Clothes rental is nothing new.
People have been renting clothes for years – mostly wedding attire for men.
To dress well an make an impression has been identified as a real need- and entrepreneurs are cashing in.
In today’s world of fast changing fashion, expensive clothes and accessories are not within everyone’s budget.
Still, you want to make a good impression when you are going for an important event – carry a designer hand bag and wear a designer suit.
Where do you turn to?
From apps that allow you to rent out hand bags and clothes to actual persons who rent out their own collections of expensive accessories and clothes, the clothing rental business has become big.
By Rotation is one clothes rental app that allows wearers to share their apparel with others – the company carries no inventory unlike other clothes rental companies and believes that it is a sustainable mode of operations for them.
So where are the opportunities and how do you make a great business idea out of it?
Fashion is a changing market – there’s always potential for new and better accessories and clothes rental –
As a fast paced market with constant changes, fashion lends itself well to the idea of renting out clothes and accessories.
Those who need to present themselves well at interviews, social gatherings and key functions can do so without investing in expensive clothes or accessories. They can simply rent it out.
The business sense lies in the fact that fashion changes constantly and need new and more improved clothes or accessories that can be rented again and again.
The potential lies in fashion’s constant re-invention of needs.
Fashion plays a key role in personal presentation and image management – potential for clothes rental –
No matter what kind of work your industry involves, there is always the need to make a favorable impression.
Clothing rental apps thrive on this concept.
Everyone needs a suit at least once a year. Carry a designer bag to that event everyone is attending.
Wear that designer dress which everyone is likely to notice.
First impressions are lasting and no one wants to put a foot wrong in today’s brand conscious world that is likely to evaluate an individual by the manner in which he or she presents himself or herself.
Accessories are vital value additions –
Accessories today are as important as the clothes.
Carry the right hand bag – wear the right shoes.
Which is as important as making an entrance in the right outfit.
Today, accessories play a great role in creating the right impression.
You may wear the right clothes but without the right accessories, you won’t make the cut.
Which means that clothes rental apps are able to rent out accessories to those who rent their outfits – often as value addition.
But what are the disadvantages of a clothes rental business? As in any business, there are disadvantages involved.
Expensive clothes and accessories can get damaged easily –
A drawback can be that such items maybe stolen or damaged, which can be expensive to replace.
Often, such apps and clothes rental businesses charge an advance fee which is refunded once the item is returned.
Theft or stolen stock can be damaging –
Some may steal the items that have been rented out – yet others may never return them.
Some businesses try to overcome this by doing a proper background check on the individual renting out the items.
Yet others only do business with those who are known as regular customers.
Clothes rental is no longer a simple mechanism through which someone rented a suit for a wedding – it serves a vital purpose in meeting the complex needs of fashion conscious customers who although they don’t have the budgets, would nevertheless like to look like a million bucks.
Got an idea for a business? Or want to tell us your story?
E mail us at firstname.lastname@example.org.