Starting a new brand requires endless amounts of time, energy, and most of all funds. It can be difficult to define a budget for building and maintaining your brand. But it’s a good idea to prioritize your spending. Before you spend any money, be sure that what you choose to invest in will help produce the products you envisioned.
Here are 3 ways to prioritize your spending and save money when starting out:
1. Use a Full Package Factory:
Starting development with a full package manufacturer can be the simplest way to save money when building a brand. The services they provide will be included in one cost which will help eliminate any hidden fees that come from driving around town or purchasing more than you may need when doing it yourself. When mistakes happen (they always do) it’s easier to determine the cause when it’s under one roof rather than each vendor blaming the other when working off of someone else’s work. A full package factory will take care of the expense when errors are made and handle the situation, which in the end saves you valuable time and energy. As you scale, it may be more cost effective to split up your supply chain and control all costs, however, in the beginning, leveraging a factory’s networks can save you a considerable amount of money.
2. Design With Two Seasons in Mind:
When sourcing fabric at the beginning of your design season, establish your core items and fabrics that you can run for a few seasons. These fabrics do not have to be basics, but essentials to your collection that will help establish your brand. Not only will this help with fabric minimums and reduce shipping costs of goods, but it will create brand recognition and get buyers familiar with your product.
3. Get the Most Out of Your Art:
Whether you’re purchasing art or creating it yourself, prints and graphics can quickly become your biggest expense. Design with art placement and execution in mind in multiple styles. A wet process in one pattern or graphic can also be presented as an embroidered or beaded piece of art on another style. With careful planning and placement, prints and graphics can help bring each style into a cohesive collection.
Special Thanks to Billy Jacobson for his artwork in the image above.