Beyond the hype and glamor synonymous with the fashion industry are challenges that business owners face when trying to establish themselves in the sector. Competition in the fashion industry makes it difficult for small businesses to get the attention of the market since the media mainly covers established fashion houses. However, passionate entrepreneurs who choose to venture into fashion can succeed by dedicating time, resources and persistence. Investing in the fashion industry requires a lot of capital for startup and the initial running of the business. Obtaining additional financing from investors and banks may prove especially difficult when you do not have sufficient records to demonstrate your ability to repay. Operating within a limited budget would force you to cut down your expenditure on crucial items such as marketing and publicity for your brand. Hiring the right personnel to work for your fashion business plays an important role in its success. However, the right personnel comes at a price that may be too high for your business. Your budget can force you to compromise on the qualification and experience of the staff you need. In addition, talented individuals in the fashion industry may only commit to an established fashion business and only agree to work for your firm on a part-time or freelance basis. Such people may also need more money to convince them to come on board. The competition in the fashion industry is a disadvantage to small and upcoming businesses. For example, startup ventures may not have enough money to poach personnel but may lose personnel through that approach. Such businesses, despite their limited budget, need to invest more time and resources in marketing and creating visibility for their brand. Additionally, small businesses may have a higher running cost given that they make smaller orders compared to established brands. For example, established brands will make large orders in China while unestablished players have to rely on local manufacturers whose price is much higher. New businesses also face a higher risk of failing to take off. The fashion industry demands long hours to network, market, design and exhibit your work. In the initial stages, you have to work longer hours as you often take on multiple responsibilities. The long hours you spend may also limit your creative input especially if you design. You also have to sacrifice time away from your family, friends and social life.
What is the main idea of the passage?
Startups of not get much from the fashion industry though competition is not high.