Key Fears of Starting a Fashion Line
You love the idea of starting a new fashion line, but something is holding you back. That something may be “fear”. Fear of Failure can be a stopper; however, there are ways to make fear your friend and ally and I am going to show you how.
Fear is a normal emotion in launching a new fashion line, and it is a double-edged sword. Fear can paralyze you and limit you from reaching your potential and it can also motivate you and drive you to work harder, smarter, and more efficiently. In the next series of blogs, I’ll explore how fear affects key areas of your business decision to create and launch a new fashion line. I will help you recognize your fear and address what you need to do to overcome that fear and make it a positive motivator.
There are key areas where fear can affect you and your business the most. In this blog I will give you a general overview of some of the most common fears and the series that follows will explore each one in more depth and detail.
WHAT IS THE RIGHT FASHION LINE MINDSET?
Fear is your brain’s way of saying there’s something to overcome and there is something you don’t know enough about. When you are starting your fashion line there are many things you may not know about or have experience in yet, and that self-doubt can limit you. Many entrepreneurs hesitate because they fear the shame from others of making a mistake and failing. You can worry that your market is saturated and your line won’t be relevant. You can fear your line won’t be as good as others. Being afraid your money will run out before your line hits is a common stopper. Courage is not the absence of fear. It is the recognition of fear and the decision to persist in spite of it.
Here are some ways to build your confidence and establish the right fashion mindset. Choose a specific niche. Know your customer and be confident in the need (pain point) your fashion line is satisfying in that market. Understand your Unique Selling Proposition. Know and exaggerate the one main thing that makes your product different and sets it apart from any of the others. Understand why your brand offers such a benefit to your specific target market. Consult an experienced expert in your fashion category. Once you have your concept, discuss it with an expert or a mentor who has experience in the fashion industry. Get their insights and if it all makes sense, move forward and don’t look back.
WHAT ARE MY INITIAL LAUNCH COSTS?
Money is always a real concern and it is not something to be feared. It is important to know what your dream will cost, and having that information can often help you sleep better at night. When you know exactly how much things will cost, you will overcome a lot of fear. The answer is simple. Make a detailed fashion line launch budget. Make sure you include money to create and produce some inventory, and also to properly market and generate brand awareness for that inventory. Create a specific business plan describing in detail how you are going to execute your strategy. Always leave in a contingency fund for overages and unexpected situations.
Once you have a dollar amount and a plan, your dream takes on more substance. It is becoming a business and that evolution can help you eliminate a lot of your fear. The decision is now whether you can self-finance or need an investor, a partner, or a group of investors to partner with. Dealing with partners and investors can cause additional fears, and I will review that as well.
HOW DO I RUN A BUSINESS?
If you have only worked in a 9 to 5 job all your life, one of the biggest challenges for a fashion entrepreneur is making the leap from creator and designer to business owner and operator. Suddenly it’s not simply designs and concepts you are dealing with but employees, vendors, manufacturers, buyers, payroll, cash flow, and many other things you may not have any previous experience with. This can present a whole new world of things that are unknown and can seem very overwhelming. What type of business set up will work best for your product? Are you going to use in-house employees or independent contractors or both? Who do you need? What systems will you use? What technology can you incorporate to streamline your operation? How do you incorporate?
Again, this is a good time to ask an expert or mentor with experience in the fashion industry. Do not consult your wealthy uncle or neighbor who may have a successful construction business or a great law practice. They may be excellent business people, but they will not know your fashion industry and when you are just starting out, getting improper information or advice can lead to serious issues later along the way.
HOW AM I GOING TO SELL MY PRODUCT? :
Having a good idea is a great start; however, the decisions related to how you are going to sell it can be frightening. Are you going to use Pop-up sales, an e-commerce site, traditional retail, or some other distribution method? You have to decide what works best for your fashion line, your initial funding, your ability to market, and your cash flow.
The best way to figure out how you are going to sell your product is to look at the competition. How are they selling? What seems to work for them? What are they doing wrong? Your competition can be a great resource of knowledge for you. It is important to understand them better than they know themselves. Finally, getting an experienced expert or mentor to guide and advise you can make your learning curve much faster and more efficient.
HOW DO I BUILD A WEBSITE?
Shopping online is a national pastime. It can be an incredibly efficient way to attract your customers and sell to them, but do you have the skills to build and design a website? If not, it can be a very frightening concept. Don’t let it stop you. There are many “Do It Yourself” online shopping websites like: Square Space, Shopify, Wix, and many others. You don’t have to know how to code and they even offer pre-made shopping carts and merchant services so you can accept credit cards.
If you are still apprehensive about designing your own website, there are many companies and independent vendors you can find to do it for you. Here are a few things to remember. Make sure that it is easy to change your website. You may want to change an offer, or swap a photo, or post a new product. You will want to be able to do that quickly and correctly. If you get a web designer to help you, make sure that they will be there to help you adjust your site quickly as different needs come up.
HOW DO I CHOOSE THE “RIGHT” NAME?
Choosing the “right” name for your product is a major source of fear for many fashion entrepreneurs starting out. Just remember that there is no single “right” name. Just like designing, naming your product is an art and not a science. Some names are better than others; however, it is more important to keep your dream moving forward rather than to get stuck trying to come up with the perfect name.
There are good techniques you can use to build confidence in the name you choose. Brainstorm and generate several names you think are acceptable. Check the ones you like to make sure they are not trademarked and also see if the URL is available. Then survey some of the people in your target audience. Find out what your potential customers like the best. Doing this simple research will help overcome your fear that you might choose the wrong name. Once you get the feedback from your potential customers, pick one you feel comfortable with, and go with it.
WHO IS MY COMPETITION AND HOW WILL THEY REACT TO MY LINE?
Many fashion entrepreneurs hesitate in launching their business because they fear their competition and how they will react to a new competing product line. This is where research can help alleviate your fears and concerns. Research who is competing in your niche, and try to understand your competition better than they know themselves. It is important to know why you are better, different, and more unique than they are. Know why the customer experience will be better and more satisfying with your product versus theirs. Research their product, pricing, marketing, and distribution. You may learn many things you can incorporate into your strategy, and you may even be able to pinpoint some weaknesses that you had not discovered before.
WHEN DO I MAKE THE LEAP FROM MY 9 TO 5?
The comfort of a 9 to 5 job can be a golden handcuff. You go to work. Get a paycheck, and know how much you are going to make from month to month. A 9 to 5 can be comfortable and safe; however, if you are a creative designer or have a dream you can’t resist, it can be soul destroying. Many people fear leaving the safety of a regular job and that often stops them from ever realizing their dreams. The decision to leave your job should not be done recklessly. It is important to try to get as much as you can starting with your product line launch before you quit your job. Understand your financial situation and know how not having the income from a regular job will affect you and your family. Always make a plan that includes living without the income from your job. When you have that plan, and you know how you are going to afford to live during your start-up process, then it is time to take the leap.
Fear usually comes from the unknown. If you can identify your fear and what’s causing it, you can take steps to learn what you need to know to reduce that fear. Remember, many people have started fashion lines similar to what you are dreaming of doing. These experienced experts and mentors can be a priceless source of experience, advice, and guidance. Seeking guidance from a seasoned fashion expert, like V.Mora, can help you reduce your fears, make better decisions based on experience, and sleep a lot better at night. If you can turn fear into your motivator instead of your limiter, you will have a better chance of launching a successful fashion line and building a brand and business you can be proud of.
By helping designers create and launch several brands at V.Mora, we know that the structure and organization of your business can have as much impact on your business as the success of your brand and fashion line. An efficient business organization can help you maximize revenues which will result in more options for your brand in the future. For help streamlining your fashion brand please contact: vmorainquiry@vmora.com
Stuck on product Production? At V.Mora we can help you through the entire production process from designing, to sourcing and so on through our Production Development services. If you are in need of the following Development and Production services:
Sourcing
Technical sketches
Pattern Making
Prototype making
Sample Making
Fittings
Digitizing and Grading
Marker Making
Manufacturing
Please contact us at: vmorainquiry@vmora.com
