Fashion is a passion for many people, but it may be such a love that it becomes something a person wants to pursue more deeply. If you are looking to break into the business of fashion, we’ve curated a few tips and tricks to get you started from two ladies who have already found success.
Mimi Striplin is the owner and operator of Tiny Tassel on Charleston’s famed King Street. In 2015, she decided to pursue a new craft hobby and her business grew from there. Her tassel earrings became a hit when she began selling them through social media, Etsy and pop-up shop events. Customers were always asking her about her outfits when they were purchasing inventory, and she felt that shed found an untapped market. From there, she set out to create a brand that was comfortable, beautiful and affordable.
STRIPLIN’S TIPS
- If you are going to go into fashion, and plan to have your own design line, get someone on your team you trust. (Striplin is fortunate to have a mother who has a degree in fashion and was able to help her create her own pieces from scratch.)
- Start with taking out a business loan, if possible, but pace yourself. Tiny Tassel was started through small marketing endeavors before it ever opened an official store front.
- Need to take out a line of credit to start your business? There is nothing wrong with that. Change your perspective to see it as capital that you can use to build your business rather than debt.
- Prepare to work incredibly hard. If you are looking to break into this often-competitive industry, you will be working around the clock until you can gain some traction and clientele. You may be the owner, front desk worker, receptionist, designer, bookkeeper and so much more until you get off the ground.
- Stay intentional to your values and your “why” when you are putting things out into the world. Tap into your community and your brand. You will quickly become known for your values and mission.
Margie Sutton is also a fashion business professional, but her journey was quite different from Tiny Tassel’s. She is currently the owner of multiple businesses that include Fly Modern Apparel and Sole Shoe Company in Summerville. Sutton has been involved in the fashion business for over 19 years in all facets. She wanted to bring affordable and stylish options to the Summerville area that weren’t being offered. Having already opened a successful hair salon, she jumped in with both feet.
SUTTON’S TIPS
- Find someone who has been there and done that.
- Have a trusted accountant and people that you can depend on for sound advice.
- Come prepared. When you are looking for potential investors or loans, it is important to have a business plan with a clearly defined mission and goal.
- Not sure how to get prepared? Reach out to a local school for CPA’s. They often must complete mock business plans as a part of their certification. This is a perfect time to get necessary services at a fraction of the cost.
- If you are going to investigate designing your own line, do a good bit of research and weigh the pros and cons before moving forward. Finding a company that will provide quality products without outrageous pricing can be challenging.
- Be prepared for sourcing and finding inventory. If you plan to carry other brands, set aside time to find companies that meet your quality standards as wellas match your level of affordability for customers. Navigate markets, look into wholesalers and try to find a margin that you are comfortable with.
- Hire intentionally. When you are looking at adding staff to your growing company, it is important that you choose like-minded folks that share your same vision. Hiring employees can be difficult and it’s important that you get the right people in and get them properly trained.
- Have backup income if you can. Sales fluctuate, so if you have another source of income as a safety net, your business is more likely to be able to weather a financial drought without collapsing.
- Find your niche. Fashion can be highly competitive, and boutiques open and close their doors every day. Once you figure out what works for your brand and your business, stick with it and market strategically.
- Diversify your marketing techniques. Set yourself apart by offering after-hour events, themed shopping days, private events or anything else that may be out-of-the-box. How can you partner with community partners to get your name out there and get people talking?
Add those creative ideas into your business plan when you get started. Success is right around the corner with fashion if you are willing to put in the work and stay true to your why. See you soon on the runway.
By Cari Lawson
