What factors and processes influence a clothing brand to become lucrative? First, of course, starting a clothing line demands more than putting your creativity to paper, and you should be willing to tread this path without losing sight of the bigger picture. Meanwhile, as Statista projects the global apparel market to hit $2.25 trillion by 2025, it makes it even more possible to launch your brand successfully. So how do you create a profitable clothing brand? Please read about it here.
Create a fair balance between your creativity and entrepreneurship.
It’s good to design a clothing line, but what entrepreneurial skill do you have to back it up? Indeed, your clothing line cannot sell itself unless you take the necessary measures. For instance, no matter whether you are selling plus size clothing, shoes, or jewellery, you should always market yourself on social media as most successful retailers have an online store. Online discoverability is higher than ever. Thus, take advantage of the internet and use it to attract new customers. Moreover, it’s prudent to know that many designers who launched their clothing lines either had to learn the entrepreneurial bits quickly or already had a business background.
Fortunately, there are countless online courses you can enroll in to learn the fundamentals of starting a business. An example is the Product University course created by Sophie Howard. The course teaches how to vary methods to either start or run a business, using different models. Admittedly, your clothing line may not be the most straightforward project to create, but you have an increased chance to make it profitable with the proper business foundation.
Finance your clothing business
You need to push in a lot of money to start a clothing line, but financial experts advise against using personal savings. The best you can do is commit 30% – 40% of your funds, but a better option is to seek a credible lender. Of course, the dynamics will be different if you have enough resources to self-fund. Otherwise, turn your focus to a financial institution willing to offer that help with a reasonable interest rate.
Remember that excellent credit history will influence how much you receive. In addition to the above, creating an apparel brand requires developing a collection, which means committing more money. The price of fabrics, other needed materials, paying contracted workers, etc., all factor into additional cost. You may want to consider these grants currently available for your line of business, although they come with terms and conditions:
- Levi Strauss & Co. Collaboratory and Grant Program
- Idea Café Grant
- Tory Birch Foundation Fellows Program.
Define the clothing collection
Profitable clothing brands focus on brand identity, quality of garments, product range brand, etc. In defining your clothing collection, you create a reliable structure that becomes your business blueprint. It is understandable if you do not have all the skills required at this stage. Therefore, you have the liberty to bring a more skilled person on board.
Remember to draw up a contract with your potential partners. The last thing you need at this stage is a legal issue because you failed to define operational parameters.
In conclusion, you have great opportunities at your disposal to create a profitable clothing brand. That is not to say it’s not without inherent challenges. However, you will be proud to see your designed garments hanging on boutique racks with customers clamoring for them.