Business connect: Fashion

I took my dress out of its packaging, and I was truly horrified by what I saw. Our agreement was that the lace collar would be blue, and I was so shocked to find a sickly yellow as the collar of my bespoke dress. We had gone over the design several times, and I was confident that all was understood. The sketch had been presented to me, which I approved, and on one of my visits, I had been offered a gourmet coffee and a slice of fruitcake.

This was a high-end designer who came highly recommended by a friend, but the result was dastardly. A cheap zipper had been used for the dress, and it was now stuck, neither going up nor down. The length was more than just slightly above my ankles, yet I was clear that all my clothes must be below my ankles. I am still at sea as to what measurements they took. This was a classic case of what I ordered versus what I got.

The above scenario is directly relatable to the dynamics of the fashion business.

Here are some of the things that can possibly go wrong:

1. You hire a space and pay good money, then your landlord chooses to throw you out a year before your tenant agreement expires. What is the security for your space?

For a fashion business, you need to have a secured space for at most 5 years and at least 3.

2. The attrition rate of professional tailors:

Most professional tailors are described by a lot of people as persons with little or very low loyalty. For an extra five thousand naira, a tailor could leave you and join your competition without a care in the world.

So what are the things you are using as leverage to keep them? Lunch, rent or bonuses. You must necessarily add something to keep them.

3. Poaching of your staff:

Some customers come to your fashion house to observe how your staff are (tailors, front desk staff, accountants, fitters, etc.). You can lose all your staff in one day because one customer poaches them, and your fashion house is brought to a halt.

What is your brand equity?

1. Are people saying horrible things about your brand?

2. Is your brand top-notch?

It is very easy to lose your business if your brand is being destroyed by a collection of poor, unhappy staff.

Please note that the first scenario I created in this write-up, a dress that was not made to specification, is truly the heartbeat of a fashion business. If you make me a bad dress and it becomes consistent, word of mouth will destroy your business.

So what do you need to do to be top of the range in a fashion business?

1. It is advisable that you yourself understand the business of sewing and know how to sew. That way, should all your tailors choose to abandon you in one day, you should be able to keep it running till you get new tailors.

It doesn’t follow in some cases that you should know how to sew, but it helps. However, it is important to have a backup string of tailors for emergency cases. You secure them to manage difficult times.

2. Have a fashion space that is beguiling.

In other words, let your shop speak to the business: mannequins, showcases of already-made clothes, fashion programmes running on your TV set, good paintings, coffee table books by top-level designers, Gucci, Coco Chanel, fantastic interiors, good chairs, fantastic drapes and great ambience.

A fashion business space should be a sight for sore eyes…

3. Please ensure that you have appropriate pricing for sewing. Don’t overprice yourself and be careful not to underprice. Your financial calculation must take in everything without fail: accessories, tailors, labour, electricity, sewing machines and your illustrator. Together, these form the fulcrum of how you charge. Remember that every one of your designs is your intellectual property.

4. Finishing

Part of what gets my goat about fashion designers is their finish, threads hanging, crooked collars, and one sleeve longer than the other. To truly be an excellent fashion designer and to push your business further, your finish must be perfect.

And finally, remember that a fashion business requires a huge capital outlay. These include entrepreneurship knowledge, sewing machines, accessories, electricity, air conditioners and furniture.

Invest wisely; don’t buy cheap sewing machines that will break down after six months. Choose the right advisors.

Please make sure that you have a passion for fashion; otherwise, don’t bother about this business. So if you’re interested in the fashion business and looking to see that you succeed, understand someone who has succeeded in the field, get mentored, and don’t jump when you’re not ready.

This is the last of the Business Connect series, and oh yes, you are welcome. It was all for free.