If you love and live fashion, creating your own fashion brand can seem like a natural progression, particularly if you have some experience in the industry already. While running your own fashion empire may sound like a dream job, it is not without its tribulations.
How do you get started? What do you need to know about the future? How do you manage the really important tasks? Getting started
So, you love fashion, have huge aspirations and are motivated to make it in the industry – what now? First things first: create your brand. We don’t need to tell you that the fashion world is a saturated one – it is really important to think carefully about the types of clothing you would like to sell, who you will aim to appeal to, whether you will design and make your own clothes or buy them in and how you will market your apparel.
Building a brand identity, copyrighting your logo, designing your colour scheme and marketing, and conducting your research are all essential. When you are up against such monstrous competition you really can’t afford to do things half-heartedly.
Once you have established your market, applied for the necessary business licenses, copyrights and web domains, and thought about your advertising, it’s time to get to work. Will you manage your brand as a solo venture for the time being, or will you hire staff? If you are planning to hire, how will you pay these workers? Have you considered that you will need to apply for the relevant insurance, source a business premises and file as self-employed? The financial ins and outs of creating a fashion brand
One of the most important things you must consider before creating a website or venturing onto any social media platforms is how you will fund your new brand. Do you have enough savings to cover costs by yourself to begin with? Will you need to take out a loan, or apply for a business grant?
How will you ensure that everybody on your payroll receives the correct wage and is covered by business law? Getting started is a financial minefield, so it pays to hire yourself an advisor and listen very carefully to what they have got to say.
As you will be registered as self-employed, you will also be in charge of managing your own taxes. Working out your VAT and other taxes, calculating expenses and ensuring that all paperwork is up to date can often crush any passion for fashion that you may once have had, so this might be the time to consider hiring an umbrella company that will manage your finances for you, help you with the legalities and even act as a liaison between you and your employees or contractors.
The world of fashion is an incredibly diverse, exciting and expanding one, and creating a successful brand is an ambition shared by many. While designing for the catwalk, seeing your name in lights or appearing in Vogue may be a wonderful reward for all of your hard work a little further down the line, it’s the decisions that you make now that will really determine whether your business flourishes or flounders.
Valentino + Alberta Ferretti Fashion Shows Photos by ©Fabrizio Belluschi