Let’s take a look at the different areas where you need to spend your cash.
How much will it cost? Of course, to give an exact answer, we have to know the specifics for your brand, such as the size and type of your collection, marketing & sales strategy etc. So what we’ll do here is to look at the different areas where you need to spend some money. How much it will cost depends on if you can do it yourself, if you know some friendly soul that can help you to a low cost, or if you have to outsource it. So here are the 11 spending areas.
1. Business administration
You have to register your company, open a bank account, do bookkeeping, think of trademark, get insurance etc. See our business start-up check list HERE for ideas.
If you can’t do it yourself you’ll need help with your logo, graphical profile, labels, hangtags etc.
3. Technical designer
The designer will take your ideas and turn them into your collection. She will help you create sketches, designs, tech packs and communicate with the factory. The designer will also be involved in choosing fabrics, trims, and accessories as well as in fitting later on.
If you want to handle this part yourself, you can take a look at the croquis and tech pack templates in our template section.
4. Pattern maker
You need someone to create you patterns. For each style you need a separate pattern and how long time it takes to make depends on how complicated the design is and if there is any repetition from other styles in the collection.
5. Material sourcing
Typically you need to travel to a fabric trade show to find the fabrics you like. So depending on how far away that is there will be costs for travel and accommodation. Along with the fabrics you need to find accessories and trims for your garments.
When you have found your materials you actually need to buy them. First you need to buy small quantities for you sample collection and then you need to buy a lot more for the bulk production.
When product developing you will need samples to measure, fit, and adjust. Let’s say you’ll need 2-3 samples per style and they are usually double the normal production price.
When you finally have got your sales samples you will need to take some nice photos of them.
How will you build your online presens? At least you will need a simple web page, but it is not unlikely that you also need a webshop. The costs include building the site and also hosting it. The social media accounts you can set up yourself.
10. Marketing & sales
You have made great stuff, but now you have to let your customers know. Time for marketing and sales. This could be anything from doing online ads to hire a traveling sales person to show your samples to potential buyers. Maybe you want to print a product catalogue or do a trade show?
The production cost includes the actual making of the products, the materials, transport, and also traveling. It is essential that you vist the factory at least once to talk about the production of your styles.
Write all of the areas above on a piece of paper. Under each topic write down what you want and can do by yourself. Then think about who you know that can help you out and if there is a possibility for a friendly price. For the rest you can contact freelancers or agencies that can help you achieve your goals. Once that is done you get a fairly good picture of how much your endeavor will cost you. Finally, take that amount you reached and double it. Now you are close to reality.