Starting a fashion brand can be costly, as you’ll need an average of $40,000 for the business in its first year.
Not only do you need to invest in designing and producing your clothes and accessories, but you also need to find a way to market and sell them.
Can you start a fashion brand with no money? Yes, it’s possible.
Here’s how to go about it.
Understand the Market
Before starting your fashion brand, you need to understand the current market.
What fashion trends are the most popular right now? What are the best fabrics used?
Who are the major players in the industry?
Once you have a good understanding of the market, you can begin to design your collection.
The fashion industry is expected to be worth $99.23 billion in 2022, so there’s room for your business.
Do lots of market research and learn about prospective customers, your competition, and the popular products.
Look for opportunities you can take advantage of in the industry.
Find Your Fashion Niche
It’s important to find your niche in the industry.
First, figure out who your ideal customer is.
What do they want from a fashion brand?
Once you clearly understand your potential customers, you can design clothes that appeal to them.
Since you’re starting with no money, focus on a small niche and expand it as your business grows.
Picking the right market niche is crucial for your business’ success. Make sure there is an unmet demand for your products in the market.
Marketing your brand with no money is possible, thanks to the internet.
82% of marketers actively invest in content marketing, with video being the most popular media.
You can take marketing videos yourself; you only need your smartphone and an internet connection.
It’s also essential not to ignore offline marketing.
Reach out to your friends willing to have their cars branded to advertise your brand.
Even those with the best mom car can market your brand for free.
Build a Tribe
Starting a brand with no money is much easier in today’s interconnected world.
Focus on building your following on social media, and do this before launching your brand.
That way, you already have a ready market to sell to long before you launch your fashion items.
Use social media to get the word out about your brand and build relationships with key influencers, bloggers, and other tastemakers in your industry.
Also, make the most of email marketing.
The digital marketing channel has the highest return on investment, generating $36 for every $1 invested.
Always keep looking for ways to grow your tribe.
The only way to grow a fashion brand is to stay committed to learning.
The fashion industry is constantly evolving; if you don’t keep learning, you will go out of business.
Learn about the industry, the consumers, and, more importantly, how you can grow your brand.
Take classes, attend workshops, and stay up-to-date on the latest trends.
With over 20 years in the financial services and gambling industry, Reo Tanaka is a deal expert globally recognized for curating some of the best deals for top TV channels and magazines like Forbes, Business Insider, The Verge, and The VOU.