The fashion industry is one of the fastest-growing businesses in India. That is the reason many foreign brands are attracted towards India and starting their manufacturing in India itself. If we look at the figures for 2016, India, with respect to the annual consumer expenditure on footwear and apparel, reached up to USD 68 billion. This is the high time to start such a business in India. There are many things related to the industry of fashion that one must know before starting any kind of business related to fashion. Just like other businesses, the industry of fashion also has its own legal and financial complications. The current write-up will discuss every key point regarding the industry of fashion and how one can grow in this industry.
Essential Elements of the Industry of Fashion
Some of the essential elements of the fashion industry which one must know before entering into this industry are given below:
- Passion for the fashion and related business is required
- Education in the field of fashion is very necessary
- Training after the education will add extra feathers
- Networking is the key to success
- Internship in a similar industry before starting the business
- Adaptability to the changes in the industry regarding fashion
- Must have business skills in the respective field
How to Start a Business in the Industry of Fashion?
A step-by-step guide has been given to establish a business in the industry of fashion:
- Get an education in the field of fashion or get experience in the same industry
- Research about the business
- Make a business plan
- Find the investors and source of funding
- Choose a type of entity for your business
- Legally incorporate the entity
- Build a team of good employees
- Execute the business plan
Seven Important Things to Know About Fashion Industry
There are many things that one must know about the industry of fashion before entering into this industry. A few of them are given below:
Proper Research
Before entering into the fashion industry, one must research every aspect of this business, which includes the competitors and the place where one is going to start a business. Proper research is important to analyse the pros and cons of the business. If one analyses the pros and cons of a business, only then he is able to solve or understand the issues of the industry properly. Understanding the industry is necessary to make a business successful in that particular industry. Hence, one must do proper research before entering into this industry of fashion.
Business Plan
Any kind of business needs a proper business plan to get success in the respective field. Hence, one must have a proper business plan regarding the business one wants to establish in the industry of fashion. Behind the success of any kind of business, there are threefold implementations. The first is in the mind of the founder, the second is on paper, and the third is the real practical implementation of the business. To complete the second face, it is important to have a proper business plan that can help while getting investors and funds and establishing a business.
Know About your Competitors
It is an essential element of the success of any kind of business to know about the competitors of the business. It will give you an idea of how to survive between those competitors. Because it’s not easy for a new business to fight with the competitors and grow between them. Knowing about your competitors gives you the idea to do business in a better way.
Unique Logo Design
Before starting the business, you must select a unique logo design for your business and take trademark registration on the same logo. Nowadays, people associate the brand with their logo, which is why unique and different logos are necessary to create different recognition in the market. There are a lot of brands in the market whose founders may be unknown to the people, but they recognise those brands with the help of their logos. For example, Sabyasachi, Gucci, Zara, H & M etc.
Digital Marketing
Not only in the fashion industry but in every field of business, digital marketing plays a great role. Hence, if you are entering this industry of fashion, you must make your business digitally advanced. Digital marketing helps a business to build customers and generate revenue. Both are the two important aspects of a business.
Quality over Quantity
Nowadays, people don’t worry about the price of the product, but they want to make sure one thing is quality. Hence, one must maintain quality over quantity. In the market, especially in the field of fashion, everything must be up to a certain quality because if you are not providing the quality, maybe your competitor will maintain that quality, and your consumer will go to that competitor. Therefore instead of focusing on quantity, one must focus on the quality in the fashion industry.
Make Yourself Update
It is not easy to survive in the fashion industry. Fashion changes on a daily basis; hence, it’s very important to make sure that one is up to date with the fashion and deliver the same to the consumers. Your little unawareness can give your competitor to beat you in the market. Thus, always be up to date with the fashion.
Key Sectors of the Industry of Fashion
Some of the key sectors of this industry are given below:
- Design
- Manufacturing
- Retail
- Wholesaler
- Marketing sector
- Advertisement sector
- Styling
- Fashion journalism
- Networking and public relations
Conclusion
During the old times, the fashion industry was just limited to clothing, but today, it is inclusive of everything that comes under style and fashion. It is the most successful business industry in India. From the perspective of investment, this industry is one of the right choices. This industry has great scope and exposure. Day by day expansion of this industry is at its peak, which is opening new gates of opportunities for the young talents who want to pursue a career in this industry of fashion. Just like other businesses, this kind of business also requires the help of professionals while establishing. They also need to comply with law and order.
