15 Ideas For Designing Fashion Products

Designing Fashion Products : You are blessed with a talent for designing fashion products.

But to turn your passion into a profitable business is something you need to learn even more.

No doubt, doing a business comes with its own risks as you are investing money and time.

However, since the demand for fashion items is increasing more than ever before,

your fashion design business can pick up shortly with your determination to succeed.

There is a huge scope for growth in the fashion industry and business.

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According to an estimate, global apparel market alone is worth 3 trillion dollars,

and it is growing by 2 present annually.

Fashion industry comprises of several segments such as women wear,

menswear, children wear, luxury goods, sports footwear and bridal wear.

It is clear from the stats that the demand for any fashion items you manufacture and sell will be higher.

Now it is up to your caliber as a businessperson to explore the opportunities in the market,

and turn them into a successful business.

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A business plan refers to a written document that comprehensively outlines what your business is,

where it is going, and how it will get there.

The business plan outlines in specific terms the financial objectives of your business,

and how it will position itself to achieve those goals in the context of the current market environment.

In addition, the business plan is an indispensable tool to attract business capital.

This article will outline how to create one step-by-step.

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Designing Fashion Products

1. Obtain Appropriate Help.

If you lack business or financial education,

it is never a bad idea to enlist the help of an accountant,

to assist with the financial analysis portion of the plan.

• The above sections are the broad components of the business plan. These sections in turn break down into the following seven sections, which we will, in order, focus on writing next: Company description, market analysis, organization structure and management, products and services, marketing and sales, and request for funding.

Designing Fashion Products

2. Write Your Market Analysis.

The purpose of this section is explore,

and demonstrate knowledge of the market your business is operating within.

• Include information about your target market. You should be able to answer questions like, who is your target market? What are their needs and preferences? How old are they, and where are they located?
• Make sure to include a competitive analysis that provides research and information on immediate competitors. List your main competitors strengths and weaknesses and the potential impact on your business. This section is extremely important, as it outlines how your business will gain market share by capitalizing on competitor’s weaknesses.

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Designing Fashion Products

3. Describe Your Product Or Service.

What are you selling?

What’s so great about your product or service?

How will customers benefit?

How is it better than your competitors products or services?

• Address any questions about your product’s life cycle. Do you currently have or anticipate developing a prototype, or filing for a patent or copyright? Note all planned activities.
• For example, if you are writing a plan for a coffee shop, you would include a detailed menu that would outline all your products. Before writing the menu, you would include a short summary indicating why your particular menu sets your business apart from others. You may state, for example, “Our coffee shop will provide five different types of beverages, including coffee, teas, smoothies, soda’s, and hot chocolates. Our wide variety will be a key competitive advantage as we can provide a diversity of product offerings that our main competitors are currently not offering”.

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Designing Fashion Products

4. Write Your Marketing And Sales Strategy.

In this section, explain how you intend to penetrate the market,

manage growth, communicate with customers,

and distribute your products or services.

• Be clear in defining your sales strategy. Will you use sales representatives, billboard advertising, pamphlet distribution, social media marketing, or all of the above?

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Designing Fashion Products

5. Make A Funding Request.

If you will use your business plan to secure funding, include a funding request.

Explain how much money you need to start and maintain your small business.

Provide an itemized summary of how start-up capital will be used.

Give a timeline for your funding request.

Gather financial statements to support your funding request.

To accurately complete this step,

in some cases it might be necessary to hire an accountant,

lawyer, or other professional. 

• Financial statements should include all historical (if you are an existing business) or projected financial data, including forecast statements, balance sheets, cash-flow statements, profit and loss statements, and expenditure budgets. For one full year, provide monthly and quarterly statements. Each year after that, yearly statements. These documents will be placed in the Appendix Section of your business plan.
• Include projected cash flows for at least 6 years or until stable growth rates are achieved and if possible, a valuation calculation based on discounted cash flows.

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Designing Fashion Products

6. Think Like An Entrepreneur

To build a fashion business, you must be prepared to think,

and behave like an entrepreneur.

You must come out of your design studio,

meet those who know the business,

and benefit from their experience.

Find out how businesses work.

Build solid relationships with a wide range of people such as manufacturers, investors, and buyers.

Designing Fashion Products

7. Know Who Your Clients Are

Without knowing your target customers or clients,

you simply cannot move forward meaningfully when starting your fashion business.

Remember that fashion industry and the market is vast,

comprising of a wide section of the population from all ages and interests.

Who precisely are your customers among them?

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Do some research to know what trends of colors, styles, designs,

etc do people like these days?

What is the purchasing capacity of your customers?

Answer such questions to get a dependable customer profile.

After getting many crucial details about your target audience,

you can address their concerns in your graphic design products and advertisement material.

For example, your creative banner design can highlight some fashion solutions you provide,

to the customers based on your research.

Designing Fashion Products

8. Start Small With One Product

One of the key points to consider is to start with just one fashion product.

Many small business owners work on many product lines.

But it is not a good strategy as it involves more time,

money and management of staff and other things.

Instead, start with one product line.

Then, develop that product further so that people have faith in its design.

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Designing Fashion Products

9. Set Right Prices

Another aspect of running a fashion design business successfully is setting the right prices.

Find out the amount that your target customer is willing to pay.

Then, calculate how much your business would spend on raw material and manufacturing.

This way, set the prices in between the highest prices,

A customer can pay for your fashion product and your overall cost of production.

Make sure that the price you set gives you a decent profit.

Designing Fashion Products

10. Put Everything On A Website

People use the web to search and shop their choice of products or services.

Your most of the potential customers make online search,

and then take a purchasing decision.

A website for your fashion level is therefore crucial for its success.

However, only a user-friendly site on the web works for businesses.

A fashion website design is also an e-commerce site,

which has special features to make online shopping easier for the customers.

You can crowdsource your web design job to marketplaces like Designhill,

which is a dependable leading platform for graphic designers and business owners alike.

You can shortly get your design job done at affordable prices to your satisfaction.

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Designing Fashion Products

11. Have A Vision For Brand Identity

Your vision for the advancement of your company,

and its position in the market must be clear to you and your staff.

This helps in building a brand identity that is different and unique from your competitors.

This means that as a young fashion designer,

you need to know what exactly you are doing.

Be clear in mind why you want to start the business in the first place.

You should be conveying something through your fashion products that others do not say.

Note that inspirational fashion logo designs play a role in building brand identity of fashion levels.

The logo has the elements of colors, typeface, symbols,

and images that convey your message of business.

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Designing Fashion Products

12. Promote Your Brand On Social Media

Social media is a powerful medium.

A majority of your target audience of fashion business are on different social channels like,

Twitter, Facebook and Instagram.

Without putting your brand on a wide range of social platforms,

you cannot think of doing a successful business.

Social media marketing is important to reach out to more and more consumers.

Designing Fashion Products

13. Distribute Flyers And Brochures

One of the effective ways to enhance your customer base of fashion design business,

is to distribute flyers and brochures.

Flyers are generally short marketing materials consisting of one leaf of content.

You can distribute them by the side of road to the people randomly,

for generating awareness about your company.

Brochures are folded small booklets that contain many details,

of your business along with product images and text.

People are drawn easily to a business if its brochure design is clean, modern and impressive.

Designing Fashion Products

14. Meet Challenges Of Production

Small businesses have to face many production related challenges.

When staring your fashion design business,

you should order only small quantities.

This is because you are required to make timely payment to manufactures,

whereas, you may not be getting the payment on the due date from the retailers.

Be prepared to face such challenges.

To run a business successfully,

make sure that your company is financially sound.

Acquire enough funds to meet your routine business requirements,

and other expenses for many months.

Remember that your venture may not be able to earn profit right away due to many difficulties,

such as not getting payments on time.

So, make sure that your cash flow position is strong.

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Designing Fashion Products

15. Get Feedback And Make Timely Improvements

Do not get stagnated at one phase of your business.

Instead, make all the adjustments and improvements required,

to take your fashion level forward in a competitive way.

For that, get feedback from your clients,

and implement their constructive suggestions for the advancement of your business.