Every high-street brand has launched an acitvewear collection and the competition is growing steadily. Now is the time to become a fashion entrepreneur so why not choose to create a business in the sportswear industry?
Long gone is the time where it was embarrassing to wear sportswear. In the past year, the whole fashion industry has seen an uptick in sportswear and activewear. Fashion Recipe believes that now is the time to create something of your own with the taste of sports. According to research firm Key Note, the sportswear sales in the UK grew 9.5% to £5.9bn in 2014 and will surpass £6bn by the end of 2015.
Imagine what potential 2016 will bring? Euromoniter examined sports in the United Kingdom and predicted that the sportswear and fitness activity will continue growing in the upcoming 5 years. In their report they mentioned the increase will ‘predominantly be driven by the rise of budget gyms and fitness classes which have become increasingly common.’
The sports fashion industry is not only growing steadily but also more women have been showing interest in the market. Market research house Mintel also took interest in the sportswear activity. In September 2015 they published analytics stating that ‘in the past 12 months of purchases of sporting goods, 70% of people purchased them for sports use and 51% purchased them for non-sports use.’
People at this stage are buying activewear for a daily use. Instagram has pushed that the idea of wearing sports clothes is very fashionable. In today’s world a woman that looks fashionable is the one wearing LuLu Lemon tracks, a crop top and Nike sneakers. Startups magazine stated in article for business opportunities that the athleisure section will continue growing by about 24% over the next five years, ‘to make a splash you have to be a unique product or offer better designs, materials and a brand that people really engage with.’
So what is an entrepreneur? ‘Entrepreneurship is the process of creating something new with value by devoting time,’ Hisrich and Peters wrote in their book for Entrepreneurship. It might sound like an easy job however it is not. Fashion Recipe interviewed Alex Wills, the founder of Fashion Formula an online tech start up business that focuses on selling fabrics, textiles and gift wraps online. The only reason for his success was that he never lost aspirations despite difficulties, ‘there are always hiccups along the way especially as you are young and starting up.’
Alex became inspired to create Fashion Formula because he saw a loophole in the market, ‘I wanted to create a portal where it is easy and transparent for the consumer to buy printed fabrics.’ His advice for the future entrepreneurs is to commit all of their time, effort and energy.
‘Some businesses grow organically, especially in fashion due to trends involved. It is important to make a good and thorough business plan. There are tools such as Princes Trust and Small Business Centre that can help you if you are based in London. Take any advice you can and apply it. Look into market strategies so that you make sure you think about everything from your suppliers to your competitors. Don’t forget to create good business relationships because that can do wonders especially during Fashion Weeks.’
So how do you become that awesome fashion sportswear entrepreneur? Firstly you need to find your creative inspiration. Whether you want to make the next clothing sportswear brand or become a famous fitness blogger you need to be sure that’s what you want to do.
You need to build extensive research into your potential competitors and also find the suitable marketing strategy. Nowadays Instagram is the way to go, it is free advertising that is very easy to use and gets to the right people. Alex’s team got a 1000 followers in less than ten days just by using social media skills. Furthermore find a team that would work well. Be innovative and unique. Following the news trends will help, as it is important to always be on top of things.
Becoming a fashion entrepreneur is one of the most exciting things and despite being difficult in the meantime it is extremely rewarding, take Alex for an example! Grab your chance and go for it!