Fingers crossed should not be your launch strategy in 2021.
Your motivation for starting a fashion brand may be to express your creativity or to bring something new into the world, however you also have to consider that your idea needs to be commercial if your business is to have any chance of succeeding.
The fashion industry is very competitive and the #1 reason why so many new fashion start-ups fail is because they do not take the time to create an actual strategy or to analyse the business environment. This may sound a bit boring, but it's the stuff you need to actually invest most of your time in, if you really want to make your idea work.
A business plan is your bleuprint as to exactly who you are as a business, what you are here to do and how you are going to achieve it.
Here are 3 reasons why you need a business plan:
1. Starting a fashion business is expensive so you need to calculate how much money you will need and how much money you will be able to make back, and when.
2. Your customers have an endless choice of brands to choose from. Why should they spend their hard earned income with you? You need to define exactly who your target audience is, what they want, how they behave and then figure out how to cater to them.
3. Convince financial investors that they should place their bets in you. Most successful fashion businesses rely on external financial backing and we're not referring to payday bank loans, we mean venture capital that is 6 figures plus. Imagine receiving a grant of up to £500,000 or finding a venture capitalist that's willing to invest into your business. Picture the cheque in your mind...What if we told you that it could be you?
It doesn't have to be a super complicated document with many tables, graphs and financial projections. We focus solely on the things that matter, the parts of your business that an actual financial investor will be interested in.
Download our business plan template and put your vision down on paper with actual tactics on how you're going to achieve everything you said you'd do.
You've got this!
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Written by Gigi Vieira, 2021