Monday, 15 January 2018

Strategies To Save Your Underperforming Fashion Business

 
from here

Unfortunately, underperforming is a situation that a lot of business find themselves in, especially in the fashion industry because it is so dependent on trends and big labels. Something that can make it really tough for the independent little guy to survive. Happily, there are some strategies you can put in place if you find your fashion business underperforming. Just read on to find out what they are.


Get some added inspiration

One of the most vital aspects of the fashion industry is that it is creative. That mean the clothes, shoes, or accessories you are producing have to be creative as well. Unfortunately, if you have got into the rut of churning out the same old thing without putting a new spin on it, it can have a negative effect on your business's reputation and profits.

To deal with this, it crucial that you dedicate some of your time to doing research and looking for inspiration. This may be as easy as reaching trends, or particular themes online, or you may want to pack up your stuff and travel to a new place. An action that can allow you to immerse yourself in a different culture and can be very inspiring to anyone in the creative arts.

from here

Consider collaboration

Another strategy that you can use if you find your fashion business not performing as well as you would like is to team up with a brand that is particularly strong at the moment.

This often happens in the fashion industry, and it can be great for the independent maker or boutique because it brings their product to the attention of a much wider market.

Get your finances in order

Fashion businesses often fail, not because of a lack of creativity, but because of poor financial management. This is a tragic shame, as there are many businesses with a worthwhile contribution that are prevented from trading because they just cannot meet the costs to get their products made and out there.

That is why it is crucially important that you not only look after the creative side of things but also keep a firm grip on the financials as well.

In fact, it's totally OK if you employ someone to do this for you if money isn't your strong point, as long as they have a good understanding of accountancy and tax requirements. Also, they need to know about things like the benefits of getting a tax debt settlement in case your tax bill is larger than you expect, as well as debt consolidation so they can get you out of any financial difficulties
that you are having.

Improve your advertising

Last of all, you fashion business may not be thriving as you would like because your marketing and advertising campaigns aren't up to scratch. Unfortunately, within the industry, you will see many multi-million dollar campaigns, and there are few independent makers that can keep up with this.

However, that doesn't mean that you can't get your product in front of a wider audience and increase the number of purchases being made. In fact, with things like SEO, blogging, vlogging and social media it is totally possible to reach a wide-ranging audience without having to spend your entire budget on advertising.

Love,
Ieva

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