This question came from one of our client just few days ago, when he contacted us inquiry about a budget to set on new clothing Brand in 2020.
If you are a fan of fashion, you may have thought about opening your new clothing brand, maybe you have some money to invest and you want to know, how much you actually need to get things started.
First of all, fashion industry is super competitive as you may imagine, there are so many Brands these days, make sure you have a great business plan like this guy below!
I guess you won`t have the same budget to invest, however you can start using a small budget such as £ 15000 .
According to UK surveys in 2019 to start their business:
- 20% of new clothing brands around 5 k
- 22% between 5 k to 15 k
- 44% between 15 to 50 k
- 7% 50 k or above
Where does money go?
As you can see in the infographic, most of the budget when building your clothing brand is going to be invest in Marketing, and stock, after comes designers and admin fees.
Why is marketing so expensive and important?
The answer is simple, to have a successful clothing brand in 2020, you will need to have a strategic and smart marketing plan, otherwise your business won`t succeed.
Our best tip
If you are serious about opening your new brand, get in touch with a marketing specialist, professional or consultant with previous experience in E commerce, Digital Marketing and Web design.
Expert can help to prevent budget losses and wrong marketing strategies.
Last but not least..
The most powerful tool to be successful in the fashion industry is collaborate with Influencers.
They can promote your brand on social medias such as Instagram, Youtube or Snapchat, having amazing results in sales and customer engagement.
We just became partner of a new Clothing Brand, so stay tuned to see our next jobs.
Thanks for reading, tell us in the comment below, what you want us to discuss in our next post.