Research gathered from IBIS World shows that the fashion industry or fashion as a business is projected to grow by 2.8% from 2015 to 2020. These types of projections bode extremely well for fashion designers on all levels and point to an industry that is solid sound, and primed to continue being a strong contributor to the recovery. Over the course of time, Wise Business Plans has developed business plans for several different fashion categories, assisting clients throughout the nation with their small business dreams.
Fashion as a Business Industry:
Even as the nation continued to struggle through one of the worst economic periods in recent history, fashion-oriented businesses continued to thrive. “Whereas some people may have thought that fashion and style went out the window, the need for both become much more magnified as professionals tried to look their best in an attempt to secure employment”, says Joe Ferriolo Director of Wise Business Plans. “While the industry did see a small decline in revenues and profits, fashion and fashion as a business is projected to make a strong return now that the global economy has begun to show signs of life. This is especially encouraging to small businesses with niche-oriented products that allow consumers to establish their own look and personal brand”, says Mr. Ferriolo.
The economy cycles through various stages but regardless of the state of the economy, fashion, or fashion as a business never seems to go out of style. Nowhere is this felt more than the United States. “People want to feel good about themselves regardless of the circumstances and one of the ways that a person can feel better is to look better; both at work and at play”, says Mr. Ferriolo. This is especially true of the younger generation that continues to drive many of the styles and trends that define the industry. “The younger generation is the one that most fashion houses are listening to. They have their ears to the street so to speak and in most cases, hold the highest percentage of discretionary income. All of these factors combined make it easy to see why this segment of the population drives the industry”, says Mr. Ferriolo.
All fashion business plans developed by Wise Business Plans include the following:
Trend Analysis: An analysis of the trends is a necessary component of any fashion business plan. “Trends in this industry move so quickly that developing a plan without a strong trend analysis would simply not be fair to the client. With that being said we pride ourselves on delivering up to the minute, real-time data that can be used to make business decisions”, says Mr. Ferriolo.
Financials: “Financials are important in this industry. One hit or miss and it could cause a designer to go under which is why we place so much emphasis on this area”, says Mr. Ferriolo. Wise Business Plans develops plausible financials that give the client an accurate view of their economic model.
Marketing: Wise Business Plans develops a strategic marketing component that places the client in the best possible position to reach their targeted consumer. “You can have the best product in the world but unless you are able to reach the consumer, it will just sit on the shelf”, says Mr. Ferriolo.
Being fashionable will never go out of style. With that being the case, small business owners looking to make their mark in this industry will always be in need of plans that place them in the best possible position to realize success. When the time comes to develop your market entry strategy, let the professionals at Wise Business Plans be the first name you call.
About Wise Business Plans
Wise Business Plans is a professional business plan writing company that creates custom fashion business plans. The firm is committed to increasing the fundability and growth rate of businesses through strategic planning. To learn more, visit https://wisebusinessplans.com or call 1-800-496-1056 to schedule a consultation.