5 Things to Consider When Starting a Fashion Brand
The fashion industry is a lucrative business. More and more people are starting e-commerce apparel stores to either supplement their income or advance their careers.
There are several things that all fashion startup founders have in common:
Self-belief and a great fashion sense.
If you don’t trust yourself, it will not work out.
Equally, if you have no stylistic vision, your creations won’t sell.
But apart from these 2 given skills, what else should you consider when launching a fashion brand:
1. Adequate finances
Revenue is not always easy when you first start out.
This is because you’ll have a lot of expenses, especially when you launch.
You need startup capital but also think of budgeting for everything from staffing costs, marketing fees, and insurance premiums.
To get started, you need to have financial backing. To ensure you have enough money, it may be a good idea to look into different forms of finance such as crowdfunding and equity financing.
It’s no use having a great idea and business plan if you don’t have enough money for it all. A minimum of £30k is generally necessary before venturing into this sector – although many people will raise more than that through loans or personal savings.
2. Know your target audience
Know exactly who is your ideal customer. And how it isn’t.
For example, by pricing your products higher, you’ll alienate certain buyers who don’t have that disposable income and, as such add exclusivity and aspirational aspect to your brand.
Many fashion startups fail because they market to everyone.
3. Hire a great marketing team right away
Marketing is everything in fashion because clothes are aspirational. And aspiration is built through perception. Marketing = perception building.
Hire marketers who have done what you want to do. In this case, there is less chance for trial and error leading to quicker success.
One of the best ways to attract the attention of people advertise on Youtube. Youtube ads are those pre-roll clips you see before you click on a Youtube video. Learn more about this type of advertising by reading this guide to YouTube Pre-Roll.
Hire an expert marketing agency even if you have to spend more.
4. Visually beautiful content production
Since fashion is a truly visual industry where organising photoshoots and hiring models is a big part of marketing, hiring a specialist video production company is a must.
Branded video content agencies can also help you to create social content for Instagram, Pinterest, and TikTok.
Social media marketing allows you to build a community or a two-way customer relationship around your mission, so your brand becomes bigger than just clothes.
5. Enterprising location
If you’re planning to have a brick-and-mortar business, consider your location carefully.
Think of where your ideal buyers are likely to spend their time (either by living or working nearby), also nearby competition or lack thereof.
Up-and-coming areas are great because middle-class crowds tend to move there but commercial rental prices are not yet obscene.
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