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Being a fashion entrepreneur is a wise business decision. It is worth investing time and resources into. Both women and men need clothing for their everyday life. Either to go to work, school, place of worship, hang out with friends, go to dinner dates, sleep at night or whatever reason. As an intending fashion entrepreneur, there are some things you need to know about the starting of the business. 1. Create a niche The fashion market is very wide and encompassing. It is a large river and no matter how good you are as a swimmer, you still have to swim at only a little fraction of it. Many struggle with their businesses because they try to sell everything. Here are few questions to help you choose a niche: Do you want to dwelve into men’s fashion, women’s fashion or unisex? What type of clothing do you want to sell? Underwears, corporate wears, traditional outfit, causal wear, sporting wears, etc? Are you interested in selling fabrics or ready-made wears? The first step to is to know your niche. If you have made up your mind, let’s move to the next step. 2. Discover your target market Now that you have decided on your niche, you need to familiarize yourself with your target market. Your target market is your potential customers, they are the consumers of your products; the ones you do your trade by barter with. When considering your target market, location plays a very vital role. You have to make sure your niche is in line with your target market. If you want to sell corporate gowns for women, and your target audience are female teenagers, you have just kicked the ball out of the field.
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3. Starting capital At this stage you have first, created a niche and secondly, discovered your target market. Most people find this stage very difficult and scary. Infact, many dreams and goals are shattered here.
To raise capital for your business, you must first know how much you need to start. Some will say, ‘I will start with any amount I see’. No, that is not the spirit of an entrepreneur. An entrepreneur is decisive.
After you figure out what your starting capital is, you can choose the method of getting it: savings, loan, borrowing, asking for help, etc.
If the above options are not available, you can be a dropshipper. A dropshipper sells on behalf of the owner of the business and receives his/her commission.
Now that you have your capital, let us proceed gallantly.
4. Look for a supplier or where to buy your goods
Remember, how you got your capital, you definitely don’t want to spend it lavishly. Look for a good supplier for your product. Quality and affordability should be your keywords.
5. Pricing
Make sure the prices of your goods are not too high or low, it will send your customers away. You can conduct a market research to find out the prices of your products before adding your price.
With these few tips, I hope you have been able understand that if you are passionate about being a fashion entrepreneur, you can.
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