The ultimate guide to starting your fashion brand
Nike first operated out of a car trunk, Coco Chanel worked as a seamstress before launching her eponymous brand, and Spanx was launched from the founder’s apartment. The moral of the story is that most big fashion brands today trace back to humble beginnings — which is why if you dream of launching your clothing line, it’s always a good idea to chase that goal sooner than later.
Here’s a handy guide that can help.
A 5-step guide to launching your fashion brand in 2023
1.Create your business plan
Your business plan is the blueprint that will guide your entire fashion brand, so pay attention to the little and the big details here. The strategy you create should ideally cover all the following aspects:
- The need in the market that your brand will fulfill
- Your target audience
- Your core product line
- Your business models
- The funding and capital requirements for your business
- Your marketing targets
- Your financial projections
2.Develop a procurement strategy
Once you have clarity on the fashion products you aim to manufacture or retail, you need to source the raw materials required for your business. Securing the supply chain and partnering with the right vendors is a huge (and necessary) step in the right direction. Your procurement strategy needs to be cost-effective and profitable while remaining sustainable so your brand is future-proof.
3.Determine the pricing and profit metrics
Aside from the procurement and raw material costs, you will also have to account for various other outlays like marketing, borrowing, and additional indirect costs. Factor these in and determine the price point for your product lines. This will make the expected profit margins clearer for your stakeholders.
4.Design and develop the products
Product design and development is the next step in launching your fashion brand, and this segment is particularly crucial in the fashion industry. If the business idea stemmed from your specific skills in this niche, you might be more involved in the operations area. It is imperative to ensure that the resources procured from suppliers are used optimally to create apparel or accessories without high waste.
5.Focus on the marketing aspects
Creating brand awareness helps get word of your clothing or fashion line out to your target market. Social media is one of the most potent marketing channels you can use today. Other marketing tools like advertisements and other digital channels can complement this. As more people or businesses in your target group learn about your fashion brand, you will find it easier to meet your sales and distribution targets.
Give your fashion brand the upgrade it deserves with a reliable procurement partner
Moglix fashion makes launching and upgrading your fashion brand and product line easy with innovative solutions that tackle everything — from design to delivery. Our services include custom manufacturing solutions, invoice financing, raw material procurement, quality checks, brand collaborations and more. Visit our website to know more.