Starting your own fashion brand is definitely not a cake walk but it is not as hard it seems to be either. Passion and proper planning go a long way in the success of any start-up. Apparel Resources is here to help you out in case you’re planning your private label. Here are the things that will act as a catalyst in building your own brand:
1. Gain Hands-on Exposure and Experience: Work with an established fashion brand to acquire an understanding of this business and it’s functioning. It is a foremost step for anyone who wants to start his/her own brand.
2. Identify Target Audience: It is vital to have a vision for your label to look up to. It gives direction and purpose to not only you but the entire team. Also, it is necessary to be clear about your segment and target market to cater.
3. Research: Dive deep and gain insights on all the important aspects regarding the business of fashion you are about to venture into, understanding the industry and the competition, Government policies, the expected growth in future and the location you want to set up the business. Apart from this, fashion forecasting and trend research will help you offer a unique product to your target group.
4. Come up with a Signature: Diane von Furstenberg did it with the now-ubiquitous wrap dress. Tory Burch introduced the Reva flats. What’s yours? Your signature will give your label a unique identity in the crowded fashion sooq.
5. Market Validation: A market validation should always be done before introducing a product in order to gauge audience’s response towards the product. It is a series of interviews of people in your market. These interviews are used to test a product concept against a potential target market.
6. Develop the Design: You don’t necessarily need a degree from a high-profile fashion university to succeed in the fashion business. Sketch your ideas on paper as best you can, or get it outsourced from friends/family.
7. Source your Materials, Make a Prototype: A sound business plan includes fabric stock that meets your budget and creative needs, followed by a prototype that is required to show potential buyers/consumers what you’ve got.
8. Get the Team Together: The next step is to put the right human resource in place. It is the people who give shape to the ideas, so it is very important to have the right hands in place to bring this dream into reality.
9. Establish a Pricing Model: How do you wish to position your brand – luxury, premium, affordable will help to devise the right pricing model and consequently a brand identity.
10. Manufacturing Decision: Listing down the factories/independent tailors or patternmakers for manufacturing, speaking to them, doing a proper cost comparison and negotiation are few of the most important steps when setting up your own fashion label.
11. Financial Planning: You may/may not have the required funds to kick start the business which is why you will need to set up a financial plan/budget to aid in strategizing and identifying the sources to obtain the funds.
12. Marketing: This might not seem too relevant when starting the business but collaborating with influencers and bloggers to promote and market your label on social media will help you create the necessary ‘hype’ before its launch.
13. Do Not Give Up: It requires time, patience and consistency for any business to start flourishing. What is important is to stay focussed and not give up so soon.