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How to survive as a fashion startup in 2024

LifestyleHow to survive as a fashion startup in 2024

Starting your own fashion business can be such a rewarding venture. You can unleash your creativity and be part of a world you love. But, the fashion industry is well-known as a tough market, with the UK apparel market  worth £70.04 billion in 2023. As it is such as cutthroat industry, you will need to stand out from the crowd to be successful.

Having a solid business plan, unique branding and strategic marketing strategies will help your startup to thrive. Here are some tips to help you survive as a fashion startup in 2024.

Develop a business plan

As with any business, you will need a solid plan to prove to investors that you are worth their investment. A good plan will also act as a guide for you to follow as your business progresses.

Outline your target consumer, sales strategies, and financial projections as well as your unique selling points. Remember to factor in any costs you will have such as raw materials, manufacturing and transporting.

Market research is also a good addition as you can prove to investors that you understand the market as well as your target customer.

If there is a trend you are capitalising on, include references and how you will utilise the style. Remember to make it clear, though, that you will not solely focus on one trend and will be adaptable as the fashion world changes.

You should make sure that your fashion line is above board in terms of copyright, trademarking and other legal protections. Consult a firm of fashion lawyers to keep your designs protected.

Build a brand

It is important to note that building a brand is not your logo and signage – that is branding. Your brand is your ethics, your mission and your story. Developing this will help to inform all of your business and branding decisions going forward.

Social media is a great tool for brand development. You can start to curate a lifestyle surrounding your brand. This will help consumers see how your fashion will fit into their lifestyle as well as outfit inspiration.

Be strategic with each post. You should post daily with the intent of showcasing your merchandise alongside your brand’s values and mission.

Marketing

Once you have set up your online shop or physical retail space, marketing will come next. You need to drive traffic towards your clothing and generate sales to be profitable.

If you have an established social media presence, make sure your website and address are on all your social media accounts. Customers will be able to click the link and be taken straight to your shop. You can also run special offers and discounts online which will also entice customers in.

Opening a new store can generate a lot of revenue so make sure any store openings are well-publicised. Get some banners printed for the store whilst you are getting ready to open as well as flyers for the day itself. The more people that know about it, the higher your chance of success.

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