Starting a business in the fashion sector can be a daunting prospect. For every success story there is a story of failure that looms.
Here, the team at MAHI Leather share their top tips on building a brand that has a conscience.
To begin, you must begin
Too often people spend too long looking for the ‘perfect idea’. In truth, 99% of cases see that there is no perfect idea when establishing an initial business concept. The reality is that after you ‘begin,’ your preliminary idea will evolve as your skills grow and you learn about your market and perhaps more importantly, your target audience.
As the Chinese saying goes ‘cross the river by feeling the stones’.
The real challenge is in lasting the journey – you cannot make progress on your journey if you do not begin. It is also wise to always view a brand as beginning something new at some point. A brand should somewhat reinvent themselves, in a major or minor way at some point. Whether it be with a new product, strategy or launch.
You don’t have to reinvent the wheel
It’s easy to get caught up in the huge success stories that come from people inventing something completely new and have a whole market to themselves – Apple, Facebook – after all, these stories are far more compelling. I’m not saying you shouldn’t strive for similar levels of success but setting out to do a better job in an established marketplace is a far less risky strategy.
Reinventing wheels is usually expensive and comes with higher levels of uncertainty.
An established marketplace still holds problems for consumers that need to be solved. A successful business will always solve a problem or present a product or service in a way that is unique to the industry and has a strong USP.
You will learn far more from failure than success.
The great thing about online business models is that they’re significantly cheaper to setup than conventional businesses. Make learning from failure part of your business model. Let it teach you how to reallocate your time and resources in the same way that a forest fire returns nutrients to the soil so that new stronger plants can grow.