Five Skills needed to start a Multi-Designer Store
Grow Your Business, Not Your Inbox
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
The Indian fashion industry has made a mark in the global fashion market. From traditional Indian wear to western wear, Indian fashion designers are known to deliver great designs. Our rich culture and the influence of western designs is the reason that many fashion brands are emerging and contributing to the Indian fashion industry.
According to a report by Technopak called Fashion Retail Scenario in India, by 2023, the Indian retail market is expected to reach $865 million, where the share of the Indian textile and apparel industry to the retail market is 8%, corresponding to a value of $40 billion. The increase in demand for fashion staples and accessories has changed the retail market sector and brought challenges. This is because fashion has become a basic need and there is an increase in the awareness level of consumers. Today’s consumer knows the difference between a sub-standard product and high-quality apparel.
In recent years, the start-up sector in India has witnessed a growth in fashion business. Such brands often struggle to find their niche and make a place for themselves among the target audience.
So, here are some skills that can help a young entrepreneur start his own multi-designer store.
Know your industry
It is important to have in-depth knowledge about how the fashion industry works, as this industry, like any other, continuously evolves with time. It needs in-depth market research. A trend may come and go but a brand should always remain. Proper understanding of newer global and high performing brands, fast-fashion retailers, fusion wear trends, premium fashion categories, new formats, adoption of the latest technology by fashion retailers and competitive market.
Most important is to know about your target audience means which clients we will target. Here market research is required to know the target audience and to determine the scope in the market. Such as formal women's wear or men's wear, ethnic women's wear or ethnic men's wear, wedding wear or casual wear and clothing style, among others. The target audience can be determined by choosing the demographics, climate or by consumer's buying behaviour, etc. Also, material, quality, and texture need to be considered as this would help to estimate the demand in the market.
A detailed business plan is essential, next is finding a source of funding to establish or for expanding business for the short and long term, like to approach a bank or financial institute to secure funds for establishing a multi-designer brand. Seek a venture capitalist or an investor.
Branding, Marketing, and Promotion
After preparing the whole business plan branding, marketing and promotion are necessary as it will determine the whole operation of the business. For branding and marketing, it's important to have information regarding the fashion industry, a unique name for a clothing brand that is easy to pronounce and catchy. Also, a good logo design is needed for the brand. Need the best marketing strategies for the brand that can capture a large portion of the market.
Promotion through print, television and online media is essential to promote the brand and to update customers. Not to forget, good advertising material to promote a brand.
The fashion industry involves many challenges such as a dramatic change in the trend, increasing demand for specific fashion accessories, competitors, or duplicates of designs, evolving customer needs, retail formats, theft, technologies, infrastructural bottlenecks such as the poor condition of roads or areas, transportation. Stay updated with changes in the retail industry. Always need to have a plan for unpredictable things, need to ensure that business has good financial support and infrastructure. Adopt strategies to minimize the problems that could force to shut down the business, always think ahead.
The Indian fashion retail industry includes plenty of opportunities. But converting these opportunities into a business like establish a multi-designer store requires full knowledge of the industry, starting from fiber-to-fashion retail. Go beyond the boundaries of sales, marketing, merchandising, and management and have to explore more. The opportunities in the fashion industry are tremendous, but it exists only for those who can visualize the future and reinvent themselves in order to overcome the challenges.