If you would like to start a fashion business, most probably you’re not doing it only to prove a point, but you have a sense of style and you are good with people. Starting your own business is an important step in everybody’s life (especially if it means giving up your corporate job). The good news about this field is that there is always room for one more player. New outlet centers are opened every day so why couldn’t you find place for yourself in one of them? Usually these are small businesses run by one or two people.
Do you have any experience with the fashion business?
It is possible that you have been taking some classes in entrepreneurship or you saw your grandparents or parents run their store for years. As another option you may have been working in a store yourself for a while where you acquired the necessary skill sets. Regardless of what your story might be, besides a passion for fashion, you will also need a sense for business.
Can you put up with the risks involved?
You shouldn’t be scared by this question, but if you wish to start a fashion business, you should know that there are some risks involved. It is possible that you will invest in a business that goes down the drains within a year. Nonetheless, let’s not forget that if you’re good at what you’re doing, you will be able to make a lot of money and leave a nice inheritance to your children.
Why did you choose the fashion industry?
There are so many industries to choose from so why did you choose this one? You could have opened a homeopathic pharmacy or anything else. You might think that your passion for fashion will carry you through the tough times, but it’s not enough to think this; you have to know it.
What kind of a niche you are going into?
If you wish to start a fashion business you have to know what kind of niche you are dealing with. It is easy to notice if a niche is already overcrowded. Also notice whether there are numerous small players or if the niche is dominated by a few large players. For this you will have to do some market research. Take a look at the catalogs that you receive in your mailbox and maybe take a trip to the mall during the weekend. All this information isn’t meant to scare you, but you have to know what the competition is like. As it has been mentioned before: there is always room for one more player.
Is there something you can specialize in?
If you take a look at the success stories of other business owners, you might see that it’s easy to reach your goals if you can give your customers something they can’t find anywhere else. Maybe you are thinking about handmade embroidered dresses or leather objects imported from Turkey. Finding something special to offer your clients can make all the difference between success and failure. Just find that one something that people feel they are lacking.
Do you have any kind of advantage over your competition?
Even if you think you have a very good idea to start a fashion business, you should know that there is almost nothing that people can’t find at the local mall. This is why you have to know what they are carrying. Besides this, you will have to know your target audience: where they live, the style they have, their socio-economic background and a little something about their taste. This way you can get closer to them and you will be able to speak to them – personally.
Who will walk into your store?
The hardest question is what kind of clothes will you carry if you start a fashion business? If you opt for women’s apparel, you may already know that you have a lot of competition. However, if you have found a gap, this might be the right way to go. Naturally a lot of things also depend on the location of the store.
If you wish to handle menswear, you have to remember one thing: men seem to simply hate shopping for clothes. They need to be dragged in the store and forced to buy something even if they really need the given item. In case you think you have a bigger shot with children’s clothes, you have to know what it’s not children you’re targeting, but their parents. Consider your neighborhood when deciding; if people don’t have a lot of money to spend on children’s clothes, it might not be the best idea to open a boutique there or you should specialize in something else.
In case you’d like to start a fashion business, there are a lot of aspects to be thinking about. However, the most important aspect to consider is that you have to be sure that this is what you really want.