(Gif by Yayay De Castro)
Lack of creative talent isn’t something the local fashion industry should worry about. The number of fashion schools and students therein attest to that. However, not every designer has the know-how or the proper resources to turn their passion into a fully-operational, money-spinning business.
Earlier this year, we profiled five fashion entrepreneurs (Eunice Armilda of Euniform, Esme Palaganas of Basic Movement, Kaira Dimatulac and Miko Raval of KIRV, and Pau Martinez and Aren Pe of CEO and S/S Supply Goods) to see how one can earn a living from their natural inclinations toward fashion.
Tip #1: Do your research and plan ahead.
Study how to effectively run a brand. It really does pay to read up and do your homework. As Aren shares, “Planning and research is necessary in determining if you’re ready or not.” Run a Google search and find out how your faveorite brands built their businesses from the ground up. This way you’ll have a reference in mapping out your business plan.
Tip #2: Offer something unique.
Don’t underestimate your market. Give them something of good quality and at a reasonable price. And more importantly, offer something that they haven’t seen before or if not, a better version of the usual. Never release something half-baked.
Tip #3: Never be afraid to take risks
There’s always that uncertainty when putting up your own business. You’ll never know if people will pick it up or how long it can sustain itself. But as long as you have a well-researched plan A (and B, C, D) then you’re all set. Gauge your chances.
Tip #4: Know where to get the right resources.
Have a clear understanding of the manufacturing process. Starting with a small team is fine but do know that as your brand expands, so does your production. Find someone who is willing to make your products—considering that your quantity might be minimal since you’re a start-up. Ask friends who are already in the business; they might just help you out. As Eunice says, “Maximize what is already there.”
Tip #5: Understand the flow of money.
Know from the beginning that cash will flow out in order to get the business running—long before you see the profit return. Have a clear knowledge of where your initial funding will come from as taking investments means losing a little control. Be sure to curb your finances and don’t give away too much for too little.
Images from Giphy