It is rewarding to start a fashion business, but getting money could be difficult.
Finances are vital for the fashion industry, from purchasing materials to releasing fresh
collections.
The good side? An endorsement from a famous person or a large investor are not a
criteria for launching your business.
In today’s internet economy, when many creatives are just starting out, here are seven ways to
get Funding for your fashion business
1. First Things First: Pre-Orders.
Try taking pre-orders to gauge interest before investing in mass production.
Make some sample pieces or a capsule collection and sell them online. Collect upfront payments
using platforms like Selar or Shopify, then use the money from actual customer interest to
support manufacturing.
What makes it effective: Obtain capital without taking on any debt by confirming demand.
2. Raise Money for Your Collection Through Crowdfunding
Kickstarter, GoFundMe, and Fundanenterprise are just a few of the platforms where you may
present your fashion idea and solicit financial backing from supporters. Incorporate incentives
such as exclusive designs, access to behind-the-scenes activities, or public acknowledgement in
your lookbook.
What makes it effective: Make your campaign pop by using eye-catching images and engaging narrative.
3. Submit a grant application for clothing or art.
Creative entrepreneurs can apply for grants from a number of different organizations. On
occasion, fashion creatives in Africa receive funding from platforms such as the Tony Elumelu
Foundation (TEF), MTN Y’ello Star, and the Creative Enterprise Support Programme of the
British Council.
Steps to take: Always have a brief brand video or pitch deck on hand, and make sure you sign up
for grant opportunity alerts.
(4) Provide Services Relating to the Fashion Industry
Earn some extra money on the side as you establish your business.
Services provided include:
• Virtual consultations
• Personal styling for photo shoots and events
• Alterations to clothing as needed
Without selling your brand, you can use the money you make from services to finance your
ambition.
5. Collaborate with People with Influence or Micro-Investors
Join forces with influential people, fashion designers, or even devoted consumers who share your
vision. In return for early-stage capital, marketing assistance, or production help, offer them a
share of the profits or equity.
An added bonus is that these partners can help increase brand awareness.
6 . Offer Stylish Digital Goods for Sale
There is a rising trend of people making passive income online by selling fashion-related
products such as eBooks, sketch templates, design tutorials, and virtual style instructions.
Gumroad and Paystack Shopfront are two examples of platforms that can help you establish your
brand while monetising your knowledge.
What makes it effective: Cut costs, expand your audience worldwide, and establish yourself as
an expert in the fashion industry.
7. Get Involved with Fashion Incubator or Accelerator Programs
Nest by CcHub, Creative DNA Kenya, and Lagos Fashion Week’s Fashion Focus are just a few
examples of fashion accelerators that offer resources like capital, mentors, and connections to
potential customers.
Fundraising isn’t the only thing these programs do; they also teach you how to establish a solid
foundation for your brand.
Conclusion
You don’t need a miracle to fund your fashion business; what you need is a plan that makes
smart use of your abilities, stories, and platforms.
Take baby steps.
Turn your possessions into cash. Keep track of your travels. Make yourself known. Maintain
your worth.
Seeking guidance on how to organize and earn from your artistic abilities?
Creative Money is a great resource for African creatives looking to make a living doing what
they love. They provide stories of success, financial advice, and tools.
