24 Pros & Cons Of Starting A Fashion Consulting Business (2024)

Flexibility

You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own.

Ability to start your business from home

It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning!

Little startup costs required

The cost to start a fashion consulting business costs significantly less money than most businesses, ranging anywhere from 62 to 29,561.

Rewarding work

Starting a fashion consulting business can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.

High customer retention rates

Once a customer invests in your product, they've invested their time and energy to utilize your product/service which is highly valuable to them. Typically, your product or service becomes indispensable to your customer.

Quick build time

The average time it takes to build your product is quick - typically around 9 months. This will allow you to bring your product to market faster.

Pick & choose the clients you work with

Fashion Consulting Businesses have the ability to choose the clients they work with. You have the freedom to work with only a few loyal clients or with hundreds of clients!

You are your own boss!

With starting a fashion consulting business, you are the one to make decisions for almost all of the operations. Calling the shots can be empowering and liberating!

Higher likelihood of getting referrals

This business is all about referrals, which can be a a very impactful way to attract and retain customers. It's critical that you have a great referral program in place that incentivizes your customers to tell their friends about your product.

Simple business model

A fashion consulting business has the advantage of a simple business model, which makes launching and building the business more seamless.

You get to do something you truly love

With starting a fashion consulting business, you get to put your energy into something you are truly passionate about! You'll find yourself devoting as much time and energy as possible into the business to make it successful.

Travel Opportunitites

There are many travel opportunities that come with starting a fashion consulting business You will need to travel a lot to see and experience some of the destinations you are selling.

You can work from anywhere!

Not only can you start your fashion consulting business from home, you can also run your business from anywhere in the world. This is the entrepreneur dream.

You get to inspire others

Your business is one that encourages and inspires others, which in itself, can be very fulfilling.

Never a dull moment

With starting a fashion consulting business, there is truly never a dull moment. Your job offers a lot of variety and allows you to meet interesting people from all walks of life.

Can build solid foundation of clients

It's unlikely you will have one-off customers as a fashion consulting business. Typically, you have a solid foundation of clients that use your product and services regularly.

Longer Sales Process

A fashion consulting business can be a big time and money investment for your customer, so it's important you plan and predict a longer conversion funnel and stay in communication with potential customers.

Work can be inconsistent

As a fashion consulting business, the amount of work assigned to you and schedule tends to be more inconsistent, which may make your income less stable. It's important to set boundaries and budget accordingly based on the amount of work you plan to have.

Stressful work

This line of work can be stressful for both you and your clients. This type of transaction is a significant financial decision for your client, so expectations are very high for you. Although this career path can be very rewarding, it also comes with its challenges and stressful moments.

Niche Market

A niche business is not necessarily a bad thing, in fact, it can be the key to your success. However, it can be more challenging and time consuming to find the perfect niche market and target audience.

Time commitment

With starting a fashion consulting business, all responsibilities and decisions are in your hands. Although this is not necessarily a negative thing, work life can take over at times. This can place a strain on friends and family and add to the pressure of launching a new business.

You might struggle financially (at first)!

If you bootstrap your business or choose not to pay yourself (or pay yourself less than you were making at your corporate job), this can be financially taxing. It's important to adjust your lifestyle and set a plan for yourself so you don't find yourself in a stressful situation.

The job can be demanding

This is one of the major disadvantages starting a fashion consulting business. It's important to understand that you may need to make yourself available on a 24/7 basis.

More challenging to earn passive income

It can be more of a challenge to make passive income in this business. Often times, the amount of revenue you bring in is limited by the amount of time you have in the day.