Introduction

Frequently asked questions of the fashion business

Executive Summary

Goals of the business

Services

Product uniqueness

Legal nuances

Investments

Marketing strategy

Management

How to order writing business plan fashion

Introduction

If you are thinking of starting a fashion industry business, then there are many aspects to consider. The fashion industry covers a massive range of different categories and products and is extremely competitive, so finding your niche is vitally important.

With such intense competition, preparing a business plan for your fashion company will help you evaluate the market need, your competitors and the goals of the business.

Your fashion company business plan must set out a clear path, showing potential investors that you understand the fashion industry and provide them with confidence that your business is a sound investment.

Frequently asked questions of the fashion business

A business plan to help you start a clothing business plan is essential, and some of the key questions to ask are included below:

  • Have you created a brand image that makes your fashion business standout from your competitors
  • What are you intending to sell? Products, services or both? How will the products be produced? Handmade or manufactured?
  • Is this a business plan for a boutique clothing business?
  • Do you have reliable suppliers
  • Is your business wholesale or retail?
  • You need to define your marketing plan. Are you going to attend trade shows, online marketing, local events?
  • Identify your fashion business competitors
  • What is your niche and what differentiates your company from your competitors?
  • If possible, try to include some quality illustrations or sketches of your products.
  • Has your market research shown that there is a need for your business?
  • Specify how your management team skills will help to make the company a success.

Executive Summary

From the traditional bricks and mortar store to a completely online business you need to state here you intended route. Most fashion businesses that started as physical stores now also sell online, as this has without a doubt seen the largest growth.

The fashion industry covers a myriad of different sectors. Obvious product types are women’s, men’s or children, but those can also be split into smaller sub-categories such as sportswear, jewelry, business attire and many more.

The summary of your fashion company business plan should briefly explain what you will be selling, how you will sell it, identify your customer profile and prove your company will satisfy a need.

Goals of the business

Finding a problem to solve is a great way of defining your business and defining goals will give your fashion business direction. Think about the problems your target market may encounter, such as slow delivery, poor customer service. Perhaps your company will focus on providing environmentally friendly products?

Setting out measurable goals in your business plan is important. Each goal should follow the SMART principles;

  • Specific
  • Measurable
  • Achievable
  • Relevant
  • Time-bound

For example, one of your goals may be to double your number of customers in the first 12 months.

Measuring the profitability of your business is essential, and this is only achieved through good accounting principles from the start.

Services

You clothing company business plan must clearly state what products and services you intend to offer. It should also include any ideas for the future of your business.

As a bricks and mortar business, will your fashion business concentrate on gender specific products? Will your store be a high-end boutique? Will you offer delivery for your customers convenience?

If you intend to have a website, can customers order and pay online? Will you offer a discount for online purchases? Perhaps you will offer a store card so customers can collect rewards. It’s a great way of collecting customer information, so that you can target adverts in the future.

Product uniqueness

Starting a clothing business is not for the fainthearted. There is a lot of competition, and so making your product stand out is essential.

Your business plan should spell out your unique selling points (USP’s). This can be better quality, cheaper price, fast delivery if you are an online store. Maybe your products are all sourced from environmentally friendly companies or made from recycled materials.

Legal nuances

Starting any business requires a certain amount of legal work, and the fashion business is no exception. The first thing is whether you intend to register as a business or operate as a sole trader. The route you decide will influence how your company is treated for tax and

Check if there any local licenses or permits required. If online only, then quite possibly not, but opening a store may require declarations with your local government offices. It’s important to get this right from the very start to keep your business legal.

Finally, your brand is your business, so consider protecting them. Your company name, logo and slogan should all be protected using intellectual property laws where possible. Don’t wait until you become popular, as it will be too late then.

Investments

Fashion Business Plan 1

Even the smallest business startup needs investment to get going. The biggest cost for a fashion business is going to be your stock, but there are plenty of other costs to consider.

For example, if you operate from a store, there will be rent and utilities. Even an online business will need to pay for website design, hosting and updates. Will you need staff, a vehicle to collect and deliver stock or somewhere to store your stock?

Make sure all these items are considered and costed in your fashion company business plan.

Marketing strategy

Marketing your business is essential to your success but who are you going to market to and how? You need to identify your target audience by considering customer personas. Don’t forget there may be more than one persona.

Use brainstorming to think of characteristics of your ideal customer. For example, if you are selling expensive jewelry, then one of your personas may be women who are business owners or top executives, with plenty of disposable income. They are likely to shop at high-end stores, drive expensive cars, such as BMW or Mercedes.

Once you know who your target market is, you’ll need to consider where you can reach them. Are they on social media, reading newspapers, TV or would banner adverts work?

Management

Here you need to specify who is responsible for each part of your fashion business. You will have to consider areas such as product selection and purchasing, stock control, marketing, packing and delivery, for example. A bricks and mortar store will need sales staff also.

Your team will require training in the products you sell, but also customer care and after-sales.

One vital area of management is accounting. Are you going to do this yourself or outsource it? Tracking the business income and outgoings is fundamental to a successful business.

How to order writing business plan fashion

Creating a business plan for a fashion company is an essential step to success.  OGS Consultants have helped many start up clothing companies to produce quality business plans for their boutique fashion business.

Completing our simple contact form is the start of your fashion company business plan process which will help to attract the investors and lenders your company needs.

A clothing store business plan is an essential tool to ensure your company not only succeeds but can also demonstrate your plans for the future.

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