Things to Consider While Establishing a Fashion Startup
Clothing has become a strand for demonstrating one's living standard. In such modern times, clothes are specifically created for every occasion thereby, exhibiting style statements. Seeing the constant rise in clothing preferences, many people seek to venture in the clothing domain and establish their fashion startup.
According to a report by Statista, revenue in the fashion segment is projected to reach $13,160 million in 2020. Revenue is expected to show an annual growth rate (CAGR 2020-2025) of 12.4 per cent, resulting in a projected market volume of $23,574 million by 2025. The market's largest segment is apparel with a projected market volume of $8,680 million in 2020.
If you are a fashion enthusiast and know fashion designing, then you can take your career to the next level by starting a fashion startup. To kick-start your venture, you will have to consider following things.
Create a Clothing Brand
Before starting with a business plan and other related things, you will firstly have to initiate a clothing brand. An ideal clothing brand has to meet people's changing needs and help exhibit their intrinsic identity that they seek to showcase.
For creating the clothing brand, understand the surrounding market and comprehend people’s choices by segregating them into various age groups. Following that, decide which age group you want to serve primarily and accordingly, lay out a business plan.
Registering the Business
Once you are certain what type of business model you need. Then, comes the next step of registering your business. You have to ponder whether you want a LLC or partnership firm or Ltd. For this purpose, you have to consult an accountant and understand different acts under various business titles.
Business registration process will take some time and following that, you have to ensure operating the business in a righteous manner.
Add Members to Startup Team
You cannot alone run a fashion startup and perform all work single handedly. You will require people for marketing, designing, stitching, sales and auditing. You have to recruit a small cohort of people in the beginning and later, enhance the team as the work increases gradually.
You also have to consider the additional cost that the startup has to bear continuously. Some of the prime cost involve:
- Creating a logo design for your fashion startup
- Procuring licenses and logos if required
- Paying out rent for the workplace
- Raw materials required for creating clothes
- Equipment and tool required for stitching clothes
Since you will be requiring employees, you would have to pay out their remunerations as well. It is therefore essential to manage cost and plan out ahead.
You have to be careful while using available funds and purchase products as per your need. If you are offering customised outfits then take cloth material a little bit extra than measurements. While dealing in readymade garments, you have to buy raw material in bulk and ensure you have enough to stitch a chunk of clothes.
Have an Online Presence
While creating loyal customers offline, you have to step into the online world. You have to create an online customer base and for that, you have to create a website and engage in social media marketing.
Online presence is crucial in today's time and helps bolster the business in offing also. Therefore, consider investing into the business.
These tips are important to follow while establishing a fashion startup. If you know more tips, then share with us in the comment section below.
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