How to start a fashion biz?
- BY Akshay Arora
Feature Writer, BusinessEx
- Nov 20,2017
- 12 Mins Read
To start a fashion business it is not mandatory that you have to be a fashion designer as anyone can start a business if he/she has sufficient investment and an idea to work on. In the current business ecosystem, investors give more preference to the idea and new innovation.
In the fashion industry, everything depends on creativity, innovation, communication and networks. If you really want to start a fashion business the above-mentioned skill-set is mandatory. After digitalisation, there are more and better ways to start a business. A lot of new opportunities have opened up like e-commerce which has certainly helped fashion industry to become one of the top revenue generating industry in India.
Textile Industry Statistics
- This industry is one of the major industries in India which contributes approximately 4 per cent to GDP, 14 per cent to industrial production and it accounts for around 15 per cent of total exports, according to IBEF report.
- The textile market was estimated at $137 billion in 2016 growing at a CAGR of 8.7 per cent, says the report.
- The fashion retail market was estimated at $45 billion and is projected to reach $115 billion with 9.7 per cent CAGR by 2026.
Steps to start a fashion business:
- Explore unique idea
The initial step to start a fashion business is to think of a unique idea. In this competitive business environment, it is essential to be innovative and provide something unique to their customers. In fashion market creativity is the key, the consumers in this market want quality and uniqueness in the product. Before launching your own clothing line it will be fruitful to have a clear idea about the product.
- Target Market
After finalising your idea, you must decide the target market that you want to cater to. There are various key areas that you can focus on but the most important thing is research. There are research papers, survey analysis online where you can find out which market is growing and which segment has the highest demand and return on investment at present.
- Connect with manufacturer & Wholesaler
Now you should start looking for cloth material wholesaler and buy material in bulk. The start contacting a manufacturer, as you are just beginning it will be better to do a proper research so that you find the manufacturer, who is ready to manufacture your product at low cost without losing out on quality.
- Make a plan
It’s time to create a plan which covers all the major aspects of running a business. The essentials that need to be covered in this plan are marketing approach, label name, legal issues, packaging, branding & promotion process and sales & distribution process. These are the necessary objectives that need to be planned before execution to have a clear overview.
- Find a location
Start searching for a location where you will be going to execute your business plan. Location depends on the business function; if you are going to start your own production then it is not necessary to start in a crowded place or in the city. Suppose you are going to start a retail store then location must be within the consumer market but for production, you can start someplace far in an open space, which suits you well.
- Financial Plan
Till now you must have some estimate on how much investment that you need, so start calculating all the cost and prepare a financial budget to meet up the requirements. Now you need to find investors or you can bootstrap the business if you have the sufficient funds.
- Build Team
Build a team for your business so that all the activities that you have planned can be carried out easily. It is not necessary to hire many people, you just need to start small and hire one person for one task. Make sure that they are skilled enough to cover all the key areas.
- Execute and Review
It’s time to execute the plan that you have made and start your business operations. After executing, start evaluating the results and find out where you are lacking behind to overcome the barriers.
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