5 Tips For Creating A Successful Online Fashion/Beauty Business In 2022
After working in the fashion/beauty industry for 10+ years and starting a few brands of my own, there are several things I would do differently if I were to start over in 2022.
Tip #1 - Grow Your Audience Organically
Growing an audience is almost like dating. Before you take the next step to become exclusive with someone, you want to get to know them first, right? Same with buying a product or a service. Before you think about heavily promoting to people who are not familiar with your brand, make sure you have taken the time to cultivate a relationship with an audience that would be interested in purchasing your product.
A great first step to building an audience is to use the HFO method, Hot Free Offer. What can you give away for free to give the audience a little taste of what they can expect from your brand? This can be product samples, worksheet/e-book, free gems/ advice, or exclusive behind-the-scenes content.
Lastly, give your audience the option to stay in contact with you through an email list.
Tip #2 - Develop A 360 Marketing Launch Plan
Posting on Instagram alone is NOT a marketing plan. Think about all of the possible touch points to engage with your potential customers. The Marketing Rule of 7 states it takes an average of seven interactions with your brand before a purchase will take place.
Below are examples of different ways to market to your customer. I will dive into this subject a little deeper in a later post, but be sure to take advantage of free marketing first (i.e Social Platforms, Nano/Micro Influencers, Email, SEO, etc)
Tip #3 - Figure Out How To Launch With The Least Amount Of Money and Inventory Possible
Did you know you can start an online product-based business without having physical inventory? Work smarter, not harder. Take advantage of methods like Pre-Orders and Dropshipping to save a lot of money and stress on stock that may be difficult to sell.
Also, consider launching Limited Time Only or Limited Collection items. This method allows you to start small, save money, and build exclusivity and hype. When your product starts to sell out quickly, people will want to know why, resulting in all eyes being on you and an increase in demand. Just look at brands like Telfar, they have proven time and time again that this method works!
Tip #4 - Invest In A Business Coach / Mentor
There's nothing like learning from other people's mistakes. Investing in someone who has proven results will save you time and money in the future. It's like having a cheat code before you even step foot in the game. Business coaches often have the ability to see your brand from a bird's eye view. They can point out potential roadblocks ahead and help you course correct before you encounter any issues.
When I finally made the decision to work with a coach, one of the first things she told me was to change my brand name because I would not be able to trademark it. At this point I was four years into my business. All of the press, marketing, and effort to build a brand had essentially gone to waste because I had to start over with a new brand name. This is just one example, but if I could go back in time, I would have invested in a coach a lot sooner.
Tip #5 - Prepare Financially To Start A Business
While it is true that you can start a business with little to no many, you will need money to keep it growing. For this reason, it's a good idea to make sure you're prepared financially before starting your business. Find out how much money is actually needed to get started. Open a business account (separate from your personal checking or savings) and create a plan to put money away. Lastly, be disciplined enough to use business account for business expenses only.