you also need tenacity and a good sense for business. So, before you take the leap into the business world of fashion and start your own designer label, your fashion blog, or anything in between, here are a few tips to guide you on your journey and help you make the most of your ambition.

Establish a brand

Every fashionista knows that it’s not about selling clothes or trendy design. It’s about the value and the purpose behind your brand. Your unique value proposition turns a regular pair of jeans into a fashion statement and a personal preference. People choose to wear athleisure for more than its comfort. They opt for it because it stands for that urban lifestyle, freedom, rebellion, and many other values. 

This is the right moment for you to create an authentic brand identity that will help your business do more than just sell a trendy piece of clothing and turn it into a customer favorite. 

Be savvy with your budget

In addition to a brilliant fashion idea, you also need an equally brilliant team to bring that idea to life. In this competitive climate, keeping good, hard-working, creative people around you to stay true to your business is a much greater challenge than it seems, so you need to ensure stable salaries and great perks. 

One great way to reduce your expenses while improving the employee experience is by using personalized payroll cards that give your teams immediate access to their salaries and eliminate various fees. It’s a simple but effective step that can help you allocate your budget more wisely towards those essential processes, be it marketing your business online, developing another collection, or working with fashion influencers. 

Partner up with the right experts

You might be a business graduate or you might be looking at a degree in marketing, but either way, you cannot possibly have all of the skills needed to run an entire fashion business on your own. You need financial experts, actual manufacturers, fabric suppliers, sales reps, web developers, to name a few. 

The people you start working with from the beginning will be the ones to help you soar or hold you back. When you network and look for partners in every aspect of your future fashion business, aim to partner up with people with a solid reputation and a portfolio you can check. 

Create an emergency fund

Even if you already have a few dedicated investors, your own savings, and your family helping you with your entrepreneurship goals, a part of running a profitable company includes creating an emergency fund that you’ll hopefully never have to use. Just imagine what so many businesses are going through right now with little to no cash flow coming their way considering the corona outbreak? In order to pay their employees and keep earning as well, they do need access to such an emergency fund.

From the very beginning, you should set aside a designated sum of money that will help you maintain your cash flow, keep your employees, and work with clients until the storm passes. 

Build an online presence

Nowadays, you cannot even begin to plan a business without factoring in the website, the social media platforms, and the listing sites where you need to claim your business presence. This is one of those essential steps in your strategy to help you grow your audience and to raise some awareness of what your business is all about. 

All of these digital outlets are perfect communication channels for you and your business to start promoting your products, but even more so, to inspire greater interest in your offers and all of the values you stand for – after all, this is a basis for an emotional bond your future customers will create with your business. 

Building a business, and especially a profitable one, takes time. This is the perfect moment to start planning and brainstorming, and as soon as the climate improves from an economical standpoint, you’ll be able to go back to networking and looking into potential partnerships to slowly establish your brand presence. Until then, use this time to get to know your target market and demographic and your competitors, and look for feedback every step of the way. This is the only way to build a fashion legacy that will not be treated like another passing trend, but like a timeless entity that it is!

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