The fashion industry is a cut throat business to the core and in order to survive it, a fashion designer needs to be extremely talented and innovative. A designer should boast a wide range of skills which includes vision, creativity, research, illustration and sewing.
Other significant components to maintain a successful fashion business is combining a high level of determination, focus and risk taking to achieve the desired ambition.
Risk taking is being able to make the right decisions for the business as well as accept responsibilities for those decisions. Taking calculated risks can be both rewarding and can give a fashion designer a competitive edge over his rivals.
What are the risks?
- Career Switch– a fashion designer choice to migrate from a sustainable career to pursue his/her passion is in itself is a huge risk.
- Risk of Failure- this occurs due various factors such as lack of research, poor management of funds and wrong business decisions that can lead the business to bankruptcy.
- Copyright Infringements- the copying of designs by other competitors and benefiting from its success.
- Partnerships– Choosing the wrong partner to work with can result in substantial conflicts that may have a damaging impacts on the fashion business.
- Personal or bank loans.
- Inventory management-ensuring that supply meets demand in a timely manner. If not the results can be harmful.
- Trend assessment– Trends can be unpredictable and one mistake can result in excessive inventory.
- Marketing Strategies– targeting the wrong audience may result in extreme sales loss.
- Competition- The fashion industry can be quiet fickle and with the increase of upcoming designers everyday, competition is becoming tougher and harder to monitor.
- Long Hours of Work– a fashion designer have to be prepared to spend long hours immersed in his business to help it grow and succeed.
- Unpredictable Business Conditions– a young fashion business may not possess the financial capability nor possess the organizational capacity to respond to new opportunities.
Why risk it all?
The utmost factor that pulls everything together is having a real passion and love for fashion and the rewards can be really satisfying and fulfilling.
- Un-limited opportunity to make money– Earning money will depend on how much effort and hard work the designer will have to put in to obtain results.
- Harness Creativity– The designer will have the opportunity to grow creative ideas into concepts and then a thriving business.
- Be your own boss– the designer is the main driver of the business and will have total control in the decisions which can be a gain or a loss for the business.
- Overcome Challenges– starting a fashion business in itself is an accomplishment, the designer will have to manage and secure resources well. The fashion business success will solely depend on the designer ability to face and overcome challenges.
- Working among creative people- designers will have an amazing opportunity to rub shoulders with talented individuals in the fashion industry therefore creating a network.
- Employment-Starting a fashion business can aid in creating job opportunities and reduce the unemployment rate.
- Knowledge is Power– the process of becoming a fashion designer is an ongoing learning experience which can position the designer in a place of power and influence within society and the fashion industry.
- Collaborations– once the designer establishes a good name for himself, collaborations with other brands will be profitable for the business.
- Originality- certain designers feel that they can produce unique products for their clients.
- Flexibility– a designer can schedule their own working hours and work whenever they want and however they please.
- Contribution– giving back to the community through founding charity organizations and educational programs.
By : Amna Al Falasi
Twitter Handle : @ElManez