![How to plan and track the budget of your beachwear brand [template]](http://onlineyougrow.com/cdn/shop/articles/cov-budget-4_e80448fe-0512-4313-98ee-23c9895e62cb.png?v=1715856435&width=1100)
If you don’t plan and track your beachwear brand's budget properly, you're setting yourself up for failure.
When we developed our strategy pack for beachwear entrepreneurs, we saw a lot of brand owners struggling with finances and planning.
They were disorganized, had no grasp of cash flow, and were drowning in financial troubles despite having substantial sales.
Don’t let this be you—stand out and succeed.
We’ve created a small, free tool to help you get started: our Budget Tracker and Planner. Let’s turn your beachwear brand's finances around and set you on the path to success!
Get the budget tracker tailored for beachwear brands
Most beachwear brand founders don't know how to plan and track their budget. This spreadsheet will help you.
Example of a full budget for beachwear brands
Here is an example of a (very) detailed budget for a beachwear brand, to give you some inspiration
1. Rent and Utilities
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Rent | Lease for retail space | $4,000 | $48,000 |
| Electricity | Power consumption for store and office | $500 | $6,000 |
| Water | Water usage | $100 | $1,200 |
| Internet & Phone | Internet service and business phone | $150 | $1,800 |
| Waste Removal | Garbage and recycling services | $100 | $1,200 |
| Insurance | Property and liability insurance | $300 | $3,600 |
2. Salaries & Wages
| Position | Number of Employees | Monthly Cost per Employee | Total Monthly Cost | Annual Cost |
|---|---|---|---|---|
| Store Manager | 1 | $3,500 | $3,500 | $42,000 |
| Sales Associates | 3 | $2,000 | $6,000 | $72,000 |
| Marketing Specialist | 1 | $3,000 | $3,000 | $36,000 |
| Inventory Manager | 1 | $2,500 | $2,500 | $30,000 |
3. Inventory Costs
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Beachwear Stock | Swimsuits, cover-ups, etc. | $8,000 | $96,000 |
| Accessories | Hats, sunglasses, sandals, etc. | $2,000 | $24,000 |
| Packaging | Shopping bags, gift boxes, etc. | $300 | $3,600 |
4. Marketing & Advertising
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Online Advertising | Google Ads, Facebook Ads, etc. | $500 | $6,000 |
| Social Media Management | Managing social media accounts | $600 | $7,200 |
| Print Advertising | Flyers, posters, magazine ads | $200 | $2,400 |
| Website Maintenance | Hosting, domain, updates | $100 | $1,200 |
| Email Marketing | Email campaigns and newsletters | $150 | $1,800 |
| Promotional Events | Special events and promotions | $300 | $3,600 |
5. Miscellaneous Expenses
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Equipment Maintenance | Regular maintenance of store equipment | $200 | $2,400 |
| Uniforms | Staff uniforms and name tags | $100 | $1,200 |
| Licenses & Permits | Business licenses, permits, etc. | $100 | $1,200 |
| POS System | Point of Sale software and hardware | $150 | $1,800 |
| Contingency Fund | Emergency repairs and unexpected costs | $300 | $3,600 |
| Office Supplies | Stationery, pens, printer ink, etc. | $100 | $1,200 |
| Staff Training | Training programs and materials | $200 | $2,400 |
Some beachwear brands make 5x more profit than you!
We have studied the strategies of the best beachwear brands in the world. Replicate them now!
What are the biggest expenses for a beachwear brand?
Be mindful of these pitfalls. Here are five major costs every beachwear brand owner needs to consider, along with some tips on how to manage them effectively.
- Fabric and material costsThese can take up a significant portion of your budget. You're dealing with seasonal trends, quality variations, and supply chain issues. To keep these costs in check, focus on bulk purchasing, negotiate better prices with suppliers, and minimize waste. It's easy to overspend by buying too much or opting for premium materials that don’t add enough value.
- Staff for your beachwear brandYour team is your backbone, but paying for their wages, benefits, and training can be costly. This expense is always high because you need a skilled workforce to ensure quality production and customer service. Optimize labor costs by scheduling efficiently, cross-training staff, and monitoring productivity. However, be careful not to underpay or overwork your staff, as this can lead to high turnover and poor morale.
- Retail space and utilitiesPrime retail locations come with high rent, but they can attract more customers. Utilities like electricity, water, and internet are essential but can add up quickly. To optimize these costs, negotiate favorable lease terms and invest in energy-efficient appliances and lighting. Overspending often happens when you choose a location that's too large or too upscale for your needs.
- MarketingYou need to get the word out about your beachwear brand, but advertising can be expensive, whether it's online ads, social media campaigns, or traditional media. Optimize this expense by focusing on cost-effective methods like the ones we provide in our guide. Overspending can occur if you invest in flashy campaigns without a clear return on investment.
- Production equipment and maintenance costsThis includes everything from sewing machines to display racks. These are expensive because quality equipment and regular maintenance are crucial for smooth operations and customer satisfaction. Optimize by investing in durable, energy-efficient equipment and maintaining it regularly to avoid costly breakdowns. You can overspend by going for the latest high-tech gadgets you don’t really need.
How to spend less with your beachwear brand?
Here are practical tips to help you, as a beachwear brand owner, optimize your budget and manage expenses more effectively.
| Expense | Tips to Optimize |
|---|---|
| Fabric Costs | Partner with local textile manufacturers for high-quality, sustainable fabrics at lower prices. |
| Labor Costs | Implement a scheduling software to optimize staff hours and reduce overtime. |
| Utilities | Install energy-efficient lighting and machinery in your production facility. |
| Marketing | Run social media contests for your beachwear brand and collaborate with local influencers for free exposure. |
| Packaging | Use cost-effective, eco-friendly packaging and offer discounts for customers bringing their own reusable bags. |
| Equipment Maintenance | Set up a maintenance log for regular equipment checks and servicing. |
| Rent/Mortgage | Negotiate lease terms during renewal or consider moving to a less expensive location. |
| Insurance | Regularly review insurance policies to ensure they meet current needs and compare rates annually. |
| Inventory Management | Use inventory management software to track stock levels and reduce overproduction. |
| POS System | Choose a POS system that offers essential features with low transaction fees and integrates with other systems. |
| Staff Training | Conduct regular in-house training sessions and use free online resources. |
| Waste Management | Implement a fabric waste tracking system to minimize waste and donate excess materials. |
| Technology | Invest in multi-functional sewing machines and utilize design software for pattern making. |
| Office Supplies | Purchase supplies in bulk and go paperless where possible with digital order systems. |
| Transportation | Plan delivery routes to maximize efficiency and reduce fuel costs. |
| Licensing and Permits | Stay up-to-date with local regulations to avoid fines and costly renewals. |
| Showroom Maintenance | Schedule regular cleaning and maintenance to keep your showroom in top condition. |
| Online Store | Optimize your website for mobile shopping and use cost-effective e-commerce platforms. |
| Customer Service | Train staff to handle customer inquiries efficiently and use chatbots for common questions. |
| Product Photography | Invest in high-quality photography equipment and consider in-house photo shoots to save costs. |
| Trade Shows | Participate in local trade shows and events to increase brand visibility without high travel costs. |
Copy the tactics of the best beachwear brands in the world!
There are beachwear brands that make way more money than you do. We have studied their tactics. Get them now!
Expenses that are just useless for a beachwear brand
Yes, some expenses for your beachwear brand are just unnecessary. They don't contribute to increasing revenue or enhancing customer satisfaction.
| Beachwear Brand Expense | Reason It's Useless |
|---|---|
| Luxury Packaging | Overly extravagant packaging doesn't necessarily attract more customers and can be a drain on the budget. |
| High-End Fabric Suppliers | Unless you are targeting a luxury market, most customers are satisfied with high-quality, mid-range fabrics. |
| Extensive Product Lines | A large product line increases inventory costs and leads to more unsold items. |
| Top-Tier Manufacturing Equipment | State-of-the-art manufacturing equipment is not always necessary and can be cost-prohibitive. |
| Print Advertising | Traditional print ads often have a lower return on investment. Don’t include them in the marketing strategy of your beachwear brand. |
| Multiple Collection Launches | Having various collection launches increases costs without adding significant value to the customer experience. |
| Excessive Staff | Overstaffing leads to higher labor costs without necessarily improving service quality. |
| Premium Subscription Services | Expensive subscriptions for fashion magazines or trend reports often go unnoticed by customers. |
| Exclusive Materials | Using rare materials can inflate costs and complicate supply chains. |
| Costly Store Fixtures | High-end store fixtures are not always appreciated by customers and can be a significant expense. |
| Custom Printed Tags | Personalized tags are a minor detail that most customers overlook, and they can be expensive. |
| Unnecessary Software | Paying for software with features you don’t use is a waste of resources. |
| Premium Water Brands | Most customers are content with filtered tap water, making expensive bottled water unnecessary. |
| Extra Delivery Vehicles | Maintaining a larger fleet than needed increases operational costs. |
| Excessive Membership Fees | Paying for multiple industry memberships often yields little benefit. |
| Overly Frequent Store Redesigns | Constantly updating store decor and layout can be costly and disrupt operations. |
| Expensive Store Displays | Elaborate displays are often ignored by customers and add to the cost. |
| High-End Store Fixtures | Luxury store fixtures are prone to damage and expensive to replace, often going unnoticed by customers. |
| Excessive Staff Meetings | Too many meetings can reduce productivity and increase labor costs. |
| Expensive Catalog Designs | Frequently redesigning catalogs is costly and often unnecessary. |
| Unused Promotional Materials | Ordering more promotional items than needed leads to waste and unnecessary expense. Get our marketing budget planner template. |
| Paid Directory Listings | Many free listing options are available, making paid listings often redundant. |
| High-End Event Equipment | Specialized event equipment is often unnecessary and adds to costs without a proportional benefit. |
Stop working with a tight budget for your beachwear brand!
Managing a budget for a beachwear brand when funds are tight can feel like an uphill battle. It's like being caught in a riptide where any unexpected expense can pull you under.
This constant pressure makes it nearly impossible to invest in growth projects, leaving you always scrambling to cover costs. It's a life filled with stress and sleepless nights.
Yes, you can continue down this path, pinching pennies and barely staying afloat. But there's another part of the equation you might be overlooking. Instead of just trying to cut costs, you can focus on growing your revenue. More income means more flexibility and more resources to invest in your brand.
And no, you don't necessarily have to spend money to grow. There are plenty of zero-cost initiatives and strategies that can help you increase your revenue by 10%, 20%, or more. We've detailed all of these strategies in our guides, after studying dozens of beachwear brands just like yours. Get them now!
Make your beachwear brand more profitable
We have studied the strategies of the best beachwear brands in the world. All their tactics are explained in our pack!
