Fashion Business has a wide style practice of in the clothing, footwear, accessories, make and furniture. Typical Fashion is a trend in the style in which a person dresses. Fashion designers are the most creative in this industry. In This competitive fashion market one must require a raw creativity. Fashion industry has four major parts such as Production of raw materials, Production of goods, Retails Sale and Various Marketing / Advertising / Promotion.
Fashion business plan helps the entrepreneur to understand, to visualize, to plan and to identify risks even before making any investments in the business. Preparing a business plan involves detailed research so that all the aspects of the given business are evaluated and appropriate decisions are made. One must be aware of the trends in the industry which are usually influenced by various factors like Technological, Economical and Social influence. Market analysis is required in order to capture the consumer in the market. Sometimes, deep consumer behavior study is done to stabilizes the segment and with effective strategy, one can establish their mark in the industry.
According to study done by Mckinsey & company, 19% of the market was recorded as better in the 2016, whereas 40 % stable market was recorded in the 2017 with the growth of 2.5% to 3.5% in the GDP. The industry is excepting to grow with stability and many new opportunities. Well one has to narrow down the cost structure with the revenue streams by adopting a suitable business model considering all the factor of influence.
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All organizations are made up of group of capabilities that are coming from People, Processes and Systems. These capabilities are working together in a seamless manner to deliver the requisite capabilities to the customer. The various capabilities that need to be addressed in a fashion business plan are given below:
MD / CEO, Board of Director, Technical Manager, Production Manager, Sales Manager, Marketing Manager, Finance Manager, Hr. Manager and various staff / Employees.
Distribution Model Process, Quality Management, Production Management, Development Strategies, Concentration Strategies, Integration Strategies, Transpiration Management, Resource Management, Financial Management, Human Resource and Operation Management, procurement systems, and manage inventory and returns.
Retail, Textiles, Manufacturing, Design and Concept, Marketing and Branding, Buying, Distribution.
Most of the businesses have professional bodies across the globe and being associated with these organizations tremendously helps in understanding the current trends in business. Some of the professional bodies are listed below for your reference:
Textile and Fashion federation Singapore 2 Leng Kee Rd, 02-10, Thye Hong Centre, Singapore 159086
UK Fashion and Textile Association3 Queen, Square London
Fashion Council WALevel 9, Carillon Office Tower, 207 Murray Street, PERTH WA 6000
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