3 Reasons for Business Cash Flow Problems & What to Do About It.
Includes a tried and tested formula, you can use to boost your cash flow, take control and breathe new life into your business!
The fashion industry is very vast, with enormous opportunities. As a fashion business owner, you don’t have to earn money only from selling the clothing you produce. Adding other revenue streams is a smart move. Not only will it help you earn more, but it also gives you a sense of stability and financial security.
Even if your business is doing great, you can have more than you already do. Adding other streams of income will give you that something extra you might be seeking. Not only will it still be in the fashion industry, but it can significantly increase your income.
Inspired by the concept of “not putting all your money-making eggs” in one basket, we’ll be discussing 3 ways to add more revenue streams to your fashion business.
1. Special memberships
One thing a lot of people love is access to exclusive perks. With a special membership available to a limited amount of people for a fee, you can create a new revenue stream for your business. Benefits you can offer to members include discounts, freebies, or freestyling.
Depending on how big your fashion brand has grown, it can benefit from having an exclusive membership.
2. Subscription boxes
Another way to earn more with your fashion brand is by offering a subscription box of curated outfits. For the fashion lovers who love to shop for new clothing, you could curate a box of clothing on a recurring basis for a fixed fee.
For example, if you own a corporate wear brand, you could create a subscription box that sends four workwear outfits to your subscribers monthly for a fixed fee.
Starting a wholesale option is an effective revenue-generating stream. You can deliver your products to retailers at a lower price to earn more from selling in bulk.
Wholesale can be tedious, especially if you can’t keep up with the challenges of production. However, with my ebook on how to start a clothing production factory, you’ll be able to get started with little or no money.
4. Brand collaboration
Brand collaborations are an effective way to diversify your revenue channels. You can collaborate with other brands and come up with unique products or packages. Look out for other businesses that are complementary to yours, contact them and propose opportunities for working together. It could be annually, bi-annually, or monthly, it depends on the type of partnership. You will be surprised at how effective it can be.⠀
Can you think of more unique and interesting revenue streams for business owners? Let us know in the comments…
Would you like to start a fashion business but have no idea where to start? We have online courses that cover all aspects of building a successful fashion business.