If there is one thing we can say about Millennials with great certainty that would be that this generation takes fitness very seriously. As a matter of fact, a recent survey claims that as many as 67.8% of the US Gen Y population has participated in some form of fitness sport which makes them the generation with the highest participation rate in recent US history.
Taking into account these people are also at this moment making the majority of the US workforce and the renewed interest in public health after the outbreak of the COVID-19 pandemic, starting a sportswear business does seem like a very prudent idea.
On the other hand, favorable circumstances seldom make a business successful. Let us take a look then at a couple of tips that should help you put your venture on the stronger foundations.
Understand the power of branding
A brand can be best described as the way your company is perceived by the public. If you want to reach any kind of success in any industry you absolutely need to take control of this process. In order to do that, though, you will first need to reach a great understanding of your company’s strengths and weaknesses as well as the people to whom you are appealing. Once you have these things sorted out you can give your company a unique voice, character, and personality adjusted to this audience. From this point on, creating a catchy logo, slogan, visual identity and other assets shouldn’t be that big of a problem.
Create a comprehensive business and financial plan
Both these documents take a great deal of uncertainty from running your company and give you a great reference point for measuring how well you are doing at any given moment. The main difference is that a business plan deals with overall concerns like a mission statement, long-term and short-term goals, financing, ownership structure, and market analysis, an effective financial plan goes deeper into the specifics and addresses the break-even point, personnel plan, cash flow plans, and sales forecast. It is in the best interest of your future activewear company to tackle both these documents with due diligence.
Find yourself a lucrative niche
Sportswear is a very crowded market. You also need to be aware that depending on what you intend to do you will have to go against either industry behemoths like Nike and Adidas or gigantic retail chains. The best to deal with these major obstacles is to try to find some corner of the market that isn’t completely carved out. If we take a look at the similar companies working in the industry we can see that, for instance, online shops selling quality women’s activewear are scoring major success so feel free to pick up a couple of cues. Doing thorough market research is, again, more than recommended.
Perform an effective marketing campaign
That can be performed in a number of different ways depending on your marketing budget and your intended audience. However, we would like to point out that the Millennial’s obsession with fitness and personal health does make blogging a very lucrative marketing channel. Also, the opportunity to write about these topics will help you reinforce the brand image and unique voice we have mentioned in the earlier sections. Another strategy that makes a very good match with the sportswear industry is guerilla marketing. There’s no better way to showcase the value of your goods than to publically put them into action.
Produce the top-tier garments
When all is said and done, it is the quality of your products that will determine the long-term prospects of your company. So, put a very strong focus on creating the products that will strike a good balance between quality, price, and functionality. Also, it is very strongly recommended to allow your branding ideas to inform design decisions, since you, ultimately want to practice what you preach. Since going against the competition head-on is not entirely viable releasing a limited number of products for a selected audience seems like a more beneficial approach. But, keep the quality as the number one priority.
Take care of the logistics
Commerce absolutely exploded during the COVID-19 pandemic. According to recent research, by 2023, online purchases will make about 22% of all retail sales in the world. Denying your activewear business of this component could seriously undercut your chances for success. So, be sure to follow the launch of your company with a professionally made website, online store, and preferably app. In this case, your goal should be to lure in as many people as possible so offering a variety of payment options and including some popular mentions like cryptocurrencies could nudge a lot of people in your direction.
These few suggestions are far from the complete story but they should provide you with foundations for starting your company on the right foot. Of course, your ultimate success will depend on a variety of other factors and, ultimately, your commitment and will to push forward. But, as long as you are headed in the right direction, every progress you make will be a step in the right direction. We hope we helped you in this regard.