Yes, we do mean that now – in the proverbial sense, is always the best time to start any project that inspires you. But right now, in the midst of economic uncertainty, is actually still a very good time to start your apparel business.
Consumers are looking to support local businesses and business owners whose values and mission they believe in, more than ever. Social media campaigns are dedicated to encouraging consumers to spend their dollars with brands who align with their causes, geography, ethnicity, and values. And the effect for these small businesses has been incredibly positive. At the same time, we are seeing the larger corporate giants suffer from complete supply chain disruptions and failure to connect with their consumers on a deeper level.
Our Indie Source community of designers, creatives and entrepreneurs have remained productive and resilient and our ability to produce in smaller batches ensures that you can thoughtfully plan your collections and remain nimble so that you don’t get stuck with excess inventory.
Why is now the best time for small apparel brands to succeed?
1. Many people are shopping small and supporting local and diverse businesses during this time
The coronavirus pandemic has changed the way consumers shop and support brands. Many have turned away from large corporations and have begun supporting local businesses in their area. There’s an unspoken sense of community that exists in times like these. It’s a special bond between businesses and their consumers that can lead to unexpected support. A study, conducted by OnePoll, showed that 86% of people have supported a locally-owned business during quarantine. This shift in consumer shopping habits is not only helping the local economy, but it is one of the many reasons many small businesses are flourishing.
2. More people are supporting companies based on their mission, not just their products
Due to the pandemic, smaller brands have the opportunity to stand out more and rally their communities and audience support more than ever. It’s important brands understand that at times like these, you can’t enter the marketplace with just any old product or brand mission. If you have a strong purpose and passion behind your product and how you want to use your company to create the positive change you want to see in the world, consumers are more willing and eager to support you than ever before.
3. It’s easier for small businesses and entrepreneurs to gain access to funding
When it comes to financing a new business, there are a variety of options to choose from. Fortunately for entrepreneurs, during tough economic times interest rates decline as the government decreases the prime lending rate to stimulate the economy. This makes it easier for small businesses and entrepreneurs to gain access to funding.
If you’ve been considering starting an apparel business, now is the time. The opportunity is there, consumers are ready, and we at Indie Source can help you build exactly what you want. Book a Kick Off meeting with our team and learn what it takes to produce an apparel brand. We will take you through each step of the development process so that you feel confident to make the best decisions for your business.
Not clear on your business and need some education – Check out our Brand Launch Academy. And check this out. If you get to the end, you get a FREE kickoff meeting.