This service focuses on ensuring that you give time and thought to the commercial aspect of your idea, in order to maximise your product’s potential and profitability.
Naturally, the product is a huge part of what makes a successful business, but if this is the sole focus, it can quickly become a very expensive hobby! The key is to split your focus between developing your product…. and your business. If you follow this step by step programme it really will help you gain a much better understanding of the commercial elements that you should always have at the back of your mind when creating a brand.
It will ensure
- That your product is priced correctly
- That you have the best possible product for your specific market
- That you know your customer and target market
- That your product development is timed correctly to suit the buyers fashion calendar
- That you understand the product development process- sample production, costings, bulk production (anything for 20 pieces per style is considered bulk)
A range plan is an overview of your collection with all of the designs, fabrics, colourways and costs outlined. It should be created before fabric orders are completed, before the sample production process or mass production begins. It acts as a fantastic guide for fabric and trim ordering, and ensures that you are not wasting money on materials that do not work in cohesion with your collection.
A carefully thought out range plan can be the difference between a label surviving or not. No matter how fun it is creating the range you need to remember that your label is a business, and one that you need to organise and plan meticulously, particularly the costs, to ensure that your label is the one that survives in the marketplace.
It will ensure
- That your product range has a clear and defined look
- That your product range suits your particular customer
- That your product is filling a gap in the market
- That your product range is better than what exists in the market already
- That your product range has an attractive mark-up margin to encourage profitability
- That your product range has an attractive mark-up margin to encourage buyers and wholesale orders.
- That your product range has a strong brand identity and has global appeal
It will also show potential buyers , wholesale partners or funding institutions that you have done your research before approaching them
- That the brand is well organised and professional and can keep up with the demands of the industry
- Has a strong brand identity or the potential to have
- Has a product range that is well thought out to suit a commercial market, giving them a healthy mark-up margin.
- That they should choose YOUR brand over any others, as you are efficient and professional in your approach.
This may seem like a lot to think about at this early stage, but it is absolutely vital to give your brand the best possible standing in the market. Any investment that you make at this stage, will have such a positive impact on your business in the not too distant future and most importantly it will cut down on unnecessary stress and extremely costly mistakes.