Necessary Expenses when Starting a Fashion Business

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Are you planning to start a fashion business but aren't sure of what areas to invest your money in? This post is for you!⠀We will cover areas we consider essential, especially when you're just starting on a lean budget.

 

1. Samples

 

Don't make the mistake of going straight to production, ensure you have samples made before you commit to anything. And if you must produce, ensure you have done your research properly.

 

2. Business Registration

The importance of registering your business can not be overemphasized. You want to do things right from Day 1 and helps you look professional.  You can visit the corporate affairs commission website to do so with ease.  You need to know the pros and cons of whichever type of business you want to run.  

If you are in Nigeria, the new Finance Act, 2019 provides guidelines on the requirements of each business.  The Impact Analysis on whatever kind of business structure you want to run can be found here in this article:

https://assets.kpmg/content/dam/kpmg/ng/pdf/tax/finance-act-2019.pdf

However, don't give yourself too much of a headache trying to figure it out yourself.  Talk to a lawyer or tax consultant about it. You want to do things right and avoid future errors which can result in major losses. 

 

3. Consulting Help

Consulting

Why make mistakes and learn from them, when you can learn from an industry expert? Many people believe there is no need to spend money on training or engaging a consultant or a coach.  From my personal experience, and I also had this mindset in the early days, not only does it take time and money to figure it out on your own, investing in a session or training helps you avoid mistakes that will cost you a whole lot more.


4.  Photography

Product photography can make it break your business, especially if you don't have a physical store. It's one thing to design beautiful clothing and another to ensure your showcase them in the best way possible.⠀Invest in a professional model and photographer.⠀

If you can't afford a model, find creative ways of showcasing your products, even if it means using ghost images.  Check out our Growth Tip article: Use Compelling Images .


5.  Marketing⠀

Marketing

If you have beautiful products but don't promote them, how will your prospective customers find you?  Set aside money to promote your business, you will need it.  But then again, marketing goes way beyond sales.  You need a strategy for ensuring constant communication of your items to your target customers. With the advent of internet and digital marketing, it is a whole lot easier to reach more people across multiple regions than traditional media.

 

Conclusion

There are lots of other expenses that you don't have to incur right from the start such as trend publications and an expensive launch party but the points listed above are essential. ⠀

If you need in-depth knowledge of how to start and grow a viable fashion business, we offer tailored consulting services. 

 

Recommended Resources:

Tips for Developing a Fashion Business

How to Start a Fashion Business With No Money

It's Time to Charge the True Value of Your Work

 

About Me

Tope Williams-Adewunmi 

 

 

 

 

 

 

A fashion entrepreneur passionate giving power through fashion by sharing knowledge guaranteed to help fashion lovers turn their love for fashion into a viable business.

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