After you've researched the market and your competition, you'll want to become more familiar with your company and why you want to go into business. Here are things to do or consider:
1) Conduct a SWOT Analysis - This stands for Strengths, Weaknesses, Opportunities, and Threats. This can help create a strategy that can help distinguish yourself from your competitors so that you can successfully compete in the market.
Strengths - What do you do better than anyone else? What advantages does your company have?
Weaknesses - What could you improve? What should you avoid doing?
Opportunities - What are the trends that you are aware of? This can consist of changing lifestyles and technology or global events
Threats - Could your weaknesses threaten your business? What is your competition doing? What obstacles do you face?
2) How can you position your product or service to better meet the needs of customers in the market?
3) Create a vision and mission statement for your company. I talked about mission statements yesterday.
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Another Resource: Start Your Own Clothing Store (Entrepreneur Magazine's Start Up)
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» So You Want To Start a Clothing Line - Part 4 from TheRunwayScoop
To read the previous entries in this series: Part 1 - Study the fashion industry and market Part 2 - Analyze the competition Part 3 - Determine why you want to go into business The fourth part in this series will... [Read More]
Tracked on: April 7, 2006 6:56 PM | Permalink to Trackback