Fashion Entrepreneurship

Fashion Entrepreneurship means to start, run, grow a business in fashion industry. It involves creating, designing, producing, marketing and selling fashion related products or services like clothing, accessories, shoes, bags or even fashion technology.

Describing Clothing Fashion Entrepreneurship in Details

1. To start a Fashion Brand in clothing the first step which we have to do is to choose our niche.

a. Casual Wear: Refers to everyday comfortable clothing for daily use.

b. Ethnic: Refers to traditional clothing that reflects cultural and regional identity of a country

c. Formal: Refers to professional attires suitable for offices, meetings or formal events

d. Luxury: Refers to premium quality designer clothing.

2. We have to understand our market and customers. We have to research about our competitors and avoid copying them. To start any entrepreneurship, we have to source materials and manufacturers. Finding affordable fabric suppliers and collaborating with fashion designers.

3. The most important part is to plan our finances. We should do proper budget breakdown for Raw Material Cost, Labour Cost, Packaging Cost and Marketing Cost and then setting proper pricing after calculating all the expenses and for funding our business we can use three sources

a. Savings: Investing 70% to 80% of our own savings into business and keeping the rest 20% to 30% for emergency reserve. Investing gradually and tracking records of all the expenditures and reinvesting profits.

b. Business Loans: We can borrow money from banks and financial institutions. If we take the loan against a collateral then it’s called a secure loan and the rate of interest are lower than unsecured loan i.e. without collateral.

c. Crowdfunding: It’s an alternative to apply for bank loans. Crowd funding means to pitch your business ideas and raise money in exchange for rewards, products or even sometimes company shares.

4. Deciding on our brand logo, brand name, setting up social media accounts and building your own websites and online stores then collaboration on social media platforms for content marketing.

5. The final step is to launch your business and staying consistent and flexible and not forget to follow some inspiring business stories

Courtesy: Youtube Channel @morningmoneybuzz

Closing Remarks

1. learning basic fashion tech tools is an advantage.

2. Prioritizing quality over quantity.

​3. Staying updated with trends and style.

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