Over the years, we’ve seen how the pace of innovation and disruption has accelerated in both fashion and technology. There’s no doubt, the industry climate is changing as it makes room for a new generation of talents, visionaries, designers, trendsetters, and entrepreneurs.
Our team is comprised of industry experts who’ve been there and seen it all. Thus, it wouldn’t be surprising that a few of our team members have tidbits of advice and recommendations on how entrepreneurs can succeed in starting and growing their fashion business.
Be Flexible
The fashion industry is incredibly fast-paced and can be unforgiving at times. Inevitably, there will be situations that may not turn to your favor and you will need to be able to quickly regroup, re-strategize, and develop a safety net to fall back to, should problems arise. Perhaps during the transport from your manufacturer and to your warehouse, a few items are missing in the shipment. Is your team prepared to resolve this issue quickly? Keep in mind external factors as well, in case there are additional tariffs on your goods, will your team be able to adapt?
Be mindful about the fast-fashion industry as well, being flexible needs to be second-nature to keep up with constant trend changes and customer demands. Having a great team of problem solvers will not only alleviate the pressure on you but also prepare you when disaster strikes. And lastly, in the words of accomplished fashion designer, Vera Wang –
“Success isn’t about the end result, it’s about what you learn along the way.”
Take a moment and recount your steps on how you and your team solved a crisis. What (or who!) was the key turning point to resolve the problem? Figuring out how you got your ‘win’ will prepare you for the next crisis.
Desire to Self-Improve
Without a doubt, having a strong passion for your business is essentially the force that’ll drive your business’ growth. However, there will be times where you may forget how passionate you once were, your brand story, and the values your business was built upon. Perhaps, you’re running into a rut or a huge kink came along in the last fiscal quarter and your team is still trying to recover from it. That’s why we think it’s also important to make sure you have, and maintain, a desire to self-improve. Talk to your team or maybe your HR manager first. See if there’s a way to improve your communication style or perhaps your work style. A person that is open to criticism will become a better leader. Not only will this have a positive effect on your team, but also on yourself. Just like Ingvar Kamprad, Founder of IKEA, has put –
“The most dangerous poison is the feeling of achievement. The antidote is to every evening think what can be done better tomorrow.”
Tracking your progress, wanting to grow your career professionally, and marking your achievements, act as a source of motivation for yourself and gives you a gentle reminder of why you are doing this in the first place.
Reflection
It’s important to be reflective and understand how your behavior affects your team. You must have a certain quality that seeks improvement for, not only the business side of things but yourself as well.
When you start your own business, you become the boss for, not only yourself, but for a, but how well you lead your team to greatness. Your company’s growth is a result of the dedication of your team, so it’s your job to be encouraging, charismatic, and understanding when it comes to their concerns and questions.
Similar to the previous section, you should be reflective of your progress. What kind of leader were you a year ago? Did your working or communication style change? If so, did it improve your relationship with your company? If not, does it affect your team in a positive way? We encourage you to open this opportunity to not only hear direct feedback from your employees and partners, but also a chance to connect with them on a professional non-business opportunity.
Strong Communication
We cannot stress enough the importance of establishing and maintaining strong communication. Communication is a two-way street; as the ‘sender’ you need to make sure your message is constructed in a way that’s free of any misunderstandings and as the ‘receiver’ you need to make sure you’re interpreting the message correctly.
Often, we see miscommunication within these two areas: Production and Customer Service.
- Production: Any delays or changes that occur must be urgently communicated to other parties involved in the process (warehouse, 3PLs, shipping, customer service). And never underestimate the importance of cross-communicating information. For example, if production is going to produce 100 units of polo shirts; you need to make sure your warehouse is aware of this information, so they can prepare an adequate amount of space to receive the 100 units.
- Customer Service: Having visibility on all operations of your warehouse is crucial. You need to make sure there’s a clear communication for logistical purposes so that your customers are receiving orders on time with proper tracking information provided and your warehouse can fulfill customers’ orders.
Know Your Market
You cannot run a successful fashion business if you do not know who your target demographic is – it’s that simple. The fashion industry is comprised with a vast number of individuals who all want and need different things. You must consider who you want to target and who you want your clients to be. What age will they be? Gender? What is their annual income? What interests them? Once you decide who you want to target and what interests them, you can conduct research to decide what type of products will be successfully sold to them. Without knowing basic information about your target market, you will not be able to create, market, or sell your products to them.
Analytic Mindset
Understanding the importance of analytics is essential to run a successful fashion business. Before you launch your company, e-commerce, or store you must consider your goals for that quarter and how you’re going to track those accomplishments. How many units do you want to sell that quarter? What item do you want to market to your target audience most – did it make a difference in sales? What is your target ROI for this quarter?
Your goals will be tracked and measured with analytics. Through report sheets, you’ll be able to see what was successful and what could be improved. Did you meet your sale goals for this quarter? Could your ROI be increased? Analytics are important to comprehend where your business is thriving and where it’s not. Collecting data from sales can also help you when it comes to understanding your target market. Like we discussed earlier, you must research and understand your target audience to market your products to them. Using analytics and research, you will get a better grasp of your demographic’s need and wants. With this information, you can better sell your product to them.
Commitment
It’s common knowledge that starting a fashion business, or any business venture, is hard work. Before you begin preparing, planning, or fathoming the idea of becoming an entrepreneur you must ask yourself, “Am I going to stay committed and follow through with this process? Even if things do not go as planned?”.
James Mitchell, Sportsbikeshop founder, said it best –
There is no way one can escape the hard work – there will be touch of luck, but being creative, hardworking and thinking out of the box is what that sets the trajectory of your business.”
Giving your 100% every day is unrealistic and can be exhausting, but you should still have a hunger to grow. Being an entrepreneur is a 24/7 job, so you should consider how this might factor into your personal life as well. Ups and downs are inevitable but preparing for them show that you’re committed to this business and your vision.
Our last words of wisdom, you don’t need to venture into this journey by yourself! You have a ton of great resources in this industry and to help you kick start, we can be your first connection. We don’t succeed until you do!