Big dreams doomed to disappointment: why do fashion brands fail?
How many of you dreamed of becoming a designer, creating your label or leading a brand? And how many of you were discouraged from taking this path? How many of you heard how hard and risky it is to have your fashion brand? With the current state of affairs, the conversation about leading your fashion brand could be quite hard. But trying and failing is better than not doing anything and wondering how things could’ve worked out. Having this in mind and knowing that “fortune favours the bold”, we want to be the voice that encourages those who do not get enough support or that final push. It is done by trying to understand why and how some fashion brands fail so that we could learn from their mistakes.
From idea to checking it’s worth
Probably all of us had this sudden feeling of inspiration, whether we were watching a movie, reading a book or listened to some successful story that shocked us to our very core. This great feeling could kick us in the right direction; however, a good idea is not enough. One of the problems that lead to failure is the lack of industry knowledge. Or simply said, an idea that sounds amazing to you does not necessarily mean that it will amaze someone else. What is important here is to understand that before launching a brand, you have to do thorough market research – think about your idea, “google” the information, talk with someone relatable to you in this situation, ask yourself questions such as who is going to buy my product? Does anyone even need this product? Why should they buy it from me? Who else is already doing this? Research your idea as wide as possible, and don’t lose hope just because someone already does what you are dreaming about. What can you do to be even better at this?
Fortune does not come overnight, but you have to start with something
Most young entrepreneurs think that big money comes with time. Because of this, they do not want to invest risky amounts of money. However, it is important to understand that before the business takes off, not only you have to put in as much work as possible but also invest real money. What helps to keep everything on track here is planning and organizing your budget. How much are you willing to spend? How the budget will be distributed? Where should it be focused? Starting a brand without having some kind of budget could be tricky and bring even more risks if you start this unprepared. Taking loans is never an option, and the chances of finding some investors could be pretty slim. So, don’t leave money problems hanging as it could be something that later can ruin the business.
Keep your friends close and your manufacturers closer
We mentioned a few things that should be kept in mind before launching a fashion brand. But what should we focus on when we already started the business? One of the main problems why brands stop their work is because they do not have a solid relationship with their manufacturer. It is necessary to keep constant contact with them and, more importantly, to understand how they work. Manufacturing is where all the ideas become something tangible, a final piece that is going to be loved or judged, used or ignored by clients. Manufacturing is the essence of the quality that the buyer is expecting. Especially now, when there is so much information that is easily accessible to people. And it is not easy to satisfy an alert client.
For good luck: a few more things to consider
There are a few more golden rules that can be applied not only to future fashion brand owners but also to anyone who wants to be respected and acknowledged:
- Be professional: always be on time, schedule your meetings, meet your deadlines. If you stop, production stops – which only shows poor leadership and lack of management skills.
- Create value: show people that if they choose your brand, not only they get some item or service, but also they gain something valuable. Maybe together you are saving the planet by planting a tree for every item bought?
- Put fair pricing: today’s buyer is educated and smart, so don’t be afraid to explain the reasoning behind pricing. People should understand that every little thing that is done during production has its price. Justification is the key.
- Use all means of media platforms: don’t forget to work on your social media platforms as they are a great tool to create a community and to increase the brand’s visibility and engagement.
- Slow and steady expansion: there is nothing more rewarding than understanding that it is time to become bigger and even better. However, it should be done in baby steps as there is a risk of ending up with overstock.