How to Run a Business Selling Fashion Accessories

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Running a successful business is often dependent on the preparation and pre-planning before launching the business and the dedication to keep going through tough financial times. Starting a fashion accessory business requires just as much preparation and planning as starting any other business.

Things You'll Need

  • Computer
  • Business website
  • Business plan
  • Calculator
  • Scrapbook
  • Designing tools
  • Suppliers / Equipment
  • Create a business plan for the fashion accessory business. A fashion accessories business does not only focus on jewelry, so make sure to outline exactly what the business will carry in terms of products. Identify whether it will include hats, belts and purses, for example. Also make sure to write down whether it is luxury accessories, speciality business or fair trade accessories. This affects the overall marketing and promotion aspect of the business.

  • Read and update the business plan annually to stay on track with long term and short term goals.

  • Calculate the financial start-up situation. Using these numbers to make an executive decision as to whether the business will be from home or if the business will be part of a franchise, run out of a rented room or a brand new store. Make this decision based on the financial situation and the requirements needed for the amount of accessories the business will carry. Determine where additional funding will come from.

  • Choose a name for the business. It is important to appeal to the target audience, so if the business primarily focuses on female accessories, do not be afraid to be creative.

  • Collect all of the design ideas in a scrapbook and keep updating it throughout the planning process. Do this so the future plans for the business are intact with the designs. For example, if designing luxury accessories, the marketing products and website should mirror this tone. The designing should include all accessories, such as headwear, footwear, purses, hair ornaments, watches, sunglasses and jewelry.

  • Determine where to buy the equipment and supplies needed to make the fashion accessories. If the owner is not designing the accessories, search for potential supplies that carry the products that will be sold in the store. If this is the case, it is a good idea to buy products at a discount or by buying in bulk.

  • Create a website that represents the business online. The business website should be updated frequently with information regarding the accessories sold by the business and developments within the industry. Use the website to promote the business even after launch.

  • Write press releases and submit to local newspapers and online magazines when the business introduces a new product. Choose magazines that appeal to women or accessories in general to capture a larger audience.

  • Hold a monthly meeting, where progress will be discussed. It is important to learn from mistakes and keep up with competitors and the industry in general. Stay updated on materials, fabrics, colors that are popular, and sizes.

  • Schedule annual fashion shows to promote new accessories. Jewelry making demonstration or classes is also a good method to gain exposure, make a profit and market the business.

Tips & Warnings

  • If necessary, hire an accountant to do the finances. This can be quite beneficial when tax time comes. Taxes vary depending on the profit and deductables.

References

  • Photo Credit Fashion image by Yvonne Bogdanski from Fotolia.com
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