5 Tips for the success of any Fashion Business Idea

5 Tips for the success of any Fashion Business Idea

Fashionably Yours

If you search for ‘fashion business idea’ on google, you will get hundreds of ideas ranging from being a fashion designer to fashion blogger to fashion stylist.  Yes!  fashion industry is a thriving industry. And it has something to offer to everyone in terms of business. And this very nature makes this industry very – very competitive. You have to be on your toe all the time if you really want to continue to be in business. But to be in the business you have to start with right approach. So in this post I am listing the 5 basic tips that will give your fashion business idea a right start.

5 Basic tips for the success of your Fashion Business Idea:

1. FIND YOUR NICHE: Ask yourself, “Do I have the required skills for the field I am getting into?” Or you are just seduced by the glamour associated with it? These are some of the pertinent questions to begin with. I remember few years back many of my peers would become a fashion stylist just because they thought, a stylist job is just to coordinate the upper outfit with the lower one and accessorise it. No wonder! most of them failed miserably. Doing a self-assessment and finding your niche will tell you which fashion business idea will work for you the best. Or for that matter if at all it will work.

Knowing your niche is very important to turn your fashion business idea into a successful business. #BusinessOfFashion #FETips Click To Tweet

2. RESEARCH: Are there any takers/customers for the fashion business idea you are getting into? After all, there is no point getting into a beachwear line if you are catering to Lucknow clients, right! So research and surveys are a must to figure out if your idea will work or not, or just to make the necessary changes in your fashion business idea.

3. MAKE A BUSINESS PLAN: Why do you need a Business Plan? You must be wondering! After all isn’t fashion all about creativity and imaginations. The answer is NO. Fashion is a serious business. And to turn your fashion business idea into a successful and profitable business venture you need BUSINESS PLAN. A business plan gives you an insight to your business and guides you on the daily basis in the course of your business. It helps you your every decision making process from finance to marketing to hiring of employees. (I will be writing a dedicated post on it in my upcoming post in this blog)

BUSINESS PLAN is a must to turn a fashion business idea into a successful & profitable business venture. #BusinessOffashion #FETips Click To Tweet

4. FIND A PARTNER: When the fashion business is all about me, why should I look for a business partner? You must be wondering. But here is the point. While fashion is mostly about creativity, business is all about numbers. And it is very rare that a person has both. You might be a good fashion designer but to turn your designing skills into a successful Designer House you need the skill of an exceptionally good businessman. Or else your design will remain as the most creative design with no buyers. And time is yet another factor why you need a business partner who can decide of the daily running of the business when you are busy with the creative process. So for a fashion business idea to bloom into a successful business you need a partner who has the right knowledge of business.

5. Acquire appropriate BUSINESS LICENSES: This is one of the most important thing to start a fashion business, or for that matter any business. Get the business registered. Make it a legal entity. Apply for all the necessary business licenses. A fashion business idea is just an idea until you give it an identity by registering it. This helps in giving your business a solid foundation.

Watch YouTube Series FASHION ETALAGE where we talk about Business of Fashion

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Basant Rai

Basant Rai is a Fashion Designer & Entrepreneur who believes fashion is one of the most effective tool raise awareness for social causes. Between designing, business and philanthropy, he works as fashion columnist, show director, fashion stylist and pageant coach.

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