Have you been considering taking your design skills from the comfort of friends and family to a proper market? If you believe you know the kind of clothing or accessories people are willing to buy, you know how to market to them, but the problem is lack of money to transform those beautiful ideas on your notepad into a profitable fashion business, you are still able to make it big.
Every big business had a small beginning, most of the top fashion houses you know started with just the founder because he or she had little or no money to employ staff.
Yes, a right amount of capital is needed to start any business, but you do not need tens of thousands of pounds. Whether it is an online fashion store or a boutique, you can begin with even the smallest of capital. If you are wondering how that is possible, stick around, as this post will guide you with eight tips to start a fashion business on a budget.
- Write A Business Plan
When building a house, before any construction takes place, a plan is drawn. Why? Without a plan, you are just going to create something that will not be sturdy for the long-term, as there is nothing to guide the engineers on what to do. The same thing happens in a sports games; you need a game plan that works to your strength, which will enable you to win.
The same logic applies in the fashion business. If you do not have a business plan, you are going to run your business without focus. Without a business plan, your company will lack organisation and direction.
Having a winning business plan is even more crucial when you are low on a budget because it gives you a clear-cut winning strategy.
- Find Cheap Manufacturers To Produce Designs
At this early stage of your business, you do not want to bother yourself with the big manufacturers because you cannot afford them and they most likely will not listen to you.
If you choose to opt for affordable manufacturers avoid chasing after those that are too cheap. Cheap manufacturers often cannot get the job done to a high standard, and this will be displeasing to your early customers. Instead, find a balance in low-cost manufacturing and excellent execution of your design. Focus on finding quality manufacturers who are happy to manage small orders. It does mean you will have to pay more for lowers orders, but at least you keep the quality high.
- Keep Your Designs Simple
The more complex a design is, the higher the cost of production. At this stage, you want to keep your creations simple, because some manufacturers may also not have the expertise or equipment for such sophisticated designs.
So, it is better you save your genius side for when your business has grown, and stick to the basics for now. However, holding on to the basics does not mean mediocre designs. Instead be simple and unique.
- Get Finance
If all you have are your ideas, design skills, and business plan; you will never start any business, because you need some form of capital, no matter how small. There are a few ways to get capital. You can launch a fundraiser campaign on a crowdfunding platform or get a loan.
If you are unemployed, in college, or just not earning enough, you may also be able to apply for a loan; find out how.
Before you apply for a loan, it is essential you have exhausted every other option available to you, including saving up for your business or getting help from family and friends.
- Get Affordable Shipping
Shipping cost is one of the most significant problems online retailers face. If your fashion business is going to be online, you need to consider how you are going to handle the shipping costs. Will you incorporate it into the price of your products or will there be a flat rate for shipping?
Whatever the case may be, the shipping company you work with needs to be affordable, meaning the cost of shipping does not make your products so expensive that your customers may not be able to afford pricey fashion items. You may also be able to get affordable shopping by partnering with a local delivery company.
- Advertise On Social Media
Social media is the most accessible and affordable form of advertisement; which is what you need at this stage of your business, cheap but effective marketing. While advertising on social media is much cheaper in comparison to traditional media, it is not less effective. Many will even argue that social media is even more useful.
For online businesses, social media marketing can be a better option, as it is more targeting and engaging. Also, you can track engagement on your social media ads, which gives you better knowledge on how people are reacting to your designs. There is also more flexibility on social media ads; you can easily edit, delete, and re-post an ad.
- Go Online
Online stores are a must if you are starting a fashion business on a budget. You will eliminate so many costs including rent and salaries. Also, you will not need store attendants, as you can handle your sales by yourself until your business picks up.
Another cost you will eliminate is interior decoration. Many physical fashion stores have surreal interior decoration, which could run up to tens of thousands of dollars. However, with an online store, the initial costs you need to budget for are hosting, storage, and production. Another benefit of selling your product online is you can run your store from the comfort of your bedroom and store all your goods there.
Starting an online store is simple, you just need to begin with a good website that has high-quality images. You can hire a professional web developer to design your site, or you can use an e-commerce platform.
- Find Producers
Producers are primarily in the business of manufacturing products not selling them. You can take advantage of this and trade with a producer; they will simply supply products to you at a discounted rate, and you will have to sell them.
You may find this method more cost effective than producing all the garments yourself, but if this destroys your creative flair, then it may not be the right choice for you.
Have a lovely Day and thank you so much for reading!!!