7 Steps-to-Success for Clothing Industry Start-ups

7 Steps-to-Success for Clothing Industry Start-ups

entrepreneur.com

entrepreneur.com – No industry is easy to break into, but that is especially true about apparel. While other industries enjoy a 50 percent or higher business success rate after four years, retail and apparel do not. Indeed, a full 53 percent of clothing lines will fold by the fourth year’s end.

One reason for the higher rate of business failure is competition. New designs are abundant, and today’s in-demand style will be tomorrow’s forgotten look. Competition alone isn’t the reason many lines fail, however. Another significant reason clothing businesses have lowered success rates is the business end itself.

Many individuals who launch clothing lines do so because they are artistic, yet these individuals generally are not entrepreneurs who understand how businesses operate. Before launching an apparel line, individuals should consider the following seven start-up steps.

The potential business owner must understand the time and money commitment necessary to make the clothing line succeed.

Understand the committment

The potential business owner must understand the time and money commitment necessary to make the clothing line succeed. Individuals aspiring to start a clothing line would be wise to double their estimates about the time and capital required to start a business.

Sportsbikeshop founder James Mitchell attested to this principle in a recent interview. “There is no way one can escape the hard work – there will be touch of luck, but being creative, hardworking and thinking out of the box is what that sets the trajectory of your business.”