As I am trying to get the ball rolling on my shit many questions have came up revolving around money and production. I am not trying to knock any brand on here but in all honestly how many of you guys actually turn a profit? And with that profit you get what do you do with it? Invest it all back into brand?I assume by profit, you mean the money you have AFTER all your company bills are paid from with money you earned from sales? If so you do 2 things with the profit- buy yourself stuff you NEED and put the other into savings.
I work part-time at a deli and go to school the other half so my money flow isn't very big and the cost of production for something so basic as a Tee can get up there if you don't have a large order. Plus I have a bunch more other shit I am spending my money on. I am really thinking about selling weed to get some more cash to spend.
Really all I am asking is how do you guys go about spending your money to better your brand?
Here's where my focus is right now and questions that might help you with your current situation:
1. Know your priorities- The little things in life can add up.
- do I need cable? internet? big name cell phone company? netflix? Do i need call of duty:ghosts? do i have to drive my car EVERYDAY? can I buy a bike and use it 3 times a week instead of the car? Do i really need $65 of meat or should i substitute for a hefty salad w/chicken a few nights? is my car insurance worth paying $96? should i refinance this loan? Do I really need $90 sneakers? I can keep going. I hope you see my point.
2. Change your money situation- alot of people are making money off their hobbies
What can you do or get into that will make money?
This is never an easy option. I live in Las Vegas and i cant find a job that I qualify for AND pays $12/hour. I hate my job but it fuels me to keep designing b/c I HATE it. Can you afford to have a 2nd part time job? Maybe pick classes next semester that will let you? What skills do you possess that will allow you to spend little money on supplies?
3. Get a partner- find someone who shares the same vision as you. This isn't easy either b/c I am still looking. And I've come across a lot of designers. A partner can split the work load and costs. If they have a skill they can cut down on paying a screen printer, web designer, etc.
4. Learn new skills- this process is usually slow but very rewarding. You are a college student so you have the chance to intern at companies. Some REQUIRE you to study in the industry your learning. Mom & Pop shops usually don't care. Your free help.
If your in school do not start a company full blown (i.e buy wholesale, pay a screen printer, etc). Instead, make samples of your designs using DIY methods and wear them around town. Go to the club (if your old enough). Find fashion events (if any). Instagram and tweet w/e product you can. www.lookbook.com is a great site for sharing outfits.
You DO NOT have to buy products wholesale to get a CHEAP price. 1/2 the time new companies are buying products from a distributor not a REAL wholesaler. Please look this info up so you know the difference.
Some info here will be beneficial. Read stories from these brands and look at how far they've taken their brand: http://www.skillshare.com/classes/fashion/A-Staple-of-Branding-How-to-Start-Your-Fashion-Company/915436837/projects/14973