Starting an accessory line can be a great way to get your foot in the door of the fashion industry. Not only is it a fun and creative endeavor, but it can also be quite lucrative. However, starting an accessory line as a business has several steps.
Here are the 10 steps you can take to get started on building your very own accessory line.
10 Steps to Launching a New Accessory Line
1. Choose Your Type of Accessory Line
The first step in launching an accessory line is to identify the type of line you want to launch. You might choose from the following types among others:
- Hat line
- Sunglass line
- Jewelry line
- Handbag line
2. Name Your Accessory Line
Give your accessory line business an identity so people will think of it as a well-known and respected brand. You can take the name of your accessory line business from your industry, focus on a geographical location, or use your own name among other options.
The main goal for naming your accessory line business is to make it sound appealing and trustworthy so people will want to buy your products.
3. Determine Your Accessory Line Business Model
There are several possible types of business models for an accessory line business including:
- Direct to consumer (DTC)
No matter which model you choose, make sure that it aligns with your business goals and the products you offer.
4. Choose a Legal Form for Your Business
By incorporating your accessory line business, you will limit your liability. You can incorporate as a Limited Liability Company (LLC), a C Corporation (C-Corp), or an S Corporation (S-Corp). Or you can operate as a sole proprietorship.
The business structure you choose for your accessory line business will determine the amount of taxes you pay and which state or federal tax forms you need to file.
Read our article comparing the most common accessory line business structures.
5. Write an Accessory Line Business Plan
All accessory line business owners should develop a business plan.
A business plan is a document that outlines the goals, strategies, and operations of a business. It can be used to secure funding from investors or lenders, as well as to guide the day-to-day operations of the business. The business plan should include information on the company’s products or services, market analysis, financial projections, and management team among other things.
Read our article about how to write an accessory line business plan.
6. Apply for the Necessary Permits and Licenses
There may be required licenses and permits you need to obtain before launching your accessory line business.
For example, if you are planning on selling products online, you will likely need to obtain a sales tax permit. And if your accessory line business will have employees, you will need to obtain an Employer Identification Number (EIN) from the IRS.
You must also register your accessory line business as a legal entity with the state where you plan to do business. You can simply file an online form through your Secretary of State website.
Registering with the federal government is also essential so you can properly pay taxes for your business. You will also need an Employer Identification Number (EIN), which you can apply for at the IRS website, if you plan to hire employees.
7. Determine Your Budget & Apply for Funding as Needed
In developing your accessory line business plan, you will figure out how much funding you need to start and grow your business.
If you have your own funds to invest in your accessory line business, you may consider taking advantage of that. In addition to your personal funds, other forms of potential funding for your accessory line business include traditional bank loans, SBA loans, credit cards, angel investors and family and friends.
Read our article about the costs associated with starting an accessory line to help you determine if funding is needed.
8. Get the Technology & Software Needed to Run Your Business Efficiently
When you start your accessory line, it’s essential to have the right technology in place to maximize efficiency. You definitely need a computer with Internet access, and accounting software for tracking expenses and revenues.
You may also want to invest in eCommerce software or a point of sale system if you are selling products in-person.
Read our article about the technology and software you need to run an accessory line business.
9. Market Your Accessory Line to Potential Customers
Before you start selling your products, you have to let the world know you exist. The first step is to create a website so people can learn more about your products and how they benefit them.
After you launch your website, start promoting it through social media channels like Facebook, LinkedIn and Twitter. Also consider networking with other people in the accessory line industry through social media and blogs so they can help share your business.
You also need to start gathering the materials needed to execute on your promotions strategy, which is your strategy for attracting new customers. Accessory line businesses should consider the following promotional strategies for which you should start getting prepared:
- Online marketing
- Print advertising
- PR campaigns
- Social media outreach
- Event marketing
- Affiliate marketing
- Referral programs
Read our article about how to market your accessory line for more tips.
10. Get New Customers & Grow Your Business
When you promote your products, you’ll start to get interest from potential customers.
Make sure you’re ready to serve these customers. Also, be sure to establish systems to ensure consistency and reduce costs. And be sure to find and train the right people to help you grow your accessory line business.
Read our article about how to effectively grow your accessory line business to learn more.
Starting an Accessory Line FAQs
The accessory line industry is a great option for entrepreneurs who are looking to start their own businesses. It’s a growing industry with plenty of opportunities for expansion.
An accessory line can lead to a storefront or successful online business.
To start a successful accessory line, you will need to have great products, the right technology and software in place, an effective marketing strategy, and the ability to scale your business as it grows.
You can start an accessory line from home by developing great products, getting the right technology and software in place, and promoting your business through social media and other marketing channels.
You can start an accessory line business online by establishing an online store. You will need to have great products, such as luxury or costume jewelry. Then, you need to get the right technology and software in place and promote your business through social media and other marketing channels.
Here are some tips for starting an accessory line:
- Develop a great product line
- Get the right technology and software in place
- Promote your business through social media and other marketing channels
- Focus on customer service
- Train your employees well
- Stay organized and efficient
- Plan for growth
A simple checklist to use when starting an accessory line is as follows:
- Choose Your Type of Accessory Line: This should be based on what you are best at and how much experience you have. Remember to keep your interests, skills, and experience in mind at all times.
- Name Your Accessory Line: This should be done with care, as your brand is important for attracting the right customers. A simple, memorable name will go a long way.
- Choose a Legal Form for Your Business: Whether you choose to become a sole proprietorship, partnership, LLC, corporation or another option will depend on your business. Ensure that you are aware of all the implications of each type.
- Determine Your Accessory Line Business Model: Determine how your business will make money. Will you sell products, services, or a combination of both?
- Write an Accessory Line Business Plan: Your business plan will also help you determine what your start-up costs will be and will provide a roadmap with which you can launch and grow.
- Apply for the Necessary Permits and Licenses: In most locations you will be required to apply for a business license and/or permits before you can begin operations.
- Determine Your Budget & Apply for Funding as Needed: You will need to know how much money you have to spend on all of your business-related expenses before opening any doors. If needed, apply for a small business loan or other funding options.
- Get the Technology & Software Needed to Run Your Business Efficiently: You need to have the right tools in place to succeed. Implement software that will help you manage your time, contacts, and business operations in general.
- Market Your Accessory Line to Potential Customers: A solid marketing plan will be crucial to your success. It should focus on attracting the right customers so that you can provide them with the products they truly need.
- Get Customers & Grow Your Business: Once you have a solid marketing plan, it's time to actively pursue and secure those who could benefit the most from your products.
Starting an accessory line can be a great way to turn your passion for fashion into a successful business. By developing a great product line, getting the right technology and software in place, and promoting your business through social media and other marketing channels, you can set yourself up for success.