How to Get Money for Your Line
There are other alternatives, though, that don’t require paying the loan back. The system is called “crowdfunding.” Crowdfunding, essentially, allows new fashion designers to put their ideas, designs, photos, or videos on the web, and then tell friends, family, and strangers about their fundraiser. The most popular sites for crowdfunding are Kickstarter, BetterPlace, and IndieGogo, but new forms of combined crowdfunding plus investing are cropping up, like Profounder.
Not only are these an interesting, and financially worthwhile pursuits, but they should also be a part of your marketing strategy. Even if you don’t reach your goal in fundraising, the exposure is worth your time and effort alone. Final options for raising money when starting a fashion line include bank loans. Contacting your local SBA can help secure bank loans, although a great credit score is of the utmost importance.
And finally, if you’re dream is big, look into venture capital firms and angel investors. These are companies or people who look to invest in truly “edgy” up-and-coming companies. If you fit the bill, send in your business plan and start pitching your idea to big-dollar names. The girls over at Starting a Clothing Line write a lot about the many sources of “free money” in the forms of grants, crowdfunding, angel investors, and venture capitalists. It’s not as complicated as it may seem!
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