The fabric industry is one of the most competitive out there. Companies are constantly vying to be the first to release their new season collection in hopes of snagging the most sales.
But let’s pause for a second and ask ourselves: Is this why we started our company? Did we want to spend all our time chasing after others and getting into price wars? Probably not. My partner and I had our own vision. We wanted to create our own unique fabric collection and not just copy what others were doing. We also pledged to never sell fabric with hidden problems to our customers. We knew we couldn’t achieve these goals if we stayed at our old jobs, so we took the plunge and started our own business.
Have you ever had those awkward elevator conversations during work hours? I know I have! It’s either on my way up to the office or when I’m getting my coffee downstairs in the afternoon.
A: “Hey, have you heard about the crazy sales of *** fabric recently?”
B: “Yeah, I did! Did you know that *** textile company shipped a lot and made a fortune?”
A: “I think I need to get a sample and sell it to my customers.”
If I had heard this conversation ten years ago, I would’ve been pumped and told my partner, “Come on, Leo, let’s do this fabric thing too. They’re making bank, we can’t miss out!” But now, I’m more relaxed about it. However, I’ll still get a sample of the fabric and do some analysis.
- Check if the fabric construction is solid enough.
- Check if the material works well with most dyeing liquids. If there are any hidden issues, I won’t add it to my collection, and I’ll let my clients know through regular text messages. Maybe they’re buying from others and they don’t know the hidden problems.
If the fabric is perfect for production, I won’t add it to my collection either, but I’ll try to add some functional procedures or develop a more competitive one if possible. For me, fabric business isn’t just about copying others or engaging in a price war. It should be about innovative ideas, development, and building a strong relationship with clients.
Imagine you’re walking through a packed shopping mall with hundreds of stores selling the same type of products. Every store looks similar, and every salesperson is pitching you the same thing. It’s tough to differentiate one from another, right?
The same thing applies to many industries, including the fabric industry. With so many companies doing the same thing, it’s hard to make yourself stand out. However, there’s still a chance to win. If you’re willing to think just a little bit outside the box and ahead of the game, you might find that sweet spot where only 1% of people are.
It’s like discovering a hidden gem in a crowded city. You know, that one hole-in-the-wall restaurant that serves the most delicious food and is always packed with locals, but hardly anyone knows about it. It’s a similar concept in the business world. You want to find that unique niche that nobody else has discovered yet, but that has the potential to make a huge impact.
So, don’t get discouraged by the crowded industry around you. Keep pushing forward and thinking creatively. Who knows, you might just discover that 1% where you can really shine and make a name for yourself.
That’s my today’s memo, hope it helps you!