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11 lessons from failed fashion start up
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Transcript of 11 lessons from failed fashion start up
11 lessons from failed
fashion start up
2.5 years ago I had an idea
make trousers for tall skinny
guys
2 years ago I quit my job
Moved back from Sydney to Riga
Started work in industry I know nothing about
18 months ago I launched my brand
Skinny Latvian
I started selling some pants
People liked idea and social media
was buzzing
Today I called it quits
I’ve failed
I’ve lost faithin my own brand
And once you stop believing
The party is over
Here are 11 lessons
I learned along the way
1
Niche too niche
Everyone tells you to focus, be different,
don’t go mass
Well, I took it tothe next level
I only targeted 5% of population
Guys had to be above 190cm
Girls had to be above 175cm
And you had to be skinny
Plus, you must like color
And premium products, made
in Latvia
You see whatI’m getting to
Audienceof 1
I was making pants for
myself
2
Quality Control
Consistent sizing
matters
I made 3 collections
And still could not get labels
and sizing right
People want consistency
3
Your opinion does not count
You are not objective
You do not know what people
want
Making stuff that you like is not
a business
It’s a hobby
4
Name lame
Skinny Latvian
I liked it
It’s quirky
Danes didnot like it
Guess what they wanted?
Skinny Dane
5
Emotional vs. physical
discrimination
95% of surfshop customers
never surf
They just want to look like surfersto pick up chicks
That’s emotional discrimination
It’s fine,brands do itall the time
Now, telling that you have to be tall & skinny
That’s physical discrimination
People don’t like it so much
6
ROI or go home
You’re not Twitter
Investment has to deliver return
Or have clear plan of doing so
in6-12 months
I’ve got 0.5 ROIon my
investment
I invested20,000 USD
and got10,000 USD back
That’s like going on a 10,000 USD per year course
of entrepreneurship
Cheaper thanINSEAD
But still not a viable business
7
Buzz and success is not the same
Magazines wrote about me
Radio would interview me
Mum was proud of me
But perception is not reality
Your Instagram post is
perception
Your Google search history is
reality
You know the difference
8
100% commitment
80% is not enough
90% is not enough
Are you willing to sacrifice
everything else for this?
Your dinners with friends?
Your PlayStation?
Your holidays?
I thought I was
Until I actuallyhad to do it
Fashion industry is a bitch
Like Acting
Music
Or photography
You have to be 100% in it
For the long haul
9
Actions not words
“It’s cool”does not sell
I heard“cool pants man”
An mistook it for“where canI buy them”
Everyone lovesmy Iron Man
cords
But nobodybuys them
They say “It’s not for me”
10
A lone wolfgoes hungry
You need to flank your pray
And know when the deer is too
big
I was hunting alone
If I had a business partner
She would provide another
perspective
She would question my
choices
And help me avoid investment
traps I got into
Get a business partner
11
Stock is death
I made 600 pairs of pants
I’ve sold 300 pairs of pants
I’ve got 300 pairs of unsold pants
This is what kills me
Death by300 pants
Ironic, right?
Do I regret doing any of this?
Hell, no
I learned so much
Of what not to do
Just kidding…