How to Use Crowdfunding For Your Fashion Product with Shannon Lohr of Factory 45

When I was 25 I wanted to start my own clothing line and open a boutique so badly I couldn’t think about anything else. I dreamed about it at night and I swear I could taste it in the daytime. But, like so many would-be entrepreneurs, I had no money, no chance of borrowing from a bank, and no flippin’ clue about what to do.

There was no crowdfunding when I started so I had to get creative to borrow money from family – not an ideal setup. Fast-forward to today and there are OPTIONS for entrepreneurs :).

Crowdfunding is really a form of pre-selling your product and it WORKS. Thousands of startups have financed their new products with crowdfunding. And it’s not just for newbies. Established brands are using crowdfunding to launch new products because it works so well. Brands like Segway, Gillette, Bose, and Clorox have used crowdfunding and their primary objective is not to raise money.

A great example from fundchaser.com is the story of the TLC music group when they were preparing their 5th album. They wanted to try something different and give their fans a way to participate in the making of the album. Backers got eh album as a reward and during the process, fans gave the band tips for improvement.

“The aim was to use crowdfunding as a way to a larger community, new fans, and a completely new channel that would allow fans to work on the album directly with the band.” – Fund Chaser

This episode (originally posted here) will show you how you can run a successful crowdfunding campaign for your brand in the next 6 months. If you’re a startup, crowdfunding is a great way to raise money without investors, taking out a loan, or accumulating debt.

If you’re an established brand and you’re adding a new product to an existing product line, crowdfunding is a great way to validate the product product, get the buy-in from fans, and reach a larger audience.

My guest, Shannon Lohr, is an expert on crowdfunding for fashion companies. In fact, when she and her partner launched their own Kickstarter campaign, it became the highest-funded fashion project in Kickstarter history at the time, was featured in the New York Times, and raised enough money to quadruple their first production order. BOOM.

I learned sooooooooo much from this interview. Have a listen…

You can also listen and subscribe on iTunes or Stitcher Radio.

What we cover in this crowdfunding interview:

What needs to happen in the first 7 seconds of your crowdfunding video
How to tell your story to get people to back you and order your products
The power of guest posting on someone else’s blog and what it did for Shannon’s Kickstarter campaign
The 3V’s of a successful crowdfunding campaign
Highly produced video or more casual “selfie” style?
Do you need to be in the video yourself?
Flat lay images and lifestyle photos – what visuals you need for your campaign
Crowdfunding rewards for backers
Price points that work best for a successful (funded) Kickstarter
How often to email people about to tell them about your crowdfunding campaign and encourage them to back you

Kickstarter Campaigns to Check Out:

Show Notes:

Shannon’s crowdfunding course, Crowdfunding Factory
Shannon’s main website and startup program, Factory45

What do YOU think?

Was this interview helpful? What’s your ONE big takeaway from this interview?

As always, thanks for listening,

Jane