Experience to success

Having experience with many famous fashion brands in Vietnam such as Libra Clothing, Myla Kid, Ao Dai Fkaro, Mr. Cuong said that besides being passionate about fashion, business people must spend a lot of time and enthusiasm. sample analysis, market research, product research thoroughly before importing materials or setting up a garment factory.

It was an exciting and exciting experience, but equally arduous and hard”, he said.

Fashion business: Experience to success - 1

4 steps to pay attention to when doing business in fashion

According to Mr. Cuong, there are 4 important things that business people need to keep in mind when starting to enter the fashion industry:

  • Product design and development: Including design, sample development or search on platforms 1688, taobao. In addition, you also need to learn about fabrics and related materials.
  • Production and supply chain: Experience is in the early stages can produce low number of samples by yourself (suitable for ability) or import directly from 1688, taobao. Then find partner factories to produce quantity in Vietnam. The entire supply chain, logistics, delivery, and quality control are all important to growing a business.
  • Marketing and Advertising: You won’t be able to sell your product unless people know about it. Therefore, you can use multi-platform Facebook, Youtube, Zalo, Tiktok to increase the number of customers to identify the brand.
  • Sales and distribution: The sale will involve retail, wholesale. You can build a retail store via e-commerce web, brand fanpage and shop premises.

Build a detailed business plan

Fashion business: Experience to success - 2

To build a detailed and clear business plan that is close to the actual situation and brings high efficiency, business people need to pay attention to giving short and concise ideas.

With the fashion industry, it is advisable to identify each product item, communication channel, new product, monthly sales, and then divide it for each individual in each department to take responsibility.

Besides, draw up a business plan that understands the needs of the market you are pursuing and how your offering is unique and different.

In addition, you must understand the size of the market and competitors to find out for yourself the different factors to confirm the position of the track.

Finally, define a clear action plan, maybe 3 years in a row, for how your business will grow, your human resources system, office, marketing, communications or PR expertise.

You also need to have a clear financial plan. This step shows how your business will grow in terms of profits and sales and what financing will be needed to make that happen including an income statement and a flow statement.

Don’t forget to build your brand

“Focusing on immediate profits” and ignoring the brand awareness factors in the early years of business is that you are missing out on an extremely important factor for sustainable development.

The target customers are mainly women, so building a brand is easy but also has certain difficulties. Starting from a brand story is a way to reach the heart, create trust with customers effectively, but also need to integrate the message skillfully and handle the circumstances appropriately.

Brand stories are an effective way to touch hearts and create trust with customers. You need to integrate the message skillfully and handle the circumstances appropriately. Keep in mind that your stories should be simple, based on your brand personality, explain your mission, give your customers a reason to choose you, and connect with people.

Next is the implementation of Marketing Mix 4P to convey the message and make an impression on the brand with customers, specifically through 4 elements Product – Price – Place – Promotion. Then there is public relations, a stepping stone to help build brand value and increase credibility.

Besides, there is social media, a transmission method to promote building and enhancing brand recognition. Take advantage of social networks to save costs and improve efficiency.

Difficulties, mistakes, and failures are unavoidable, especially in the fierce but potential business market like fashion. It is important to think in the right direction, persevere to go long and find a really reliable companion“, concluded Mr. Nguyen Cuong.

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