The Costs of Starting a Fashion Brand
Job security, steady income, foreseeable career path, savings, what do these all have in common? They are all just a few of the sacrifices one can expect when starting their own brand. The daunting task of giving everything up and starting your own label holds many risks, but the rewards can provide you with something more than just monetary satisfaction. You are your own man. It’s generally not about the money to begin with, most are borne out of a passion and as a hobby to make something that is new and refreshing. This digital age that we live has leveled the playing field where more people can take the plunge as online stores have eliminated the costs of opening up a brick and mortar. According to The Business of Fashion, the fashion in itself amounts to a $1.5 trillion dollar industry.
HypeBeast asked me and a number of people who took the leap of faith and started their own labels. Check out the first installment of The Costs of Starting a Fashion Brand here.
When starting your brand, how did you decide that you would make a living out of it, or did you think it could?
The Benny Gold brand started out as a side project — a creative outlet for myself. I was making a living as a freelance designer, doing design for various clients. It eventually got to a point, while working for HUF, that the brand started gaining traction. It took years of developing the concept before I was able to stop taking on client work and focus on the brand full-time. It’s been a blessing, and now it supports my family as well as 10+ employees.
What are the costs in hiring designers for your clothing and website?
There are many hidden costs to hiring and growing a company. There are employee taxes and fees on top of salaries. As the brand grows, so does the expense. Everything’s a tradeoff — things were simpler when I only had to support myself but I also didn’t get a lot of the amazing opportunities and enriching relationships that I do now that we’ve grown and matured as a brand.