5 Things To Know Before Starting Your Own Fashion Label :
Founding a fashion label is the ultimate dream for many but a profitable venture for only a few. According to a report by Oxford Economics, up to 90% of startups in India eventually fail, mostly due to lack of innovation – A cautionary statistic worth considering especially if you are inclined towards entering an overcrowded market segment or copying an existing business model in the hopes to better it. That being said, there is no reason why your label shouldn’t succeed, given the escalating size of India’s consumer market.
Making the decision to start up your own brand can be a life-changing experience. Of course, it is what comes after that decisive moment – how unique the idea, how quickly you move and how you continue to create, that ultimately separates the trendsetters from the followers. Getting a business off the ground isn’t the same as creating a fruitful and ongoing enterprise, which is why we have listed five essential aspects for your quiet contemplation before you venture out on your own.
Being your own boss can be an appealing fantasy when seen through rose-tinted glasses, but are you ready to be a self-starter who doesn’t procrastinate, and are you prepared to handle what ever curveballs are thrown your way during the course of your set-up? Sacrifices will be made, all-nighters will be pulled and you’ll end up spreading yourself too thin — amidst it all, the most important thing is that you need to accept these changes and internalize them before their force overwhelms you. Venturing out on your own can be a rewarding experience when you have the right mindset.
- Breaking The bank
Projecting your initial costs often proves tricky for new fashion labels. In fact, 65% of venture capitalists have identified insufficient funding as one of the primary reasons for start-up failure in India. While personal savings may cover most of your costs at the outset, you will need some cash flow to pay for production during your first season. By pinpointing your shortfalls early on, you will be able to understand whether you are in need of a loan.
90% Business, 10% Creative
Being able to bridge the gap between design and business will be one of the most significant struggles you will go through as the boss and designer of your brand. The creative process that you once enjoyed spending your full time on must be drastically reduced on your schedule in order to make room for entrepreneurial skills needed to face the challenges and process of starting a business. Attention shifts towards inventory management, while sales and customer acquisition must be made.
There Are No Free Lunches
While there are tones of free tools like website hosting, data analytics, business card templates, fonts and of course, marketing through social media, relying on these readily available tools alone will not make a brand. People are a lot more aware of what is authentic and can smell something uninspired from a mile away. Investing in organic branding and marketing strategies from the get-go will only yield you better returns on your investment.
The Learning Curve
However experienced you may be, in entrepreneurship, learning cuts above knowing each time. It is important to maintain an open mindset when treading the path of your own business — being keen on exploring new techniques, seeking feedback and improvising, thinking like a beginner and not like an expert are just a few things to keep in constant check during your entrepreneurial journey.
Starting a brand, as we know it, is not a piece cake. But the good news is, neither is it a dream which is unattainable. With the right skills, financial preparedness and an open-minded approach to every task – from production and marketing to sales and packaging, you can pull off starting your own label, and for all you know, also make it thrive.