In the fashion industry, not a single brand made its image in a single day. It’s the journey of ups and down even some of the company collapse at the time of trial and error phase. It’s never been easy to start a new company from the scratch so be prepared for the valleys and peaks on your fashion brand business journey.
As every brand has started its career from somewhere, so based on the successful fashion brands there is a step by step guideline to help the newcomers in the industry and these are mentioned,
- Identify the potential need in the market
Do not jump into the industry directly, first you need to know the potential need of the market. Think about the niche that needs to be filled in the market. Based on that you can design your product, no matter its cloth, cosmetic, and even private label nail polish. Figure out the need for the audience that should exist in the market and not offered by any brand yet whether is it a t-shirt for formal occasions? Is it a glitter eye shadow palette?
- Develop a business plan
As a beginner fashion company, you must develop a proper business plan, this will guide your entire journey. You should understand the purpose of your business and must be clear about all the concepts regarding your ultimate goal. Once you will decide the business goal then you need to behave accordingly. Ask yourself a few questions like do I want to create a positive brand image? Do I want to follow social responsibilities and create an image of social work? Answer these types of questions and develop your business plan.
- You should know your target customers
The next step will be according to your target market, and this is the most important factor for the entire journey. Target the certain demographics, social class, gender, likes, and dislikes. Adopt your brand style as per the target market you selected for you. Product design, colors, campaign, marketing strategy, and other decisions will be based on the preference of the target audience.
- Start designing your first launch
Once you are done with selecting the target audience and other decisions based on target customers. Now you are ready to launch your first collection of products. This is the first impression of your creativity in the market. So make sure your first impression is amazing for your target audience. Put your honest and proper efforts to design the launch because in case of failure you may lose a huge amount of money. That loss may impact negatively on your next launch.
- Find your supplying partner
If you are not planning to outsource. So you are going to the source, cut and sew all your material by yourself in case of a clothing fashion brand. So for even doing everything on your own, you still need a partner who can supply inventory or raw material. Probably you will need a fabric supplier so for that you can try in Sri Lanka, Bangladesh, Vietnam, and China. They export fabric to most countries. Or if you have less budget you can find fabric suppliers locally.
- Select your brand name, logo, and market profile
At this point, if you are following the previous steps so you should well know about the production cost, marketing cost, and others. So this is the correct time to decide your brand name that can reflect your product nature. Design a logo which reflects your brand personality, and creates market profile as per your marketing campaigns. This work should be completed in the manufacturing process of the first launch for the company so all the things can be introduced to the target customer altogether.
- Select the price range and start the marketing process
This step requires proper research regarding the target audience from which the financial class they belong. And select your price range which can cover your production cost, marketing cost, and another cost by keeping your desired profit margin. And then start implementing your marketing strategies like using social platforms. Instagram is considered a popular platform. Instagram influencers love to promote the brands so hire them.
After grabbing the attention of your target market, now set realistic sales and distribution goals. Then finally start a soft launch of your first collection and then develop plans to expand your business with increased attention.