“Fashion is the armour to survive the reality of everyday life,” says Bill Cunningham. Fashion is something that showcases your personality and who you are! When you are trying to start a new fashion business, there will be many things that you want to do and give to your customer. But you might fail in showcasing your expertise if you don’t have a professional business plan.
For Fashion start-ups, a business plan helps to elucidate what, how, and to whom you’re selling, what makes you unique, and most importantly, show how you can make money. So, let’s see what points should be kept in mind to make a formal business plan.
1. Sound knowledge of the Fashion Industry:
First and foremost, an important part of every business is profound knowledge about the fashion industry. In today’s world, fashion changes with a click of a finger. So, one should first have adequate knowledge about the industry to meet customers satisfaction.
2. Executive Summary:
The executive summary should be like an “elevator pitch” which shares a detailed summary about what your company is, your expertise, what makes your stand unique in the market. It should be like a one page summary of your business. It should boil down everything about your brand in brief.
3. Manufacturing and Operation Process:
Designing clothes might be an easy task, but manufacturing clothes and accessories for a product line require a meticulous plan. You should first make a set of questions and ask yourself where you will manufacture clothes, what will be its budget, how it will operate. Also, don’t forget to include a sample budget and account for currency fluctuation if manufactures and suppliers are based overseas.
4. Networking:
Networking is the robust pillar of the Fashion world. Network with competitors and other Fashion professionals. As Fashion is one kind of visual business, people around you can be helpful and eye-opening. Meeting new people in your same industry can help you understand the market easily and also can give many innovative ideas to grow your brand. Saying that as a Fashion Consultant, you should also start attending Fashion Show and such event.
5. Marketing Plan:
The Four P’s – Product, Price, Place, and Promotion are the main part of market planning.
- The product section will tell all about what your product is and detail other specific products you will be selling.
- The price section will mainly speak about at what price you will sell the products. Also, document your product price with competitor price to know how you can attract more customers with proper pricing.
- Place section will talk about the location of your fashion business. Make a list of how you will sell your product through a store, website, wholesale/retail distributors.
- The promotion section will give you a vision of how you will drive customers towards your fashion brand. Attractive propaganda will be required here. The print and electronic media with unique designing skills will help to attract customers to your brand.
6. Financial Plan:
Last but not least, the main part of any business is the financial projections. You need to document the revenue sources, what the expenses will be, profit and loss statement, cash flow over a specific time period. This will help you manage your finance and will not run out of money in a crisis.
With the help of the above-mentioned plan, one can certainly make their brand unique in the fashion industry.
Writing up a business plan can be tedious, time-consuming, and expensive. For this reason, many fashion start-ups seek help writing a business plan. Contact Adept Business Plans Inc. today for a free 30-minute Zoom call to review your business plan writing needs.