Fashion is filled with entrepreneurs, and while there are many examples of success, most of them are of failure. There is nothing wrong with failing. In fact, most successful entrepreneurs have failed before they became millionaires. Likey they say, “bad is the path to good.“
Lately, I have come across a few people who have launched their own fashion brands. And as much as you are encouraged to pursue your passion, please don’t throw your time and money away. It is far too common that people with no industry background try their odds and fail miserably. We all wear clothes and think of ourselves as stylish and even business savvy. However, the fashion industry is much more complex than it may seem on the surface. A marketing campaign or selling online will not just make it. These are just some elements of what makes a fashion business viable.
Some recent examples of what I have seen include:
- A luxury swimwear brand made in the UK with Italian fabric. The products were not well differentiated in the market and sold for GBP180 apiece. The brand was available online and a 10% discount was offered as soon as a new client visited the site. Two points:
- Why is a luxury brand offering a discount? Sort out your pricing strategy first.
- Do people care that its made in the UK with Italian fabric? The answer is yes, but not enough to pay +500% more than if you bought it in ASOS and it was made in Portugal.
- What is so different about your products that people need to care?
- A brand that planned to open 6 stores with Womenswear, Menswear and Accessories in Spain, the UK, France and Germany.Most successful brands start with 1 key product of high value they can excel at making and selling.
- Having such wide focus will dilute your efforts and will probably take you nowhere. Go step by step, and narrow your focus.
These mistakes are way too common. This is why I want to share 5 business books that will help you in shaping your entrepreneurial adventure. It is very important that you read them all.
Here are my recommendations:
I am also available to talk if you want. People contact me all the time for advice and I am always happy to see new businesses take off – it’s an exciting time!
Good luck with your venture, and keep in touch.