In 2024, many of us are keen to move away from our regular 9-5s and make the side hustle that’s been patiently waiting in the wings our main focus.
Recent studies have shown that 44% of Brits have a side hustle, with Gen-Z leading the way at 76% but with 2023 seeing taxes being raised on second jobs and with HMRC cracking down on money made on platforms such as Vinted, eBay and AirBnB , there’s no better time way than to dive headfirst into your side hustle, making it your full time focus this year.
But, where to start?
Luckily, we’ve sat down with online fashion marketplace SilkFred’s CEO Emma Watkinson and 2 leading brand owners who have shared their 5 top tips on how to build and launch a fashion brand in 2024.
Source: SilkFred
Find your niche
The fact is, there are A LOT of fashion brands out there. From high to low price points, casual to formal wear options, it seems that there’s no shortage of clothes to purchase at the click of the button.
The real hurdle is to stand out from the crowd as Emma Watkinson, Founder and CEO of fashion marketplace SilkFred explains: “In order to hone your brand and create a business that is unique it is important to identify a niche in the market that isn’t currently being filled.”
“Use your existing knowledge and do some research to figure out what item should exist that isn’t currently being offered. This could even be something you’ve been looking for personally that you haven’t been able to find.”
Janice Akhtar, brand owner of Monice London adds: “There’s so many brands out there, so it’s really important to find your niche and bring something unique to the table whilst still keeping it wearable and commercial. My USP is designing timeless, flattering dresses that accentuate the female figure, knowing your target audience and who you’re designing for is key.”
Source: SilkFred
Identify your demographic
Much like identifying your niche, figuring out who your target demographic is of utmost importance when fleshing out what you want your clothing line to look like, as Emma reveals: “To create a successful fashion brand, you not only need to think about what it is that the market is missing, but also, who will buy this product? Even if your design is beautiful and well-made, if there are no potential customers then it is of little use.”
“Take stock of the clothing you create and think about who will wear this? Where can I see this item being worn? You can also consider the pros and cons of targeting different markets. For instance, young people tend to be trend-led and may be more receptive to influencer marketing, whereas older generations rely more on brand authority and are willing to spend more on well-made pieces. ”
Source: SilkFred
Create a solid business plan
One of the first things you should do when launching a brand is sit down and map out your business plan, which will include branding, timelines and short and long term goals.
Creating a solid business plan can seem like a hard task to embark upon, but as Emma explains, it could be the thing that makes or breaks your business: “Having a proper business plan that you can constantly refer back to is paramount to creating a structured and streamlined business.”
“This is where you can create and decide on key factors – like logo, messaging and brand story. It’s also a place where you can set goals, targets and create realistic achievements. This way you can track your progress and make sure you know where you are in terms of a yearly plan.”
“Organisation tools like Notion have a range of business plan templates which are easy to use and free for single-person use.”
Source: SilkFred
Utilise social media
Unlike traditional ads, setting up an Instagram or TikTok account and showing off your clothing line to millions of potential customers is free. There have been a plethora of brands that started purely by engaging customers on social media, such as Gymshark or up and coming Australian bikini brand Strawberry Milk Mob who use their charming and funny videos from the owner to gain traction online.
It is also a great space to interact with potential and existing customers, which can build brand authority and consumer confidence.
Emma reveals how engaging with users on social media has helped the success of SilkFred: “We use social media as our shop floor, engaging in personal conversations on our Facebook group, bringing shoppers handy fashion tips on Instagram and TikTok and engaging in fun social trends like our ‘Try On Tuesdays’.”
“It’s important to not only use social media as one long ad, you also want to engage with customers and figure out exactly what they need and want to see from you. You can become a hub of tips, tricks and hacks to keep customers engaged and position your brand as an expert in your field.”
Source: SilkFred
Utilise customer feedback
Living in an increasingly data-led world can seem scary, but brand owners can use these useful stats to their advantage by assessing exactly what does and doesn’t work.
However, if you don’t have these sophisticated tools, there are other ways you can engage with your customers as Emma reveals: “When starting a business you might not have the means that bigger brands may have when it comes to collecting data. Instead, you can utilise customer feedback by engaging with them through social media or through follow-up emails.”
“It is important to continually check in with your customers. You can evaluate what it is they want and what they want to see more or less of. This way you can always ensure you are producing items that are right for your customer and aren’t wasting time on products that just don’t work.”
Chanel Barber, owner of inclusive bridal brand Lá Closet De Chánel reveals: “One of the biggest challenges as an online company is to be seen, heard and trusted. It really takes time and patience when you first start out and to realise that nothing is going to happen overnight.”
“These days working with influencers is a great way to get your name out there and to build trust with potential customers. However, when I started influencer marketing hadn’t taken off yet, so for about two years I relied on my customers to send me photos and personal reviews.”
“If you’re an online company, your website and socials are your shop front so this is key to really try and crack this.”
