Establishing a business is already tough—but it can get even more difficult if you're venturing into the fashion world. Even Vera Wang admits that entrepreneurship is not for everyone because you'll encounter a lot of daily struggles while running a fashion business. Wang, who has dressed Michelle Obama, Victoria Beckham, and more, admitted that even she has to learn new lessons about fashion and business every day.
The fashion industry is famously cut-throat, even for established business owners. So if you want to run a fashion business, you'll have to embody these essential qualities:
Strategic Planning
Many people aspire to open a fashion business. So, you'll need to be strategic in crafting a good business plan to stand out from the crowd.
This is why Entrepreneur, in their article on 'The Secret to Being a Successful Fashion Entrepreneur,' highlights the importance of being able to make strategic decisions. They note that "as cutting-edge business tactics continue to shape today's fashion industry, fashion entrepreneurs must be able to employ strategies that will help them negotiate this commercially-driven sector." Strategic planning skills will allow you to identify the key activities that need to be carried out within specific time frames to achieve key milestones, like opening a brick-and-mortar store or running your own fashion show. Your strategic planning skills will also help you distribute tasks properly as your company grows.
Financially Wise
If you want to maintain your business and increase its profits, you'll have to learn how to do accounting.
A guide on the top accounting skills to master by Maryville University recommends that you understand the technical knowledge of the latest accounting trends, as this will significantly help your business. This is especially important in the beginning as you may need help hiring your own accountant. It would be best to learn how to use Advanced Excel to track your sales or even IBM Cognos to get relevant business intelligence from your fashion events and business metrics. Fortunately, the guide states that you can leverage automated accounting software like Xero or QuickBooks to track your business's cash flow and seamlessly pay bills. As your company expands, it will pay to outsource your accounting duties to either an in-house accounting department or outsource to an accounting firm.
Creative
Building your own fashion label or simply managing a fashion business requires fundamental design skills.
In fact, Arcadia's article on how to become an entrepreneur in fashion design recommends learning sewing and other clothing design skills to familiarize yourself with fabrics, materials, and textures. Your fashion design skills will also help you understand the style of your target audience, making it easier for you to develop clothes or recommend pieces for them. By harnessing your eye for good design, you can create or put together innovative collections that your target audience will like.
Confidence
Though they may seem unimportant, soft skills like confidence can help you succeed better in the fashion business industry.
Our article on 'How to Be More Confident and Successful' states that many people hold back from leaving their current roles and building their dream business due to a lack of confidence. Confidence in yourself can help you believe you have what it takes to make a solid business plan and offer your preferred products. As such, it's important to work on your self-image so that you can finally manage the boutique of your dreams.
Everyone can open up a business, but only a few have what it takes to achieve success. By embodying these qualities, you can ensure that you have the right skills to succeed in the demanding world of business.