Fashion business startups business tip number 11 – Fully develop your brand concept.
This one is kind of obvious. Unfortunately it is not always done properly before an entrepreneur starts their fashion business. I am not saying you need to spend months on this. I am saying that you must flesh out your idea fully. The following are the processes you should do before you get started
What is your product exactly? – Defining your product specifically is the foundation upon which all other steps are built on? It is easy to be distracted by all the opportunities out there. Should you do mens or women? Should you do contemporary or missy? Should you do dresses or coats? I am a big believer in creating a focused line when you first start. As a start up your resources are limited. So pick a direction and focus on that and get it built and proceeding successfully before you start another. Then you can develop your concept from there. What are the price points? What is the look? What will the product look like?
What is your niche? – Determine the specific market your product is being made for? Is it plus size, young mens, or maybe contemporary women? By defining what your niche is you will better understand the designs these markets will appreciate.
Who is your competition? – Once you have identified your niche than you can easily figure out who your competition is.
Are you bringing something unique to the market? – By identifying your competition you can then figure out what makes you stand out. There are a lot of brands out there. The market doesn’t need another one. That is why it is critical to have a unique product to better your chances of attracting attention.
Who is your target customer? – The more you define your customer the easier it will be to design your line. It will help you know their needs and desires and what they look for in a fashion product.
Product concept is the very first step before you design piece one and make a sample. It will save you time and money by preventing you from going off in a direction that won’t work Do these steps snd you will increases your chances of success.
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Maria Pesin knows fashion, especially the business side of the fashion industry. Do you know how Manolo Blahnik got his start in the industry? How he leveraged a paltry 3 grand into one of the world’s most famous luxury brands? While she doesn’t take credit for Manolo’s success, Maria has walked a similar path on numerous occasions. The world of fashion is not silicon valley, and it has nothing to do with Madison Avenue marketing. In this industry there is ALWAYS room for something new and exciting, but you have to have your ducks in a row. If that’s what you need, believe me, Maria is the General Patton of fashion ducks!