Starting your fashion brand (pt1)
At Start by WGSN, we know how difficult it can be to start a fashion business, not just in terms of personal feelings – doubts, striving for perfection, etc. – but also when it comes to business planning: the availability of finance, suppliers, marketing, etc. Starting a fashion business takes a lot of effort, planning, and time.
We know that there is a lot to consider when getting started, which is why we are launching this series to help you. Here, we examine some key strategies to consider before launching your company:
1. Standing out
When creating the business concept, it is necessary to establish your brand’s point of difference. The fashion industry is saturated, and you should think about bringing something new to the market. It doesn't have to be a complex differential; it can be in the details. For example, the brand can stand out for its design, products, quality, colors, fabrics, prints, purpose, price, and so on. It is crucial to think about elements that consumers will not find anywhere else, except from your company.
2. Business plan
This strategy may seem obvious, but to have a good business plan it is essential to know where to start, how much it will cost, and establish, from the beginning, your sales strategy. However, a BP (business plan) is not something that should remain the same forever. Bear in mind that this plan might change as you learn more about the business and the industry in practice. It should be a guide along the way, and to develop a good business plan, you need to pay close attention to its most crucial components:
The company objectives
Analysis of the market
Competitive landscape, implementation plan
Want to learn more about developing a business plan? Click here.