When starting a fashion company, an entrepreneur must identify his target customer. He must learn their gender and age. He must determine where and how often these individuals shop. He must also gain an understanding of what trends are currently popular with the demographic.
This knowledge will allow him to make business decisions based upon the tastes and buying patterns of those to whom he will be marketing his product. Likewise, affluent middle-aged aged men.
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Marketing And Sales Plan
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While a fashion company with substantial financial resources may initiate a large-scale advertisement campaign, a smaller business may employee a grassroots approach consisting of postcard distribution and word of mouth. In addition to marketing, an entrepreneur must identify outlets for his products to be purchased. The greatest public relations campaign is for naught if customers cannot buy the products.
Startup Costs
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An entrepreneur must have a solid marketing and sales plan when starting a fashion company. This plan must align with the demographics of the organization’s customer base, as well as fit into its annual budget. She must calculate the cost of overhead, such as offices, employee salaries, supplies and other materials.
- She must also consider incidental costs, such as postage;
- Once a budget has been created, the entrepreneur must know;
- She may apply for a bank loan;
- She may also seek out investors or angels;
- Alternatively, she may apply for grant money for which she may be eligible;
When starting a fashion company, an entrepreneur must identify his target customer. He must learn their gender and age. He must determine where and how often these individuals shop. He must also gain an understanding of what trends are currently popular with the demographic.