How to grow your fashion business

Whether you're an innovative designer bringing fresh ideas to the fashion market or a manufacturer or supplier looking to grow your customer base, there's no denying that the fashion industry is a tough nut to crack.

As an SME, trying to make waves in a market jam packed with established, capital rich high street names can seem a daunting task, but it's far from impossible as long as your eye-catching product is backed up with adequate branding and sustainable investment.

With the New York and Milan pre-fall fashion weeks just around the corner, we've brought together these handy tips to help you grow your fashion business and work your way to the top of the tree.

Network, Network, Network!

It's too cliché to brand any success in the fashion industry with the 'it's not what you know, it's who you know' moniker, but the reality is that your next big success is unlikely to land straight on your lap!

Engaging with other players in the fashion industry who have the capacity to help drive your business forwards has never been easier thanks to the plethora of trade shows, fashion shows and online platforms which can provide a treasure trove of new business opportunities.

In today's digital world, it's essential that you invest in a strong online presence through social media such as Instagram, Facebook and Twitter as well as your own independent website. Image is everything in the fashion industry and these online channels need to cover many bases.

As well as offering potential customers a first impression of your products and services, you'll want them to engage with your business through blogs, social media posts, loyalty schemes and industry discussion.

This will not only help to push your company up the online search rankings, but opening up dialogue between you and your customers will help to increase your reputation within the fashion community. You can read more about how to build strong relationships in your business in our recent article.

Raising capital from specialist lenders

Access to the right finance, whether through a business loan, credit card, or revolving credit facility, can give fashion businesses the flexibility to invest in new collections, manage seasonal trends, or scale their operations. But your ability to secure that funding often depends on your business credit score.

Lenders use your credit profile to assess how reliable your business is to lend to, which can affect both the amount you're offered and the terms you receive. A stronger credit score can open the door to more competitive rates and a wider choice of finance options.

With Capitalise.com, you can check your business credit score and apply for funding from over 130 lenders, all in one place.

If you find yourself taking a number of credit and debit card payments through a card machine, then it's well worth considering a merchant cash advance. Rather than being locked into fixed monthly repayments which can be a nightmare for seasonal businesses, you'll pay back a small part of your outstanding balance each time a transaction is made through your EPOS terminal.

Buying new equipment and machinery for a fledgling fashion empire typically comes with large, upfront costs attached which is why asset finance has become such a prominent aide for SMEs. Assets can either be leased or purchased with the costs spread over long enough term to keep the repayments affordable.

Invest in uniqueness

From organic cotton fashion labels in the design world to state of the art textile production tools in the factory, the ever changing landscape of modern style combined with rapid technological advances means that there are plenty of opportunities to be unique.

Standing out from a burgeoning crowd is going to rely on the originality of your product and branding, and you'll want to invest a serious amount of time driving these USPs home to your customers.

It all starts by understanding your target audience and creating a focused brand identity from launch. If you're creating a luxury product aimed at high end retailers such as Harrods and Selfridges, then ensure that your branding is geared towards these retailers.

You can be incredibly creative when it comes to building your reputation online at a fraction of the costs when compared to operating a full, physical retail outlet. Take advantage of this in the early days of business to try and find workable, well-received marketing campaigns that speak to your audience.