When it comes to starting a fashion accessories business, you may find yourself in a place where you have to make some big decisions.
You may be asking yourself:
- What's the first step in establishing my business?
- How much will it cost to start my fashion accessories business?
- How do I price my fashion accessories business?
- How do I market my fashion accessories business?
- ... so much more!
We walk you through all of the steps; from idea → starting → launching → growing → running your business.
The purpose of this guide is to act as an outline for the steps you'll need to take to get your business running successfully!
💡 Introduction To Starting A Fashion Accessories Business
Is Starting A Fashion Accessories Business Right For You?
There are many factors to consider when starting a fashion accessories business.
We put together the main pros and cons for you here:
Pros of starting a fashion accessories business
• Rewarding work
Starting a fashion accessories business can be really rewarding work. After all, you are solving an immediate issue for your customer and you're working on something you truly care about.
• Meaningful business connections
You never know who you will meet as a fashion accessories business. This could be the start of an incredible business opportunity!
• Daily physical activity
Fashion Accessories Business's typically involve a much greater degree of movement than other lines of work. Most days, you will spend your day walking, running errands for your business, and performing a multitude of tasks. This can have a positive impact on energy levels and your overall health.
• Amazing perks and discounts
Working in the fashion accessories business comes with its perks! As a seller for these products/services, you typically also get to enjoy industry perks and discounts.
• You are your own boss!
With starting a fashion accessories business, you are the one to make decisions for almost all of the operations. Calling the shots can be empowering and liberating!
• Local Community
One of the best parts of starting a fashion accessories business is that you can develop a local following by selling your products at craft shows, farmers' markets, or even local storefront businesses! This gives you access to additional revenue streams and loyal customers.
• Higher likelihood of getting referrals
This business is all about referrals, which can be a a very impactful way to attract and retain customers. It's critical that you have a great referral program in place that incentivizes your customers to tell their friends about your product.
• Location is everything!
When operating a physical storefront, the location often speaks for itself and serves as it's very own marketing tool! It's important to choose a location in a high traffic area so you can spark curiosity and get people through your door!
• Face to face interaction
If you are the type of individual that thrives on human interaction, then this is the business for you! With a fashion accessories business, you will be hands-on with customers and or employees every day.
• Simple business model
A fashion accessories business has the advantage of a simple business model, which makes launching and building the business more seamless.
• You get to do something you truly love
With starting a fashion accessories business, you get to put your energy into something you are truly passionate about! You'll find yourself devoting as much time and energy as possible into the business to make it successful.
• Easy to Learn The Business
When starting your fashion accessories business, there is a ton of information readily available to you online (Facebook groups, Youtube videos, Starter Story etc). This will help you get the business started and answer any questions, doubts or concerns you may have.
• Never a dull moment
With starting a fashion accessories business, there is truly never a dull moment. Your job offers a lot of variety and allows you to meet interesting people from all walks of life.
Cons of starting a fashion accessories business
• Crowded Space
Competition is high when it comes to your fashion accessories business, so it's important that you spend a good amount of time analyzing the market and understanding where the demand lies.
• Finding The Right Supplier
Most businesses in this space go the supplier/manufacturer route, which isn't a bad thing! However, finding the right supplier can take a lot of time, energy and trial/error. If done properly, this process can save you months (if not years) of time and energy. More on this below in the "finding a supplier" section.
• Motivation of employees
If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It's important that you're able to offer great incentives and a good work environment for your employees.
• Low margins
The gross margins for your fashion accessories business are typically around 51%, which can make it more challenging to incur new expenses and maintain profitability.
• High employee turnover
In the fashion accessories business, employee turnover is often high, which can be quite costly and time consuming for your business. It's important to try and avoid this as much as possible by offering competitive pay, benefits, and a positive work environment.
As a fashion accessories business, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it.
• High overhead expenses
With starting a fashion accessories business, there are overhead expenses that come with selling a physical product. You will want to make sure you strategically budget for these overhead costs. We discuss this more in the startup costs section below.
• You may need to charge sales tax
If you are selling your products in various states, you may be required to charge sales tax. Although this may not impact your financials specifically, it can be a headache to create a process and procedure for this. To learn more about sales tax, check out this article
• Time commitment
With starting a fashion accessories business, all responsibilities and decisions are in your hands. Although this is not necessarily a negative thing, work life can take over at times. This can place a strain on friends and family and add to the pressure of launching a new business.
• You might struggle financially (at first)!
If you bootstrap your business or choose not to pay yourself (or pay yourself less than you were making at your corporate job), this can be financially taxing. It's important to adjust your lifestyle and set a plan for yourself so you don't find yourself in a stressful situation.
• More of a challenge to run your business from home!
Running your business from the comfort of your own home is a big appeal for many entrepreneurs. With a fashion accessories business, you are more likely to run your business out of your office or storefront space.
- ShopStyle (1.66K Alexa Ranking)
- Nykaa (3.8K Alexa Ranking)
- Emily's Beaded Jewels and Creations (4.59K Alexa Ranking)
- Depop (6.51K Alexa Ranking)
- Touch of Modern (9.6K Alexa Ranking)
- Country Outfitter - Revenue $100K/month
- Kashgar - Revenue $25K/month
- Fifth & Ninth - Revenue $25K/month
- Foxly Handmade - Revenue $6K/month
- Rainier Watch - Revenue $1.99K/month
Let's take a look at the search trends for fashion accessories over the last year:
How To Name Your Fashion Accessories Business
It's important to find a catchy name for your fashion accessories business so that you can stand out in your space.
Here are some general tips to consider when naming your fashion accessories business
- Avoid hard to spell names: you want something easy to remember and easy to spell for your customers
- Conduct a search to see if others in the space have the same name
- Try not to pick a name that limits growth opportunities for your business (ie. if you decide to expand into other product lines)
- As soon as you have an idea (or ideas) of a few names that you love, register the domain name(s) as soon as possible!
Why is naming your fashion accessories business so important?
The name of your business will forever play a role in:
- Your customers first impression
- Your businesses identity
- The power behind the type of customer your brand attracts
- If you're memorable or not
It's important to verify that the domain name is available for your fashion accessories business.
You can search domain availability here:
Find a domain starting at $0.88
powered by Namecheap
Although .com names are the most common and easiest to remember, there are other options if your .com domain name is not available. Depending on your audience, it may not matter as much as you think.
It's also important to thoroughly check if social media handles are available.
As soon as you resonate with a name (or names), secure the domain and SM handles as soon as possible to ensure they don't get taken.
Here's some inspiration for naming your fashion accessories business:
- Magnificent Decoration Trading Co check availability
- Important check availability
- Elaborate Necklace Spot check availability
- Handcrafted Necklace check availability
- StolenJewelry check availability
- Antique check availability
- Fine check availability
- Lechery Accessory check availability
- Necklace Collective check availability
- Cranial Accouterment Place check availability
- The Unique Ornament check availability
- Have Adjuvant Group check availability
- The Simple Clothing check availability
- Adornment Place check availability
- Coherent Dress Spot check availability
- Coral Diamond Co check availability
- Constant Appurtenance Pro check availability
- Integrated check availability
- The Analogous check availability
- The Unique Gold check availability
- Gaudy Diamond Trading Co check availability
- IndianJewelry check availability
- Satisfaction Fashion check availability
- The Interesting check availability
- The Regular check availability
- Approved Manner check availability
- Abundant Appurtenance check availability
- Reaction Fashion check availability
- Appropriate Adjuvant check availability
- Interesting check availability
- PerfectAccessory check availability
- The Parallel Dress check availability
- Adornment Trading Co check availability
- Have Accomplice check availability
- The Contemporary Jewels check availability
- Greek Jewels Spot check availability
- DependentFashion check availability
- Accoutrement Pro check availability
- Mode Collective check availability
- Identical Mode check availability
- Dramatic Garments check availability
- The Abundant Accessary check availability
- Peremptory Accessory check availability
- Rare Jewellery check availability
- Friendly Forma check availability
- Constant Accouterment check availability
- The Convenient check availability
- ParallelFashion check availability
- The Heavy check availability
- Accessary Trading Co check availability
- The Customary Style check availability
- The Rare Auxiliary check availability
- PredictableFashion check availability
- CoherentFashion check availability
- Brewery Jewelry check availability
- FeminineAccessory check availability
- Attractive Adjuvant Co check availability
- Mutiny Jewelry check availability
- PrimitiveFashion check availability
- Roman Forge check availability
- Roman Bling Trading Co check availability
- Bling Place check availability
- Forge Collective check availability
- Only Gemstone Place check availability
- Attraction Fashion check availability
- The Normal Way check availability
- The Optional check availability
- Desirable Auxiliary check availability
- Appropriate Accoutrement check availability
- Latest Manner Pro check availability
- CheapJewelry check availability
- Fake Jeweler Trading Co check availability
- Gold Adornment check availability
- Sole Auxiliary check availability
- Circular Garments Co check availability
- PowerfulAccessory check availability
- The Optical check availability
- Handy check availability
- Indian Couture Co check availability
- Attractive Appurtenances check availability
- Coherent Style check availability
- Minor check availability
- The Usual check availability
- The Elegant Gold check availability
- The Plated check availability
- Fasten Fashion check availability
- The Insignificant check availability
- Appropriate check availability
- Vital Adjuvant Place check availability
- The Desirable check availability
- The Striking check availability
- The Unwitting check availability
- Forge Place check availability
- Accouterment Pro check availability
- Circular Apparel Trading Co check availability
- Smallest Appurtenant Group check availability
- Dresses Group check availability
- Accomplice Pro check availability
- The Rare Necklace check availability
- The Step check availability
- Coordinated Apparel Spot check availability
- Timely Couture Pro check availability
- Massive Gold Spot check availability
- The Massive check availability
- Smallest check availability
- Dress Pro check availability
- Only check availability
- Extrasensory Accessory check availability
- Subsidiary Co check availability
- Continuous Mode Place check availability
- FineJewelry check availability
- Passing Fashion check availability
- Jeweler Pro check availability
- The Leisurely Manner check availability
- WillingAccessory check availability
- PlasticJewelry check availability
- Traditional check availability
- Approved Style Co check availability
- UsualFashion check availability
- NiceAccessory check availability
- Gold Group check availability
- Piecemeal Mode Place check availability
- Necessary Accessary Trading Co check availability
- FabulousJewelry check availability
- InexpensiveAccessory check availability
- Diamond Group check availability
- Stolen Gold check availability
- Mansion Fashion check availability
- The Soluble Ancillary check availability
- Hierarchical check availability
- The Expensive check availability
- TimelyFashion check availability
- Gaudy Bling Group check availability
- The Spinal Appurtenance check availability
- Exquisite Jewellery Co check availability
- SpinalAccessory check availability
- Standard Accessary Pro check availability
- Helpful check availability
- EnglishFashion check availability
- Attractive Jewellery check availability
- Sole check availability
- The Flashy check availability
- Accessary Group check availability
- Ambiguity Jewelry check availability
- Elegant check availability
- AttractiveAccessory check availability
- NiceJewelry check availability
- The Fancy Decoration check availability
- SimilarFashion check availability
- The Exotic Necklace check availability
- Plastic check availability
- OptionalAccessory check availability
- Unwitting check availability
- The Unusual Auxiliary check availability
- The Parallel Garments check availability
- Necessary Ancillary Group check availability
- Facial Adjuvant Place check availability
- Treasury Accessory check availability
- Cranial Accessary Place check availability
Gia Paddock, founder of Boutique Rye explains how they came up with the name of their business:
What took the longest was deciding on a name and our logo; I wanted it to be meaningful, and I cared so much about what people thought.
Looking back, my advice would be to quit thinking about other people. This is my business, and all that matters is if I am happy the name and logo.
A popular national brick & mortar women’s boutique that many may have heard of is called Francesca’s… How original, right? So we came up with Boutique Rye named after our son, Riley. We put "boutique" in front to be a little different.
Now came the logo… Oh man, was this a task. We hired a graphic designer that we went to high school with, and went back and forth with him for about a month and a half. I wanted something that really described my style which is kind of “boho chic” and decided on a dreamcatcher. The dreamcatcher is also what our son’s nursery was decorated in, so it truly felt like a family business.
How To Create A Slogan For Your Fashion Accessories Business:
Slogans are a critical piece of your marketing and advertising strategy.
The role of your slogan is to help your customer understand the benefits of your product/service - so it's important to find a catchy and effective slogan name.
Often times, your slogan can even be more important than the name of your brand.
Here are 6 tips for creating a catchy slogan for your fashion accessories business:
1. Keep it short, simple and avoid difficult words
A great rule of thumb is that your slogan should be under 10 words. This will make it easy for your customer to understand and remember.
2. Tell what you do and focus on what makes you different
There are a few different ways you can incorporate what makes your business special in your slogan:
- Explain the target customer you are catering your services towards
- What problem do you solve?
- How do you make other people, clients, or your employer look good?
- Do you make people more successful? How?
3. Be consistent
Chances are, if you're coming up with a slogan, you may already have your business name, logo, mission, branding etc.
It's important to create a slogan that is consistent with all of the above.
4. Ensure the longevity of your slogan
Times are changing quickly, and so are businesses.
When coming up with your slogan, you may want to consider creating something that is timeless and won't just fade with new trends.
5. Consider your audience
When finding a catchy slogan name, you'll want to make sure that this resonates across your entire audience.
It's possible that your slogan could make complete sense to your audience in Europe, but may not resonate with your US audience.
6. Get feedback!
This is one of the easiest ways to know if your slogan will be perceived well, and a step that a lot of brands drop the ball on.
Ask friends, family, strangers, and most importantly, those that are considered to be in your target market.
Here's some inspiration for coming up with a slogan for your fashion accessories business:
- Praise Accessory.
- The President Buys Jewelry.
- Rate Of The Subsidiary
- Work Hard, Configure Harder
- Australians Wouldn't Give A Accessory For Anything Else.
- Jewelry - One Name. One Legend.
- Beware Of Expensive Fashion.
- See The USA In Your Jewelry.
- Accessory, Let The Good Times Roll.
- Indian Jewelry, We Take Care Of You!
- Only Jewelry, Redefined
- Fashion Chews 'Em Up And Spits 'Em Out.
- I Fall For Fashion.
- Jewelry - It's Like Heaven!
- Make The World A Better Place With Accessory.
- Gold Jeweler, Indian Bling
- Timely Moda, Similar Way
- Antique And Obsolete
- Indispensable Auxiliary, Spinal Supplement
- Lay Of The Dress
- Similar Garment, Latest Apparel
- Wouldn't You Rather Be Fashion?
- Start The Day With Fashion.
- Jewelry-Lickin' Good.
- Orderly Styles Are What We Do
- Santa, All I Want Is Jewelry.
- I Can't Believe It's Not Jewelry.
- Accessory For Your Health.
- Jewelry, Your Family Will Love You.
- Timely Fashion, Let's Get To Work
- The Wonder Has A Name: Fashion.
- Jewelry Is Better Than Chocolate.
- Accessories With Pattern
- Accessory Will Be For You What You Want It To Be.
- Important Adjunct, Mere Auxiliary
- Set Of The Accoutrement
- Fashions With Regression
- Come To Life. Come To Fashion.
- From Disorderly To Lawful
- Style Is What We Do
- Necessary Accessory - A New You
- Let Your Accessory Do The Walking.
- Fashions With Self
- Accessory Is The Buzz.
- Everyone Loves Accessory.
- Live In Your Jewelry, Play In Ours.
- Only And Phony
- Work Hard, Devise Harder
- Auxiliary Is What We Do
- Fashion - Go For The Game.
- Old Jewelry, Satisfaction Guaranteed
- Jewelry Is Your Friend.
- Free Accessory.
- From Noncrucial To Significant
- From Individual To Green
- They're Waffly Fashion.
- Go To Work On A Accessory.
- Way Is What We Do
- From Obligatory To Elective
- Valuable Auxiliary, Essential Supportive
- Work Hard, Supplement Harder
- You Can On A Fashion, Can Do!
- Put Of The Diamond
- Latest Garment, Usual Couture
- Feel It - Jewelry!
- Good To The Last Accessory.
- Fashion To Play It Safe.
- Systematic Lifestyle, Typical Garments
- Be Consistent
- And On The Eighth Day, God Created Fashion.
- Systematic And Metallic
- Poppin' Fresh Accessory.
- Free Fashion.
- Jesus Loves Fashion.
- Nothing Is Faster Than Jewelry.
- I Wish They All Could Be Jewelry Girls.
- Jewelry It's Guaranteed.
- Just Do Fashion.
- Jewelries With Culture
- Think Fashion.
- Accessory - A Safe Place In An Unsafe World!
- I Love Fashion.
- Jewelry - The Revolution.
- Kit Out Is What We Do
- Buy Accessory Now!
- Optional Accessory, Better Results
- Jewelry Strikes Back.
- Linear Fashion, Better Results
- A Fashion A Day Helps You Work, Rest And Play.
- Dial Down The Fashion.
- Central Heating For Jewelry.
- Trinketry Is What We Do
- The Original Fashion.
- Fashion It's A Kind Of Magic.
- Free Accessory For All.
- Base Of The Adornment
- Work Hard, Bling Harder
- Jewelry, You Know You Want It.
- Associated Is What We Do
- Only The Crumbliest Flakiest Jewelry.
- Budee Budee, That's All Accessory.
- Get Busy With The Fashion.
- Fashion Can Do.
- Optional Accessory, We Are Here
- Put Of The Adjunct
- Indispensable Accessory, We're Commiitted
The Brick & Mortar Business Model
When deciding whether or not to start a fashion accessories business, it's important to first decide what type of business model you want (brick and mortar, eCommerce, or both)!
Here are a few things to keep in mind when considering a Brick & Mortar store:
If you do plan to open a physical store, it's important that you find a spot in a high-traffic area. This is a great way to gain exposure for your business and also get new customers.
It's also important to consider the higher costs associated with operating a physical store (ie - employees, rent, utilities, etc) and the long days/hours associated with running a store.
The main benefit, however, is that customers love being able to see products in person. It's important to recognize that although some people enjoy shopping online, there will always be the shopper persona that likes to touch, feel, and see the product they're buying.
🎬 How To Start A Fashion Accessories Business
How Much Does It Cost To Start A Fashion Accessories Business
If you are planning to start a fashion accessories business, the costs are relatively low. This, of course, depends on if you decide to start the business with lean expenses or bringing in a large team and spending more money.
We’ve outlined two common scenarios for “pre-opening” costs of starting a fashion accessories business and outline the costs you should expect for each:
- The estimated minimum starting cost = $12
- The estimated maximum starting cost = $37,876
|Startup Expenses: Average expenses incurred when starting a fashion accessories business.||Min Startup Costs: You plan to execute on your own. You’re able to work from home with minimal costs.||Max Startup Costs: You have started with 1+ other team members.|
|Equipment & Supply Expenses|
|Cleaning Supplies: Cleaning supplies are essential products we used daily at home and in almost all places worldwide. These items are used to effectively and safely remove dirt and germs to control allergens and prevent the spreading of contagious diseases, helping us stay healthy.||$63||$200|
|First-aid Equipment: First-aid kits can be bought as a set if not gathered one by one. These are vital in all places of work, homes, and even in cars, especially when you plan to travel or go camping. So, to protect your workers, clients, and kinsfolks, you must always keep a well-stocked first-aid kit handy.||$3||$500|
|Uniforms: In this business, it's common to wear uniforms. The cost will depend on the number of employees you have and the quality of uniform you buy.||$0||$500|
|Total Equipment & Supply Expenses||$66 (min)||$1,200 (max)|
|Retail Business Expenses|
|Shop Decor: If you plan to operate a physical store, you may want to consider decorating the place with wall decor, furniture, plants etc.||$0||$5,000|
|Utilities (storefront business): This refers to the cost of monthly utilities for your storefront location, which is typically based on a per-square-footage rate.||$0||$1,000|
|Building improvements and remodeling: If you plan to operate a physical location, you may find yourself dealing with building improvements and remodeling costs. Even if these costs are minimal, this is something to consider when renting/buying a physical location.||$0||$950|
|Storefront Property Rent: This refers to the storefront space you rent or buy for your business. The cost depends largely on the city and the size of the space. Keep in mind that other costs may be involved with your base rent and your lease will define additional expenses you are responsible for.||$1,250||$3,500|
|POS System: Gone are the days of cash registers! Many businesses now use point-of-sale systems for their checkout needs and to track sales and inventory. Here is a list of the best POS systems for small businesses!||$0||$1,200|
|Total Retail Business Expenses||$1,250 (min)||$11,650 (max)|
|Upfront Costs For Inventory: This includes all upfront inventory you will need in order to launch. Be sure to compare prices of wholesalers to ensure you're getting the best deal and margins remain high.||$300||$5,000|
|Inventory Storage: If you decide to have a physical space for your fashion accessories business, whether it be used for inventory or as a showroom, you may have monthly rent payment or a large down payment associated with renting/buying the space.||$0||$5,000|
|Package Design: Packaging refers to wrapping and protecting products during distribution, shipping, and sales.Your package design is your customer's first impression of your brand, so it's important you spend some time and energy to get this right from the start.Many businesses design their own packages using design software and tools. There is always the option to outsource this to a design expert, but that route tends to be much more expensive.||$50||$3,000|
|Shrinkage: Shrinkage refers to the loss of inventory at any point between the purchase from your supplier and the purchase by your customer. Although you will try to avoid this at all costs, this does happen sometimes (especially in the learning stages of your business), and it's important to plan ahead financially in case this happens. Fortune states that retail shrinkage costs U.S. retailers approximately 1.4 percent of their total sales.||$0||$1,000|
|Distribution costs: Depending on what distribution plan you choose, expenses such as renting vans, hiring delivery drivers and gas costs can add up. If you are looking to save money upfront, you may want to consider conducting distribution on your own.||$0||$750|
|Total Inventory Expenses||$350 (min)||$14,750 (max)|
|Advertising & Marketing Costs|
|Business Cards: A fashion accessories business involves quite a bit of customer interaction, whether that is attending tradeshows, sales calls or simply having face to face interaction with prospective clients. Business cards are a great way to stay front of mind with your clients.||$0||$50|
|Tradeshow costs: With a fashion accessories business, attending tradeshows is very common. If you have a booth set up at a tradeshow, the cost on average is around $100-$150 per square foot. In addition to the booth fees, you should also budget for giveaway swag, WiFi/electricity, and other promotional items.||$0||$5,000|
|Networking Membership Fees: Joining local networking groups or your chamber of commerce is a traditional yet effective way to promote your fashion accessories business - but these fees add up! It's important to choose the right group(s) that align with your business and help with growth.||$0||$250|
|Business Signage: Business signs let people know they're in the right place and are one of the first impressions your customer will have of your business.The cost for signage depends on a variety of elements:- material- size- number of colors- durability- installation and laborThere are plenty of design tools and software to create your own signs, or you can hire a sign business to do this for you.||$75||$2,486|
|Direct Campaigns, Printing and Mailing: Although it may sound old-school, traditional marketing methods can be a cost-effective way to drive awareness for your brand. This includes flyers, postcards, sales letters, coupons, special offers, catalogs and brochures.||$0||$300|
|Influencer Marketing: Partnering with like-minded influencers is one of the most effective ways to grow your social media presence. Many small businesses simply gift a free item in exchange for an influencer post, or pay the influencer directly.||$0||$750|
|Press: If your business and story is unique enough, press and media attention may come to you, but odds are, you may need to do your own outreach and budget for this. We put together a guide here that discusses different press opportunities (both free and paid).||$0||$500|
|Google Ads: With Google Ads you have the ability to control how much you spend by simply setting a monthly budget cap. Additionally, with these ads you only pay for results, such as clicks to your website or phone calls! It's okay to start with a small budget at first and make changes accordingly if you see valuable returns.||$0||$300|
|Total Advertising & Marketing Costs||$75 (min)||$9,636 (max)|
|Email marketing tool: If you plan to grow your email list and email marketing efforts, you may want to consider investing in an email marketing platform (ie. Klaviyo, MailChimp). We put together a detailed guide on all of the email marketing tools out there + the pricing models for each one here.||$0||$100|
|Accounting & Invoicing Software: It's important to have an accounting system and process in place to manage financials, reporting, planning and tax preparation. Here are the 30 best accounting tools for small businesses.||$0||$50|
|Project Management Software: You may want to consider using a project management and collaboration tool to organize your day-to-day. This can also be very beneficial if you have a larger team and want to keep track of everyones tasks and productivity. For a full list of project management tools, check out this full list here.||$0||$25|
|Social Media Management Tools: If you plan to do social media marketing for your fashion accessories business, you should consider investing in a social media automation or publishing tool. This will save you time and allow you to track performance and engagement for your posts. Here is a list of 28 best social media tools for your small business.||$0||$50|
|Payroll Software: The main purpose of payroll software is to help you pay your team and track each of those payments (so that you don't have to do it manually). If you do not have any employees or have a very small team, payroll software may not be necessary at this stage. Here are the 11 best payroll tools for small businesses!||$0||$200|
|Total Software Expenses||$0 (min)||$425 (max)|
|Domain Name: Your domain name is the URL and name of your website - this is how internet users find you and your website.Domain names are extremely important and should match your company name and brand. This makes it easier for customers to remember you and return to your website.||$12||$200|
|Business Email Hosting Service: An email hosting runs a dedicated email server. Once you have your domain name, you can set up email accounts for each user on your team. The most common email hosts are G Suite and Microsoft 365 Suite. The number of email accounts you set up will determine the monthly cost breakdown.||$1||$15|
|Total Website Costs||$13 (min)||$215 (max)|
|Total Starting Costs||$12 (min)||$37,876 (max)|
Emily Casseday, founder of Blush Boutique Co describes how she was able to stay under $10K to get off the ground:
Because we were starting small, we didn’t have a lot of overhead. One of the biggest downfalls of starting a business is having too much to carry without a lot of income, which is why we decided to start in my basement instead of fully going brick and mortar.
We wanted to test the waters first to see if we had a viable business for our community. In order to finance the beginning of our shop, we used some savings and one credit card. Our goal was to never outspend what we made, so we started with a limit of $10,000 on the card and paid it off as we went. That first year, we didn’t take a paycheck so that we could completely get out of debt.
Raising Money For Your Fashion Accessories Business
Here are the most common ways to raise money for your fashion accessories business:
You may not need funding for your fashion accessories business.
In fact, many entrepreneurs take this approach when starting their own business, whether they have a little amount of cash or a substantial amount to get started.
So what exactly does the term "bootstrapping" mean?
This method essentially refers to self-funding your businesswithout external help or capital and reinvesting your earnings back into the business**
Bootstrapping means building your company from the ground up with your own, or your loved ones, personal savings and reinvesting all earnings back into the business
Here are some tips to consider when bootstrapping your business:
- Use your savings as your capital - one of the best ways to bootstrap your business is to collect your savings and use them as startup capital. This will also help you avoid using your personal or business credit cards when getting started.
- Determine exactly how much capital you need and how much capital you have to get your business off the ground. Generally, when bootstrapping your business, you may want to consider starting a business that involves less startup capital.
- Consider starting a business that will generate immediate returns so you can put money back into the business
- Be as lean as possible - this refers to cutting down expenses as much as possible, such as payroll, fancy software tools, unnecessary travel, renting an office, etc
- Consider outsourcing instead of hiring - in the beginning, you may not need to hire someone permanently to help run your business. It tends to be much less expensive to outsource work to a freelancer and hire someone permanently down the road!
Want to learn more about bootstrapping your business? Check out this article
VC funding is a traditional and long process, but an effective way to raise money for your business.
The term "VC funding" refers to venture capital firms investing in businesses in exchange for equity.
The VC's (venture capitalists) are an individual or small group investing in your business and typically require substantial ownership of the business, with the hope of seeing a return on their investment.
VC's are typically the best approach for businesses with high startup costs - where it would be very difficult to raise the money on your own or through a loan.
When deciding whether to take this approach, it's important that you have a few things in place first, and know what you're getting yourself into:
Determine if your business is ready
Having an idea is not enough to get VC funding.
Typically, VC's will check to make sure you have these things in place prior to closing any deal:
- An MVP (Minimal Viable Product)
- A founding team with all proper documents in place (articles of organization, business formation)
- A validated idea with actual customers buying your product/service
Get everything in place and build a pitch deck
A VC individual or firm will be expecting a fine-tuned presentation that gives an overview of your business.
Here's what you should consider including in your pitch deck:
- Management team, their previous experience + current roles in the business
- Market challenge and solution
- Company financials - including a P&L statement, cash flow statement, and projections
- Company progress
- Investment amount - how much do you need and why?
Research the right VC to fund your business
Research the types of VC investors out there and what niche they focus on.
Then, put together a list of target VC's you want to approach and your strategy around setting up meetings.
Be sure you have everything in place (as discussed above) before setting up any meeting!
Make sure the terms and expectations are right for your business
Committing to VC funding is a big deal and a decision that should not be made lightly.
Although the money and experience from VC's can help your business quickly grow, you are also giving away a stake in the company, and the money comes with strings attached.
Be sure you do your due diligence in finding the right investor - one that truly believes in the growth and success of your business.
What Skills Do I Need To Succeed In Starting A Fashion Accessories Business?
As a fashion accessories business, there are several essential skills and characteristics that are important to identify prior to starting your business.
Let’s look at these skills in more detail so you can identify what you need to succeed in your day-to-day business operations:
Self Motivation Skills
Self motivation and discipline skills are critical in order to become successful in this field.
It's likely that you will find yourself starting and running your fashion accessories business from home, which could mean there are more distractions for you.
Here are the basic skills needed for self motivation & discipline:
- Becoming a self starter: It's important that you are capable of independently completing a task without the help or direction of anyone else
- Listening and following directions: When you are given direction by others, it's critical that you are able to follow directions and ask the right questions in order to get your job done
- Taking the initiative in problem solving: Instead of taking the easy route, you'll need to learn to troubleshoot issues on your own as much as possible.
Customer Service Skills
Friendly communication with customers and the ability to address service issues is a critical part of the job.
Here are some customer service skills you may want to consider prior to starting a fashion accessories business:
- Professionalism: The way you act, present yourself, and respond to situations all leave an impression on your customer. It's important to stay professional at all times when handling customer requests or issues.
- Problem-solving: When issues arise, it's important that you are able to think quick on your feet and address the situation with a calm and clear solution
- Friendly-manner: This is an obvious one, but customers truly appreciate someone that can respond in a quick, efficient, and friendly manner.
- Proficient in writing: These skills include the ability to write well-crafted emails, service tickets, and any other programs used by the business (ie. chat functions, SMS texting)
Business Savvy Skills
When starting a fashion accessories business, there are a few fundamental business skills you will want to learn in order to be successful:
- Leadership and training skills: A great team starts with YOU. Make sure you have all company policies and training procedures in place prior to hiring your team
- Decisive and self-confident: Over the course of your career, you will need decisions that could impact your business significantly. It's important you are able to think clearly and rationally about these decisions.
- Ability to understand the financials: You don't need to be an accountant, but it is important that you are able to clearly understand and define metrics such as expenses, revenue, profit, margins, COGS, etc.
- Strategic Thinking: Setting clear goals and benchmarks, identifying opportunities, risks. Ability to effectively communicate these insights to your team.
These are a few of many business savvy skills you should have (or work on) when starting a fashion accessories business.
For a full list, check out this article here.
Advice For Starting A Fashion Accessories Business
We've interviewed thousands of successful founders at Starter Story and asked what advice they would give to entrepreneurs who are just getting started.
Here's the best advice we discovered for starting a fashion accessories business:
Jordan Wilkes, founder of Stride ($/month):
The motivation must be a career that inspires YOU to wake up every day and empowers YOU to live the life that YOU want to live.
Read the full interview ➜
Jen Fox, founder of Foxly Handmade ($6K/month):
It's easy to fall down the rabbit hole and get distracted by shiny things. I did that for years before I realized I needed to simplify! Simplifying and focusing my business has also made it easier for me to say no to opportunities that don't align.
Read the full interview ➜
Linda Heaphy, founder of Kashgar ($25K/month):
Our stock demands touching. People like to pick up our pieces and examine them, feel them in their hands, weigh them up, spend time becoming attached.
Read the full interview ➜
Mark Mesrobian, founder of Fifth & Ninth ($25K/month):
Perfection is a productivity killer, especially with a website.
Read the full interview ➜
Emily T., founder of Emily's Beaded Jewels and Creations ($/month):
A good entrepreneur needs to be able to understand that there will be hard times. Maybe you have hit a giant bump in the road. You must remember it will get better.
Read the full interview ➜
Jen Fox, founder of Foxly Handmade ($6K/month):
Hiring someone to sew has freed up my time to work on new products, marketing, and let's be honest - relaxing. At first, it pained me to pay someone else to do a job I was capable of doing.
Read the full interview ➜
David Lindahl, founder of Rainier Watch ($1.99K/month):
The power and reach of social media, if used well and invested into, is pretty powerful.
Read the full interview ➜
Write a Business Plan
Writing a business plan from the start is critical for the success of your fashion accessories business.
Because this allows you to roadmap exactly what you do, what your overall structure will look like, and where you want to be in the future.
For many entrepreneurs, writing out the business plan helps validate their idea and decide whether or not they should move forward with starting the business.
You may want to consider expanding upon these sections in your business plan:
- Executive Summary: Brief outline of your product, the market, and growth opportunities
- Overviews and Objectives: Overview of your business, target customers, and what you need to run your business
- Products and Services: Specifics on the products and services your business will provide
- Market Opportunities: Analysis of customer demographics, buyer habits and if your product is in demand
- Marketing: Outline of your marketing plan and how you plan to differentiate yourself from other customers
- Competitive analysis: Analysis of your competition and the strengths and weaknesses therein
- Operations: Hierarchal structure of the company and what it will take to run the business on the day-to-day
- Leadership Team: Detailing roles and responsibilities of each manager based on their specific skill-set
- Financial Analysis Understanding of all expenses, operating budgets, and projections for the future.
Learn more about how to write a business plan here
Determine Which Business Bank Account You Need
There are hundreds of banks out there, and it can be overwhelming to find one that's right for your business.
Here are some factors you may want to consider:
- Location - Is your bank close enough that you can easily make deposits or get cash?
- Low Fees - Make sure to understand any and all fees associated with setting up and maintaining your bank account. Ask for a list - banks usually try to keep this hidden and in the fine print.
- Online Banking Services - Make sure you can easily navigate through your online portal and you have easy access to everything you need.
- Line of Credit - What do your options look like (even if you don't need this now, you may need this down the road).
- Every bank has something that differentiates them from the rest, so make sure whatever that is applied to your needs and values.
Check out this list of the 13 Best Banks for Small Business in 2020 and what makes them so unique.
Setting Up Your Fashion Accessories Business (Formation and Legal)
When it comes to setting up your business, you may find yourself in a place where you have to make some financial and legal decisions.
The first thing you'll want to decide on is whether you want to be an LLC, S-Corp, or C-Corp.
These three options are found to be the most common when starting a small business, and all serve to protect your personal assets and also provide you with certain tax benefits.
- LLC: All income and expenses from the business are reported on the LLC personal income tax return.
- S corp: Owners pay themselves salaries + receive dividends from profits.
- C Corp: C Corps are separately taxable entities that file a corporate tax return (Form 1120). No income tax is paid at the corporate level and any tax due is paid at the owners individual expense.
Depending on where you're conducting business, you'll also want to consider securing the proper permits, licenses and liability insurance.
Need to start an LLC? Create an LLC in minutes with ZenBusiness.
How Do I Pay Myself As A Small Business Owner?
Most entrepreneurs start a business to do something they love- but at the end of the day, you still have bills to pay (maybe now more than ever).
But it's important to strike the right balance - if you pay yourself too much, you could be putting your business at risk.
There are two common ways to pay yourself as a business owner:
1. Owner's Draw
Many entrepreneurs pay themselves through an owner's draw. This means that you are technically sean as "self-employed" through the eyes of the IRS and are not paid through regular wages.
At the point that you collect money from the draw, taxes typically are not taken out - so make sure you are prepared to pay these taxes once you file your individual return.
As an owner who takes a draw, you can legally take out as much as you want from your equity.
This type of compensation is suited for Sole props, LLCs, and partnerships. If you’re an S corp, you can pay yourself through both a salary and draw if you choose.
If you decide to pay yourself a salary, you will receive a set and recurring amount. This will be taxed by the federal government and the state you reside in.
The reality is that it can be really complicated to set your own salary, so we have some tips for you to consider:
- Take out a reasonable amount that allows you to live comfortably but also sets your business up for success
- Consider the number of hours you are working weekly + the type of duties you are performing.
- Set your salary based on your industry-standard, location, and profits (or projected profits)
- Look at your P&L statement: Deduct your own pay from that amount. This is important so you can first tackle important business expenses, and then pay yourself from the amount leftover.
- Pick a payroll schedule (and stick to it)! In the US, it's most common to pay yourself and employees twice a month.
To learn more about how to pay yourself and what is a reasonable amount, check out this article.
How To Price Your Fashion Accessories
One of the most challenging aspects to starting a fashion accessories business is determining how much to charge for your fashion accessories.
When businesses under-price their product, this can be extremely detrimental to their bottom line and reputation.
Often times, businesses under-price their products to drive demand and volume, but that last thing you want is for customers to view your product/service as "cheap." Additionally, this can have a big impact on the type of customer you attract, which can be difficult to recover from.
On the other hand, when businesses over-price, this tends to be just as damaging to the business.
When customers buy, it's likely that they will explore the internet and look at other competitors to ensure they're getting the best value + deal. This is why it's so important that you research your competition and understand where you land in the marketplace.
Here are some factors to consider when pricing your product:
Understand your customer
It's important that out of the gates, you identify the type of customer you want to attract and how much they're willing to pay for your service. One great way to do this is by surveying your customers. Here are some important items you'll want to takeaway:
- Customer demographic: Age, gender, location, etc.
- Buying habits of your customer: What they buy + when they buy
- Level of price sensitivity with your customer
All of these segments will help you identify the type of customer you're attracting and how to price your product accordingly.
Understand your costs
When pricing your fashion accessories, it's critical that you first identify all of your costs and consequently mark up your fashion accessories so you can factor in a profit.
The actual cost of your fashion accessories may include things like:
- The actual cost to make the product (ie. raw materials, supplies, manufacturer).
- Shipping + overhead fees
- Operating costs to run your business
You may want to consider creating a spreadsheet with every single expense involved in operating/owning your business. This will give you an idea as to what you need to generate in order to at the very least, break-even and will help you price your products to factor in a profit.
Create revenue goals
When determining the price of your fashion accessories, you'll want to create goals for revenue + how much profit you want your fashion accessories business to make.
This process is simpler than you may think:
- Think about your breakeven cost (by completing the above step).
- Create a revenue goal based on your break-even cost
- Evaluate the # of items you plan to sell in a given period (make sure this is a realistic number)
- Divide your revenue goal by the number of items you plan to sell
This figure will help determine your estimated price per product in order to meet your revenue goals.
Evaluate your competition
The last piece in determining how to price your fashion accessories is by simply looking at your competition.
The best way to do this is by finding like-minded businesses that offer product(s) with similar perceived value. Then, you can compare prices of the different businesses and determine where your fashion accessories fits best in the marketplace.
All of these factors play an equal part in pricing your fashion accessories, so it's important you evaluate each one individually to come up with an accurate price that will help optimize your business from the start.
Understanding Your Costs
Example from Ishan, founder of Ugly Duckling
First objective: profitability
Our profitability is OK at this point but definitely not where it should be yet. To this day I have not paid myself a regular salary yet...and it’s been 4 years!
The problem is not the cost of goods which are well under 20% of sales, which is good by any standard. The problem is fulfillment costs. In 2018 we transitioned from our first fulfillment company to a much bigger company. We did this because we wanted to provide faster shipment speeds and a better quality of packaging. In hindsight, we chose a company which would have been more suitable for a larger company with bigger volumes. We ended up being tied in with some pretty large minimum monthly payments. So currently fulfillment costs are currently around 45% of sales...way too high.
We are now looking to transit to another fulfillment center. Our target is to get our fulfillment costs down to around 30% of sales which I believe from what I have researched, is possible.
Just to be clear, when I say fulfillment that includes transportation costs also - FedEx, USPS, etc. Not just storage, picking, and packing. I am pretty sure that it is possible to get fulfillment costs down even lower, and I suspect that some large pro sellers on amazon.com work with around 20-25% of sales.
So our target P+L for 2020 looks something like this:
- Cost of goods, including inbound freight and clearance - around 22% of sales.
- Fulfillment - around 30% of sales.
- Digital Advertising & Promotion - around 15% of sales.
- Other marketing and office costs, including salary costs - around 10% of sales.
- That would leave us around 23% of sales - enough to pay me a liveable salary and for the company to make a profit and finance future growth.
That's the first objective for 2020: to right-size the P+L so that we are profitable at our current sales level
Gross Margin Calculator: How to Calculate The Gross Margin For Your Fashion Accessories
Our calculator is designed to be simple and easy to use.
The goal is to help you set realistic expectations and understand what is considered a healthy gross margin for your fashion accessories business.
What Type Of Customers Will Buy Your Fashion Accessories
It's important to first establish who you will be selling to, whether it's to businesses or consumers.
Typically, in this industry, products are sold to B2C markets (business-to-consumer).
Let's take a look at what this means for your fashion accessories business:
B2C (or business to consumer) is a transaction where businesses sell their products or services to the consumer directly.
In this market, consumer behavior is the primary driver for your business decisions - so it's important that you truly identify who your customer is, and what their buyer habits are when building your product/service.
B2C is that you are able to cast a very wide net when targeting your customers. Your product may interest a large number of consumers or a specific niche.
B2C is that consumers hold all the power - so if your website is not the most user friendly, or does not rank in the top search results on Google, chances are, your customer is going to shop elsewhere.
When building your fashion accessories business, it's critical that you hone in on who your target audience is, and why they need your product over your competition.
Here are some items to consider when identifying your buyer persona:
Design A Prototype
Turning your idea into a reality can feel like a daunting task - but it's critical that you have an idea of what your product will look like (even if it's just a sketch) prior to finding a manufacturer.
Here are some common ways you can design your prototype:
- Draw Your Initial Design on Paper
- Form pieces of fabric together
- Consider Taking A Generic Product And Putting Your Own Brand On It
- Try Making the Product Yourself
- Consider Building A Prototype With A 3D Printer
To learn more about how to design and prototype a product, check out our latest guide here.
Jen Fox, founder of Foxly Handmade dives deep into the process of designing and prototyping their product:
I'm lucky to have a strong background in sewing, and I manufacture all of my products myself in my home studio. I'm primarily self-taught, and when I was in college I started a sewing pattern business for home crafters. Years of sewing and designing patterns for handbags made this next phase of selling physical ready-made bags a natural step for me.
My background as an interior designer also taught me valuable project management skills. I think in 3D naturally, and I envision a final product in tandem with all of the steps it will take to get there.
I always try to remember that my first idea usually is not my best! It takes time and trial and error for the truly great ideas to emerge.
Developing a new product is quite similar to an interior design project, in a way - I create a timeline for myself, allowing much more time than I think I need for all of the details of the manufacturing process. Spreadsheets are crucial for documenting quantities, sources, and figuring out costs. I pay my artists commission on every sale, and I keep track of these figures within my spreadsheets as well. I document my steps meticulously so I don't have to start from scratch every time I sit down at the sewing machine or the computer.
From the beginning, I kept track of every minute I spent sewing and handling a product. That time is accounted for in my spreadsheets so that I can pay myself for it. For someone who hand makes goods, it's easy to fall into the trap of not paying yourself appropriately for your time, and I was determined to factor in a reasonable hourly rate commensurate with the type of work I was performing.
I also document my process with the eventual goal of handing off production to someone else, but right now as I am still refining and tweaking, I really enjoy having full control over my product from start to finish. For now, the volume is manageable on my own, but I hope to need help in the future!
As for some behind the scenes logistics, when I narrowed down my product line to focus solely on the zipper pouches, I worked with a lawyer to help me draft an Artist Agreement to use with the artists I partner with to create the artwork that's on the pouches. This written agreement has been invaluable as I begin to approach more established artists and ensures we have a mutual understanding of how their artwork will be used and how they will be compensated.
How To Find A Supplier For Your Fashion Accessories Business
Here are the steps to consider when finding a supplier/manufacturer:
Know your design
One very critical step to finding the right supplier is having an initial idea of what your design/product will look like.
Sketching is one of the most simple ways to get started in the design phase.
What's great about sketching is that you can practically do this anytime, anywhere - even on the back of a napkin.
To get started, all you need to do is pick up a pen and paper and start drawing - or if you are working on a virtual/software product this can be a diagram that outlines the user interface or experience.
Decide your supplier type
You'll want to identify the type of supplier you are looking for.
Here are some questions you may want to ask yourself prior to searching for a supplier
- Are you looking for a manufacturer to produce your product idea?
- Do you want to find a supplier that can simply purchase existing products for you?
- Do you want a drop-shipper to supply and fulfill orders?
- Do you want a domestic supplier or an overseas supplier? Read more about the pros and cons of each here
Where to start your search
Once you have an understanding of what type of manufacturer/supplier will be best to bring your idea to life, there are several areas you can start your search:
Manufacturing Your Product In House
It's also very common to manufacture your fashion accessories on your own - either from your home or in a commercial space.
In order to get the product right, you may want to consider experimenting with different designs and recipes until you find the perfect one.
Some founders choose to manufacture their product in-house so that they can control quality, manage costs, and easily handle production/logistics.
Down the road, you can always choose to outsource your fashion accessories.
Leslie Eisen, founder of AlmondClear discusses how to manufacture products in house
If you want to start a line of unique products, then you have two basic options: you can make them yourself, or you can find a manufacturer to work with that creates custom formulations for their clients.
I knew that I was trying to build a larger-scale business and that the home-made model wasn’t right for me, so I had to find the right manufacturing partner. It took a lot of research, phone calls, and emails before I found the laboratory that met my needs.
I wanted to create unique products (as opposed to private label), so I worked with the manufacturer’s chemist who specializes in skin care formulations. This process takes some time!
First, you have to tell the chemist what kind of product you’re looking for, the ingredients that you want to include or leave out, and what you want the final product to look like/feel like/smell like, etc.
Then, the manufacturer sends you the first sample, you try it out or give it to others to try, and then provide feedback for revisions. In my case, the first two products came together fairly easily because I only needed to make small changes to stock formulations.
There are many, many rules and regulations around cosmetics and skin care products. If you want to sell products that contain FDA regulated ingredients then you have to register and get a permit.
My products aren’t FDA regulated, so I didn’t have to go through this step, but I did have to be aware of the many guidelines and standards around labeling and safety warnings. Some people hire a lawyer to help them through this process, but my manufacturer was able to guide me through the regulatory process.
The entire process, from researching labs to work with to having the first finished products shipped out to me, took around six months.
Purchasing Inventory For Your Fashion Accessories Business
When first starting out, it's important to start small with your overhead to get a gauge for what people want.
Just remember - if you order a line of items that don't sell, it's nearly impossible to recoup the money lost.
Buying the right inventory takes research and planning in order to get it right.
- Identify your target audience: Identify the age, gender, annual income that you will be selling to. This is a defining factor in ordering the right inventory that will sell.
- Research your competition: Conduct market research and identify the different types of styles, price points, and materials being used. This will help you see what's trending and ways that you can improve/stay ahead of the competition.
- Create an inventory wishlist: Identify what you need for the launch of your business and create a budget that you will stay within. Remember, it's okay to start small.
- Find a supplier Make sure to first compare prices and analyze different options.
- Delivery timing: Schedule the inventory delivery to match with seasonality and trending buying seasons
Pro-tip: It's easy to become biased based on your own fashion preferences on what types of shoes/apparel to purchase. This is where a lot of fashion businesses go wrong. It's important to base purchase decisions on current buyer behavior, trends in the market, and specific to your niche.
Erin Hooley, founder of Bailey's Blossoms tells us how poor inventory projections led her to lose over $2M
When we first launched Peyton Bre we did so in a social or direct sales model.
Through poor inventory projections we were forced to change models but only after losing $2 million dollars.
It was a devastating time for us and one we were not sure we could survive.
I have since become very intentional about the way that we project our inventory needs and we continue to refine that quarterly and even monthly. We have created a KPI for the cost of goods sold to help us hold ourselves accountable.
Ultimately, the better we manage our inventory the less we have need to discount and the healthier our profit margin becomes.
This is, of course, a very high-level overview of the importance of inventory control.
To see the full breakdown on how to manage inventory, check out my guide over on my blog..
🚀 How To Launch Your Fashion Accessories Business
Build A Website
Building a website is imperative when launching your business, and with the right tools in place, this can be a simple task to check off the list (without having to hire someone).
- Pick a domain name that's easy to remember and easy to type
- Choose a Web Hosting Plan (ie. Shopify, Squarespace)
- Make sure you choose the right theme and design
- Implement the proper page structure (ie. about page, contact page, pricing etc)
To learn more about how to build a stellar website with little stress, we give you all the details on this step-by-step guide.
Once you have chosen the domain, web hosting, and platform, it's time to get started with the design phase.
Themes are a great way to produce the fundamental style and identity of your website - this includes everything from your font design to your blog post styles.
One of the best ways to get started is to simply explore the various themes (free or paid depending on what you're looking for) and test them on your site.
If web-design really isn't in the cards for you, you may want to consider outsourcing a web designer to help bring your vision and brand to life.
Launch Strategies For Your Fashion Accessories Business
There are various different ways you can launch your fashion accessories business successfully.
Here are a few different strategies to get customers excited about your fashion accessories business.
- Build hype with a landing page: you can effectively do this through waiting lists, discounts, countdown timer etc
- Create a teaser video: even just a 30 second video is a great way to exposure for your fashion accessories business, and possibly even go viral
- Reach out to influencers: The right influencer for your product has the ability to reach your audience with just one post, and because of their loyal following, this could lead to a big return for you.
- Get Press: Whether you plan a PR stunt or get exposure through a popular news outlet, this is a great way to attract initial customers
- Launch on popular sites: A great way to get buzz about your fashion accessories business is to submit your launch to popular startup sites.
Here are a few popular sites to launch on:
Learn more about how to launch your business successfully ➜ here
David Lindahl, founder of Rainier Watch dives deep into the process of launching the business:
The first real launch of the RW Shop was in 2018. Leading up to it I tested product fit by selling some stickers and a few other items via Gumroad and then for a few short months Big Cartel. The Big Cartel site:
After realizing there was a market fit with customers, I began to research more custom options web solutions. I thought about using sites like Etsy but I wanted to own the experience and the full customer journey, so I narrowed it down to Shopify and WooCommerce (WC). (This debate of WC vs Shopify has been something I’ve struggled with for years- it’s about control versus offloading aspects to a service).
I decided to go with WC because I would have more access to the codebase and thus it gave me more refined control. Oh and the biggest reason at that time was cost, hosting a small WC shop on a DigitalOcean droplet would cost around $10 a month versus the $30 for the basic Shopify tier. Being RW was a side hustle that was largely untested, I tried to (and still do) minimize overhead, especially fixed costs, as much as possible.
Product-wise I launched with stickers and a few apparel items like shirts. After doing a lot of research into that realm I settled on drop shipping the shirts via Printful. However, I wanted to use high-quality shirts and make them very brand-specific by including a custom label on the inside of the neck.
To do this with local print shops I needed more capital than I started with, often the minimums for that are 100 shirts, which can run over $1,000 with the high-quality shirt blanks I use.
Website-wise, I came up with a list of requirements and user experience features I wanted and then I dug into the wide world of WC themes. I didn’t have the expertise or time to completely build my own so I used a theme as a launching point for the site. I was pretty excited when I found the free theme I am using because it had a lot of important things included like accessibility features, optimized performance, and it was free! It seemed like I found a diamond in the rough and I’m pretty surprised I haven’t seen it used more. I launched the shop to some minor fanfare across the RW social channels and probably via an email. I actually didn’t focus much on email at that time so most of the sales came via social media.
Here’s the launch post from Instagram in August 2018!
Within the first year, I learned a few lessons pretty quickly; healthy margins are the key. I was focusing on premium shirts, which are very expensive and tricky to drop ship while making decent margins. In addition to sacrificing margins with drop shipping, you also lose control. And too often, I looked to the competition to price my items instead of accounting for my own costs and goals for margins to calculate my prices.
Make Sure You Get The Package Design Right
The way you package your fashion accessories business is often the first impression your customer has - so it's important to get it right.
You may want to ask yourself these questions:
If my product is on a shelf next to hundreds of other similar products:
- Will my fashion accessories business stand out?
- Will the branding/packaging create a connection with my customer, and hence, lead them to buy?
There are hundreds of tools you can use to help with packaging and design:
- Canva - Allows non-designers to create beautiful Instagram/Pinterest posts, flyers, business cards, etc.
- Stickermule - High quality custom stickers you can include on or in your packaging.
- Noissue - Custom tissue paper and compostable mailers
- Rollo Label Printer - A great tool to print all shipping labels at home
Sheets & Giggles explains the motive behind their "Premium Unboxing Experience"
I had a particular vision for our packaging centered around one goal: because we were a DTC company and wouldn’t do physical retail in year 1, we needed to focus entirely on an incredible unboxing experience that made the product feel as premium as possible.
Outside: a white box, nice wax coating, logo front and center with no other copy, easy to open, nice and sturdy.
Inside: make people smile from the get-go, have a social call-to-action, include free extra surprises (a knapsack that wraps the sheets and an eye mask), put funny copy all over the place, and add a donation bag that people could use to donate their now-defunct cotton sheets (sheets & blankets are the #2-most-requested item at shelters behind socks).
🌱 How To Grow Your Fashion Accessories Business
Consider Selling On Amazon
In addition to selling your products directly on your site, you may want to consider selling on Amazon to reach a wider audience and attract new customers.
Here are some pros and cons of selling on amazon:
- Easy and seamless process to get your product listed on Amazon
- There are roughly 100 million thoroughly committed prime customers, so you're bound to tap into new business
- Can help grow your business exponentially and reach new audiences
- You may encounter some "copycats" and counterfeit products
- Amazon owns the relationship with the customer (you lose control over product reviews + customer service)
- If you already have a low-markup, amazon may not wrth your while and you could end up losing money
- Commissions and listing fees are high - it's easy to lose control of your offering
Follow these instructions to get your product listed on Amazon or check out the video below on how to get started:
Cory Stout, founder of Woodies ($250K/mo) provides us with specifics on how to rank better on amazon:
Our main product is walnut wood sunglasses that I sell for $25 on Amazon and Woodies.com.
I dedicated myself to becoming an Amazon expert. I listened to all the podcasts and read all the blog posts I could find. Shoutout EcomCrew I took the basic fundamentals that are out there and I added a couple of my own twists.
Amazon brings me, 100 brand new customers, every day for very little acquisition cost. If I tried that on my own, it would take a TON of work and it wouldn’t be nearly as effective as Amazon, so I took the easy road on this one.
Here's an article I wrote on how to rank better on amazon (30+ Tips):
- Beautiful images (minimum 5 images) especially lifestyle images I use UpgradedImages.com for product photography (hey Ken!)
- Keywords in your title (but it still needs to sound human)
- Competitive price (contributes to high conversion rate)
- NOT having 1-star reviews
- DON'T STOCKOUT: it's such a killer and if you DO stockout, definitely DON'T raise your price right before you do, if anything LOWER your price for the last 10-20 units before you stockout, each ASIN has a 'memory' for when you do get back in stock so that will help you regain ranking quickly
- DON'T VIOLATE AMAZON TOS: just don't
- Perform QC on your stock before you send it in (I sent in a wrong box once and I had to 'remove' over 3,000 pieces so I could sift through them and remove the 150 contaminated pieces 0/7 would not recommend
4/5: Pretty Friggin Important
- Minimum 10 5-star reviews (do this before you do anything below this)
- Well optimized PPC campaigns (could do a whole post on this, keep ACOS under 40%) here's a screenshot of some of my campaigns I use a combination of manual campaigns with exact phrases and high bids...and auto campaigns with a broad range of products and very low bids
- Turning on FeedbackGenius for auto review requests (it's not as good as it used to be, but it's still worth it)
- Get a trademark and get Brand Registry, this protects you from hijackers and other unscrupulous sellers
- Quick response to customer messages (under 12 hours) here are my stats my mom does all my customer service "Employee of the Year" status
- Drive outside traffic (amazon loves outside traffic because they don't have to spend so much to acquire customers) Facebook, Instagram, and Google Adwords are the usual suspects
- Use ocean shipping to save mucho $$$ on unit costs (use flexport)
Read more about amazon tips here.
Consider Working With Instagram Influencers
Partnering with like-minded influencers (within your industry) is one of the most effective ways to grow your social media organically.
Industry influencers already have an established and loyal following. With one post, your product immediately establishes a connection with a brand new audience. It's that powerful.
When finding influencers to promote your product, do your research and make sure that their following will actually be interested in your product.
It's easy to be blinded by any influencer with a huge following, but if those followers don't resonate with your product, there may not be any value there... so make sure you do your research!
Evan Marshall, founder of Plain Jane discusses how "micro-influencers" have impacted his business:
Influencer marketing has been huge for us. Our approach is pretty simple. We give out samples of our products and ask people to post about us on social media aka a micro-influencer strategy.
We really like this approach because we get authentic stories and content. We cannot really control the messaging so the product has to speak for itself. We don’t really take product photos at all. Our customers take the photos and we ask to reuse them.
With any influencer strategy, you have to be very sure you’re targeting the right people and engaging with them. You can make sure you’re targeting the right influencers by looking through their posts and then looking through the profiles of their engaged followers.
It takes more time per influencer but the payoff is certainly worth it. Make sure their followers look like your existing customers.
It takes a ton of time and work to grow a social media following this way but it’s worth it. Other accounts have tried to grow themselves through botting or other manipulations. As a CBD company, we didn’t want to give Instagram any reason to shutdown our account so we’ve done everything through content and real engagement. It’s not magic to make this happen. You just have to post consistently and then reply or like every single comment you get. It takes months but it works
Improve your SEO
SEO is not just about driving traffic to your site, it's about driving the RIGHT traffic to your site, and ultimately, converting leads into customers.
One of the most important aspects of SEO is understanding what your customers are searching for, otherwise known as "keyword research."
Here are some tools that can help you choose the right keywords for your fashion accessories business.
- Google Ads Keyword Planner invaluable for discovering search trends.
- Google Search Console is very helpful once your website is up as it shows you what words/phrases are generating traffic.
- Ahrefs and SEMRush are paid tools that allow you to look at results of your competitor's website.
Publish Great Content
Finding keywords is an important piece of the puzzle, but Google also ranks your site based on the actual content you produce, as this is what your customers are reading and engaging with.
There are various different "forms" of content that you may want to consider diversifying on your sites, such as blog posts, articles, studies, and videos.
So let's discuss what google considers "good content:"
- Length - This will vary depending on the page, however, generally having a sufficient amount of content helps search engines recognize that your site is a good source for a specific topic
- Engagement - The longer people stay on your website to read your content, the higher Google will rank your website. It's important to have informative and "thick" content that keeps people reading
- Avoid Duplicating Content - Google will recognize this and may consider your content to have low value
- Ensure pages load quickly - This will also help with engagement and time spent on your website
- Shareability - Create content that people want to share, and is easy for them to share, especially to their social media accounts (ie. "click to tweet" is a great example of this).
Another element of creating good content is creating consistent content.
If (and hopefully you are) publishing content frequently, it's important to stick to a schedule - this helps build brand trust and easy user experience with your customers.
Planning out your content with a content calendar is key to staying consistent.
Here are a few great content calendar tools that can help you:
Backlinks are an important piece to SEO, as they allow for other websites to link to your content.
Search engines recognize that other sites are essentially "verifying" your content and essentially rank you higher because of this.
Of course, some links are more valuable than others and can affect your site in different ways.
For example, if a highly valuable and credible site like the New York Times links to a page on your website, this could be remarkable from an SEO perspective.
Aside from organically getting mentioned from other sites, there are other ways that you can increase and earn backlinks:
- Create infographics with relevant data that people want to share
- Promote your content on different sites/look into "guest blogging"
- Contact influencers/journalists/bloggers and ask them to mention you!
- Write testimonials for other sites in exchange for a backlink
- Leverage existing business relationships
Build A Blog
One of the most effective ways to build brand awareness and grow your business is through consistently blogging.
We've outlined some useful tips for you to consider when creating content:
Consistency and Quantity
Quality is important, but it should be the standard for any content you publish.
What’s more important is consistency and quantity.
Consistency is as simple as committing to publishing and sharing a certain number of posts per week. For me, that’s three per week right now.
This kind of commitment is key, because one day, a random post will blow up, and you will have never expected it.
The easiest mind trap is to think "I’m posting too much", and “I need to give my readers/audience/this platform a break”.
This is nonsense.
There is no such thing as oversaturation. Well, there is, but it is just someone else’s opinion.
For every person that tells you you are posting too much, there is another person that wants even more of your content.
You should ignore people’s opinions on how much you post.
Patience & Persistence
Keep posting, keep trying, and keep putting out good content on the regular. Your time will come, and when it does, it will change everything.
The only thing you have control over is your content.
You can’t control how people will react to it. You can’t control pageviews, likes, or shares.
So the only metric you should focus on is how much content you can put out in a week, month, etc.
Where to share your blog content
I know it sounds obvious, but the best places to share your content is on your mailing list. It is guaranteed traffic and it is a great way to get rapid feedback from your most loyal readers.
Send newsletters often. I have done once a week since starting, and I’m moving to twice a week soon.
Work on increasing your mailing list as well. Look into ways to increase your conversion rate to your mailing list. I added a flyout popup thing to my site and now I’m collecting ~30 emails per day.
An email newsletter is one of the most powerful assets you can have and it is worth its weight in gold.
Reddit is one of my favorite places to promote content.
It is a very scary place because you will often get banned or heckled, but it can really pay off.
Create social media accounts for your blog, the main ones I use:
Twitter Facebook Instagram LinkedIn
Set up Buffer and share all of your blog posts to all of your accounts. All of these little shares really do add up.
Automate this as much as possible. I automated all of my social media for Starter Story.
When I started out, I put together a spreadsheet of relevant Facebook groups for my niche, and I would post to these groups whenever I had a big story I wanted to share.
Grow Your Email List
The more engaged list of emails, the more engaged customers, which ultimately leads to more sales.
One of the best ways to start growing your list is by providing your customer with something free (or discounted) in return.
This could also be anything from:
- Fascinating case study
- Video series
- Free week of the product
- Discount on the product
Learn more about how to grow your email list and improve email marketing ➜ here.
Dylan Jacob, founder of Brumate states their email collection tactic that is proven to work:
We use Spin-a-Sale for this (you spin a wheel for a discount code in exchange for subscribing to our email list). This has been the best email-collecting tool we have found because the customer truly feels like they won a prize rather than just a coupon code.
Even if a customer doesn’t convert right away, if we have their email we have a 19% chance of converting them into a future customer whether that is through future promotions, new releases, or simply just sending an email at the right time for a purchase to finally make sense for them.
We also have a return customer rate of over 14%, so one out of every 6 people we convert will end up buying from us again with an average order value of over $60.00.
Add an exit-intent popup to your online store
A great way to double, or even triple, your email opt-in rate and to grow your list is to add an exit-intent popup to your site, and offering a discount or content upgrade for subscribers.
Here's an example of what that might look like:
One thing that I spent years NOT doing, that I now kick myself about, is adding an "exit intent pop-up" to our site, which lets people enter a sweepstakes to win a Xero Shoes gift certificate.
That one idea has added over 100,000 subscribers to our email list, which is one of our most effective marketing channels.
Improve Your Email Marketing
Different types of emails
Here are the most common types of email campaigns you can send to your customers and their benefits:
- Welcome emails - the perfect way to provide information from the start with a clear CTA. Make sure to tell your customer everything they need to know about your product or service.
- Newsletters - a great way to give customers updates or send out your latest content
- Product launch emails - the quickest (and easiest) way to increase sales is by selling to current customers. Make sure they're the first on the list to know about your new product
- Promotional emails - promote discounts, deals coupons etc. Try and make this feel exclusive and for a limited time only
- Abandoned cart emails - give your customers a reason to complete their purchase!
Here's a great resource for finding curated email designs, for all types of email campaigns!
Abandonded Cart Flow
The abandoned cart workflow is one of the most effective strategies for turning your lead into a customer, and a powerful tool to have if you're an e-commerce business.
Think about all the times that you went on a shopping frenzy only to add items to your cart and then either forget or realize nows not the right time to pull the trigger.
Then, minutes later you receive an email saying "Hurry up! Your cart is waiting - and we want to provide you with 20% off your order."
Maybe that's the special touch (and discount) you needed to pull that trigger.
Implementing this workflow can automatically trigger this for your business every time a customer abandons their cart.
Here's a great example of an abandoned cart email from Brooklinen:
Things they do well:
- Showcase 5-star reviews from other customers
- Offer a small discount + free shipping
- Great design + clear call to actions!
Experiment With Pay Per Click Ads (PPC)
Pay-per-click (PPC) is a performance-based marketing method that allows you to show specific ads for services or products oriented to a very defined target, with the goal that the user visits your website or landing page.
Here are some tips to consider:
- Consider connecting the ad to your corresponding landing page so that the audience receives the necessary information after clicking on the ad.
- Conversion Tracking: When running PPC campaigns, be sure to run the ads with conversion tracking.
- Focus on quality keywords, even if there are few as this will save you time and money. When assessing the performance of a keyword, it's important to track the expense, conversion, and cost per conversion, as well as the ROI.
PPC advertising can be a very important lead generator as long as it's done properly. Your PPC campaign is intended to drive traffic to your website and help the business scale.
Additionally, if the campaign is not having the desired results, you can make the necessary changes immediately to improve them.
Ryan Schortmann, founder of Display Pros talks about their investment in PPC Ads:
My name is Ryan Schortmann and I’m the founder of Display Pros. We are a custom trade show display booth company offering easy to use portable display “kits” for small and medium businesses wanting to get into the trade show game.
It did not take long to come to the realization that to compete at any reasonable level, we were going to need to take the plunge and invest in Pay Per Click ads and display.
From experience, I know that it is important to give Google’s hivemind some time to settle in before each campaign starts seeing consistent results (this is largely dependent on budget).
A certain amount of PPC budget must be viewed as a “marketing research” expense and then you can look at the analytics data and make informed decisions on where to refine, tweak or plain scrap an idea.
Google Shopping was an entirely new concept for me. You can’t assign keywords to products so at first, I was asking myself “How the hell do you refine these?”. Then I found some good reading material and courses and learned of some advanced methods that the pros are using. It turns out you can utilize negative keyword lists combined with the priority setting on each shopping campaign to “shape” the keywords that are coming in and how much you are spending on them.
To learn more about PPC Ads and Google Shopping, check out this video to learn everything you need to know!
Social Media Advertising
Social Media Advertising is one of the leading ways to get the word out when it comes to fashion accessories business.
There are various different Social Media platforms available to you. Some may be more critical for your marketing efforts than others, however, it's important to have an understanding of what's out there and available to you.
Let's talk about a few of the main platforms and what makes them unique:
- Facebook Advertising - more than 2 billion monthly users. Facebook is the best for lead generation + capturing email addresses for e-commerce businesses.
- Instagram Advertising - approximately 500 million monthly users and has a higher audience engagement rate than any other platform. Instagram ads are best for linking to a product page or landing page and reaches the 18-29 age group most effectively.
- Twitter Advertising- Small businesses typically use twitter ads to drive brand awareness, but the platform is meant more for organic engagement (and is not as heavily used for paid advertising)
- Pinterest Advertising - 175 million monthly users and most effectively reaches the female audience. Pinterest is great for promoting products without "promoted". The promoted pins have a way of blending right in.
- LinkedIn Advertising - 227 million monthly users and is geared towards the B2B market and generates the highest quality leads. Great platform for recruiters, high-end products and services that will help businesses
It's important to first define your goal/objective so that you don't waste time and money into the wrong platform:
Here are some different questions to ask yourself as it relates to your goals:
- Do I want to simply drive brand awareness?
- Do I want to drive users to my website to gather information?
- Do I want to increase sales and get my customer to take action?
From there, choose the platform that targets your audience best and start experimenting!
Learn more about social media advertising ➜ here.
Emily Cassedy, founder of Blush Boutique Co explains how their Facebook strategy is the #1 way of attracting new customers:
Our biggest tool for attracting customers and then keeping repeat customers has been social media and word of mouth. We made sure our social media platforms were attractive, inviting, and not too in your face.
We set up an editorial type calendar for our Facebook posts that we still use to this day.
For example, every Tuesday we have a vote post where our followers can vote on an item that we will bring into the shop. Our customers and followers love this and chime when that piece that is voted on comes in, we already have a set amount of people that will come purchase it because they were able to be a deciding factor.
We also make sure to do a live Facebook video when we get new arrivals to show what came in that week. The supply and demand of a piece then draw in more customers, even if one of the new arrivals sells out, they are still coming in to see what else we have in the shop.
Founder Andy Hayes talks about mastering FB ads and the pixel:
The biggest bang for your buck will likely be mastering Facebook and it’s platform - which we all know is pay for play, so you’ll have to come up with a small amount of budget to start for marketing.
We’ve spent countless hours (and paid numerous coaches) before we cracked the code that works for us on Facebook, but it is working really well for us now.
Some of the most important things to know when it comes to FB Ads:
- Start with retargeting (that’s showing ads to people who already know you but did not purchase). Master this - and start building information on your Facebook Pixel - before you do anything else
- Once you have that down, try working with the 1% “Lookalike” audience to prospect for new customers. This may take awhile because your pixel audience is small, so try layering on interests - 1% Lookalike and your largest competitor, for example. Don’t use interest-only targeting until you master this.
- Great photography and videography is key, as is smart copy. Research what’s out there in your industry and constantly test - what works for one company may not work for other people.
- Make sure you have good offers. For example, we have a $5 trial for our subscription, which converts affordably - if we promoted our subscription with the standard $30 front charge, it wouldn’t be as cost-effective.
Host A Social Media Giveaway
People love free stuff and love competition. Giveaways and contests are a great way to create awareness for your brand, grow your email list, and eventually convert leads into customers.
If your goal is to gather email addresses, make sure the entry criteria is to "enter your email." You can do this by leading customers to your landing page where they can then enter their email to be in the giveaway.
One of the most important aspects of promoting a successful giveaway is having an amazing prize. The better the prize, the more engagement you'll get.
This doesn't necessarily mean choosing an iPad or an expensive/trendy watch, but instead a prize that is actually relevant to your brand/target audience.
Giveaway Example and Tips
Example from TJ Mapes, founder of RIPT Apparel
Our most recent successful giveaway was when we gave away a PS4 + the new Spiderman game. I hosted the giveaway on our site and then let our audience know about it via email/social channels.
Entrants earned different amounts of entries for entering in different ways (tongue twister!), for instance; enter via email, get 10 entries. Follow us on Facebook, get 5 entries. Subscribe on Messenger and get 25 entries.
I also built out a drip sequence in Klaviyo that contained four emails to encourage entrants to take more action, like referring friends and liking us on social.
Email #1: Thanks for entering!
Email #2: Explained how to earn bonus entries:
Email #3: About us
Email #4: Coupon for entering
This last email in the sequence just thanked them again for entering and also included a coupon to a specific (related) collection of designs with an expiration date on it to incentivize purchases.
PS4 Giveaway Results:
We ran it for 2 weeks and recorded results in a meticulous spreadsheet to analyze the data. Here are some of the highlights:
- Giveaway page pageviews - 67,355
- Total entrants - 26,137
- Conversion rate - 38.80%
- Total entrants in Klaviyo (not suppressed) - 24,515
- New emails acquired - 16,363
- Emails we already had - 7,521
- % of new emails - 66.75%
- Cost of item - $350
- Instagram visits - 10,618
- Instagram followers gained - 3,496 ( total followers lifted by 6.9% )
- Twitter followers gained - 4,194
🏃🏼♀️ How To Run Your Fashion Accessories Business
How To Retain Customers For Your Fashion Accessories Business
Retaining customers is one of the most effective ways to grow your fashion accessories business.
Oftentimes, it's easy to find yourself focusing on generating new customers, vs retaining your current ones.
Look at it this way - you are 60-70% more likely to sell a new product to an existing customer than you are a new customer.
That's not to say that finding new customers and revenue streams is not important, however, the easiest (and most inexpensive) source of new revenue is right there in front of you.
Here are some ways you can retain customers for your fashion accessories business:
- Responding to comments on social media
- Send discounts (or freebies) to loyal customers
- Provide valuable content, for free
- Write a hand written thank you note
- Provide awesome customer service and build relationships with customers
To find out more tips and tricks on retaining customers, check out this article ➜ here
John James, founder of Country Outfitter dives deep into the process of attracting and retaining customers:
We scaled from $3 million to $5 million to $9 million in revenue in our first three years, largely on the back of our “harvest demand” strategy driven by Google keyword marketing. We would open a new store, adding new keywords to the mix, and revenue would follow albeit slower than we wanted.
Unlike the business I started in 2001 where clicks were super cheap, in 2009 Google Adwords was just beginning to get cost prohibitive for a startup. If we were going to scale quicker, we needed another nascent ad platform to arbitrage.
Taking advantage of Facebook
By arbitraging Facebook’s nascent ad platform, we were able to grow on of our stores, Country Outfitter, a retailer of cowboy boots, beyond our wildest expectations.
The opportunity was enormous. Whereas there were only 135,000 searches each month for cowboy boots on Google, we could reach 18.2 million potential cowboy boot wearers on Facebook by targeting people who liked country music, horses, and rodeo on Facebook.
The majority of those 18.2 million women owned a pair of cowboy boots, and we knew many of those would buy another pair in the near future.
We tried dozens of tactics, but the strategies we used on Google simply didn’t work on Facebook. Unlike Google where retailers could harvest pre-existing demand exposed by keyword searches, Facebook users weren’t in the buying mood. Rather than “harvesting” demand, we had to “create” demand.
Harvesting demand is relatively easy and logical. We’d first acquire a click from one of 135,000 searches a month for cowboy boots, then we’d land the shopper on a page containing all our cowboy boots, and sales followed linearly.
A different strategy with Facebook
The strategy we used to crack the Facebook code was counterintuitive.
Rather than sell boots directly on the first visit, we changed our goal to get multiple visits from the same visitor, and make the first sale over time.
The goal of the first visit was simply to establish a relationship with the customer. To ensure multiple visits without having to pay Facebook multiple times, we required the visitor to “join” the site by subscribing to our email list and becoming our fan on Facebook.
Giveaways and a viral loop
We enticed the visitor to subscribe to our email by entering them into a giveaway to win a $500 pair of cowboy boots.
After they entered their email address, we asked them to become our Facebook fan, and share the giveaway with their friends. After completing that 1-2-3 step process, they unlocked a 20% discount.
While more than half the people declined our invitation to “join,” the visitors who did would come back an inordinate amount of times. They’d come back every week to enter our next weekly giveaway, and eventually they’d purchase a pair of boots.
Each weekly giveaway had over a million entrants, and Country Outfitter would routinely have 10 million site visits a month.
Due to the viral loops described above, Country Outfitter became ubiquitous on Facebook. We held our first giveaway on Labor Day 2012, and by the end of that year
we had acquired 9 million fans and 11 million email subscribers.
Amazingly, 8% of those 11 million giveaway entrants eventually purchased a pair of cowboy boots from us, leading to a $100 million annual revenue run rate. Through the process, Country Outfitter’s revenue grew from just $100,000 / month to a $14.5 million month just six months later.
Converting 8% of 11 million giveaway entrants into paying customers was an exhilarating challenge.
Email marketing flows
With 11 million email subscribers, we had to immediately shift away from a “batch and blast” email marketing strategy, quickly migrating to a much more efficient system of “event driven” marketing flows.
Rather than flood our customer’s inboxes with unsolicited spam, we constructed dozens of automated marketing cascades that were tailored to the activity and interest of individual shoppers. If USER X does EVENT Y then they receive MARKETING FLOW Z customized to their known interests.
These automated cascades increased our ecommerce email CPM by 1000%. Updated learnings and processes gleaned from optimizing these flows are my favorite feature of Engine’s new ecommerce platform.
What took a team of 20 developers to build and execute is now available right out of the box on Engine.
Diversify Your Product Line
Adding new products to your business is a great way to expand into new markets and grow your business.
It's important to note that adding new products and diversifying may not be in the cards for you right this moment, and that's okay. You can always consider it down the road.
Here are some reasons you may want to considering adding/diversifying your product
- Meeting the needs of your customers
- Establish yourself as a top provider in your industry and stay ahead of the game with competition
- Resistance to downturns/trends fading
- Create new revenue streams
Diversifying Product Example: Joah Love
The future for JOAH LOVE is bright! Customers have been telling us that they’ve been coveting their kids’ wardrobes for years, and this season, we’re going to make a collection just for them with the launch of a new line for adults.
It will include Mommy + Me and Daddy + Me collections, complementary clothing for parents and their kids.
We’re also in the early stages of exploring clothing options for children with special needs. There’s growing demand for sensory-sensitive apparel to help outfit these children and support their parents, and we’re excited to reenvision how our incredibly soft materials can help these families.
Provide Great Customer Service
Providing exceptional care and creating relationships with clients is a great way to build your reputation and retain customers.
Whether you are an online business or a physical business, it's highly important to communicate with customers and make them feel like they are the priority.
Just remember: customer service represents your brand, values, vision and YOU as a person.
As a brand, you want to deliver an experience that authentic, honest and transparent.
Don't make the mistake of giving your audience less credit than they deserve.
If you go around chasing every trend and only focused on yourself and money, you’re going to lose very quickly.
There have been many times where we have been tempted to do this but stayed true.
Sure we sacrificed sales, but we kept our integrity, played the long game and people saw and appreciated that, and really began emotionally investing in the brand.
Build a Referral Program
Word of mouth is one of the best ways to get the word out about your business and acquire new customers. Especially when you are starting out, it’s important to build a solid referral program to encourage existing customers to help you find new ones.
A great way to do that is by offering a reward (ie. credit on your service or cash) to customers that refer you to their friends and family.
A fantastic referral program will help with clout, credibility, and establishing yourself in the space.
Word of Mouth
The most tried and true way to grow a fashion accessories business is through word of mouth - some entrepreneurs would say it's more important than all social media.
Why you should focus on word of mouth:
- Consumers trust word of mouth above all other forms of marketing
- 92% of consumers believe recommendations from friends and family over all forms of advertising
- 64% of marketing executives indicated that they believe it is the most effective form of marketing
Learn more about word of mouth in our guide: 30 Ways Founders Grow Their Business ➜
We put together the best resources on the internet to help you start your fashion accessories business.
- Platform tools such as Shopify, WooCommerce, Etsy, eBay, Custom Built, Laravel or Carrd
- Email tools such as MailChimp, Klaviyo, Drip, G Suite, 1Password or Telegram
- Social media tools such as Facebook, Instagram, Twitter, Pinterest, LinkedIn, Buffer, Reddit or Tiktok
- Advertising tools such as Facebook Ads, Instagram Ads or Google Adwords
- Reviews tools such as Judge.me
- Design tools such as Canva, Adobe Suite, Sketch, Figma or Affinity Designer
- Analytics tools such as Google Analytics or Fathom Analytics
- Productivity tools such as Google Suite, Dropbox, Slack, Microsoft Office 365, IFTTT, Trello, Evernote, Basecamp, Notion or Airtable
- Payments tools such as Paypal, Shopify Payments, Stripe or Square
- Blog tools such as WordPress
- Accounting tools such as Quickbooks or Wave
- Shipping tools such as Shippo, Pirate Ship or Australia Post
- Customer service tools such as HelpScout
- Freelance tools such as Fiverr or Upwork
- Stock images tools such as Getty, Unsplash or Freepix
- Wholesale tools such as Faire.com
- Start Your Own Fashion Accessories Business (StartUp Series): Entrepreneur Press
- How To Start An Accessory Business: 13 Steps (With Pictures)
- How To Start A Fashion Accessories Retail Business
- How To Start A Fashion Accessories Business
- Starting A Fashion Accessories Business With Ayo Emakhiomhe
- $100M/Year to Shut Down: The Rise and Fall of An E-Commerce Empire
- How I Started A $25K/Month Business Selling Tribal Jewellery And Handcrafts From All Over The World
- On Launching A Direct To Consumer Mobile And Lifestyle Accessory Brand
- How I Started A $3.5K/Month Handmade Bag Company
- How I Turned A Fun Twitter Account Into A $2K/Month Ecommerce Side Hustle
Hey! 👋I'm Pat Walls, the founder of Starter Story.
We interview successful business owners and share the stories behind their business. By sharing these stories, we want to help you get started.
Interested in starting your own business? Join Starter Story Premium to get the greatest companion to starting and growing your business:
- Connect + get advice from successful entrepreneurs
- Step by step guides on how to start and grow
- Exclusive and early access to the best case studies on the web
- And much more!