What is a Fashion Plan?
A fashion plan is a written document that detailedly explains how a particular business — a fashion boutique or a clothing store — is going to hit its target market. It is an instrument that works best in bettering your company because it contains an outline of the total expenses and the failures of every decision that a fashion company creates. It is ideal for businesses to possess this kind of plan. It is because they can track their progress by reviewing their past business plan and point out the things that did and didn't work out.
How to Create a Fashion Plan?
Business planning plays a vital part in achieving business success. Studies show that the average of businesses that fail within the first two years of the opening is 30%, upon their first five years is 50%, and through their first ten years is 66%. That said, regardless of how big or small your business is, without proper planning, it will not survive the curse of time and competition.
If you want to make changes for the benefit of your clothing line, fashion brand, apparel shop by creating a fashion business plan, you may do so! Here are the tips and guidelines on how:
1. Outlining of Products and Services
Create a detailed outline plan of your offered products and services. Since it is a fashion business plan, your products are mostly clothes, jewelry, shoes, bags, and more, while the services are all about making fashion products — like designer bags and styling people. Moreover, you can include manufacturing procedures, production, pricing, and as well as the lifespan of the product and the benefits customers can get if they avail the product.
2. Do the Market Analysis and Marketing Strategy
Evaluate the field of business that you are in — the fashion industry in particular, and its target market too. You can see the level of competition and how they influence and affects your industry. You can also view and take note of the strong and weak points of your competitors. Afterward, create a marketing strategy. In the said strategy, you should describe the method of how your establishment will reach people and create a customer base on a grander scale.
3. Financial Planning and Budgeting
One of the fuels for every business is finances. Handle your finances well by planning and tracking where your money went. Thus, your plan should include a financial statement, balance sheet, cash flow projection, and more. Make sure that the data about these documents are not being manipulated or fabricated because they should be kept transparent. This part is also where the Company budgets come in. Budgeting will help your fashion company manage your income and expenses, making it sustainable for you to run healthily over the years.
4. Write the Executive Summary
This portion of your business plan is comprised of a company overview. The mission-vision, location, and business operations should be included. You should also present an overview of your team explaining their competence, hard work, and other aspects that makes them the exact people to carry your ideas or concepts to the market.
5. Put a Template to Use
Make use of the opportunity to create a fashion plan using the templates in our site and not from scratch. Opt for a template that will help you serve your purpose — which is to write a plan. After downloading, edit it by putting the details that you have made earlier to their designated sections. Make sure to proofread each part before you save or print it.