Written by: Rick Lowe, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
As an entrepreneur in the fashion licensing industry, I have come across many facts and myths that I'd like to share with you. Here are some of them.
Facts
Fashion licensing is a highly competitive industry. There are many players in the market, and it takes a lot of hard work to succeed.
Licensing agreements can be complex and require a lot of legal expertise. It is essential to have a good lawyer who can help you navigate the legal aspects of the business.
Licensing can be a great way to expand your brand and reach new audiences. It allows you to leverage the popularity of other brands and create new revenue streams.
The success of a licensing agreement depends on many factors, including the strength of a brand, the quality of a product, and the marketing strategy.
Licensing can also be a risky business. If the licensed product does not sell well, it can damage the reputation of both the licensor and the licensee.
You will never have enough time or resources, and the competition will only get more intense as the market develops. As harsh as it sounds, we have to face the reality and the truth of this.
If you want to see real growth, you’ll have to prioritise quality over quantity – which means learning how to say no when you need to.
Myths
"Licensing is an easy way to make money." This is not true. Licensing requires a lot of hard work and dedication, and there are certainly no guarantees of success.
"Licensing is only for big brands." Not really – licensing can be a great way for small and medium-sized brands to expand their reach and increase their revenue.
"Licensing is a one-time deal." Again, it’s not exactly like this. Licensing agreements are usually long-term contracts that require ongoing maintenance and management.
“Licensing is only for fashion brands.”Meanwhile, licensing can be applied to many different industries, including food and beverage, entertainment, and sports.
Licensing is a passive income stream. This is not true. Licensing requires active management and marketing to ensure the success of the licensed product.
“Nobody else has thought about this business idea before”. You're the only one. While rubbing your ego can feel nice temporarily, you’ll soon realise how it couldn’t be a bigger myth you’re telling yourself. So, if you think you are doing enough to satisfy the market, think again.
“Always say yes, and you’ll reach success faster”, be careful when you say yes to everything in the light of scaling your business. It would be too naive to think that just this alone will make everything easier for your business.
In conclusion, fashion licensing can be a great way to expand your brand and reach new audiences, but it requires hard work and dedication. It is crucial to understand the facts and myths of the industry to make informed decisions and succeed in the business. I wish you all the success you deserve.
Rick Lowe, Executive Contributor Brainz Magazine
Rick Lowe, is a serial entrepreneur in the world of licensed fashion. Coming from humble beginnings of a small street market stall to the global market today using tenacity, resilience and determination. His journey has led him into co-founding Brands In Ltd, being a founding member of the Company of Entrepreneurs as well as a Past Master. His business life involves working with some of the biggest entertainment brands such as Disney, Warners and Netlfix as well as popular music artists, and servicing leading high street retailers with licensed fashion.
In London, Rick constantly strives for active entrepreneurship as an ambassador for Home Grown – London’s leading business club, providing personal and business development talks through public speaking, social media. He has already recently started to dive into the podcast space by interviewing key game changers in the space of business and personal development.
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