When it comes to running a successful fashion label, it is said that it requires around 90 percent business acumen and about ten percent artistic ability.
You need to know exactly who you are as a business and what you want to achieve before you can determine the correct strategy for how you will get there.
Too many start-ups spend their time and limited financial resources trying to work out the how before they have clearly identified the who and the what which is one of the main reasons that so many fail.
You must have entrepreneurial traits to become a successful fashion entrepreneur. These key traits are innovation, passion, enthusiasm, determination, and persistence. A successful entrepreneur tends to have several important personality characteristics in common and those include:
- Clear vision
- Passion & Determination
- Good health
- Problem solver & Flexibility
- Okay with no pay
- Unique skills
Determining a clear and coherent strategy for your business from the outset will save you both time and money. Here are some questions you should work on before taking the next step to move forward in deciding if fashion entrepreneurship is right for you.
Who Are You?
- What products will you offer?
- Where in the market will they fit?
- Who is your customer?
- How much are they willing to pay for your product?
- Which channels of marketing/distribution will you use to target them?
- Determine what your brand stands for (Brand Values)
Tips for Developing Your Brand Values
- What is your mission?
- What makes you noteworthy?
- What are your consistent qualities?
What Do You Want?…. This is crucial to do in order to achieve your dreams. Know clearly what the objectives are for your business. This is also part of your brand vision.
- What would you like your business to look in five years? (then you can backcast which you breakdown year four, year three, year two, and then 12 mos)
- How are you going to achieve your objectives?
How Are You Going To Get There?
- Focus your ideas and develop what’s called your brand strategy. This is the path that will enable you to grow, flourish, and achieve your fashion business goals.
Make a list of all the positives you can think of for setting up your own fashion label and then a list of all the negatives. Do the positives outweigh the negatives?
Successful entrepreneurs know how to attract clients, build their business, and make money.