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"Luxury Fashion Items Rental Business": How to Get Started

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If you are a fashion enthusiast, there must be a time when you are dreaming of wearing that expensive dress to a party, but simply doesn't have enough cash to purchase it.

Why not create a business offering the solution to your own problem, as well as other fashion enthusiasts'. If you have some amount of capital, you can buy the dress and rent it to others to make profits.

Not only you can get a promising profit and high earning potential, you can also build your own collection in the process, making it an exciting venture especially for those with a passion for the fashion industry.

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Interested to start this business? Here are a few tips to help get you started:

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1. Startup Investment
The size of startup investment, of course, will be dependent on how large and how expensive your collection will be. Luxury fashion items can have various prices ranging from just above $100 to as high as above $5,000. You can make this business a home-based business to eliminate the need to rent a space, thus maximizing your capital to enlarge your collection. In general, starting with $5,000 to $10,000 will be ideal to test the water first.

2. License and Permit
Most likely you won't need a special license or permit before you can engage in this business. However, this can vary depending on your location. Consult your local authority to get a better information regarding the legal requirement of your business.

If a liability insurance option is available to cover your type of business, it will be a good idea to avoid future accidents, theft, and damage. Contact the local insurance agents for an inquiry of the best insurance options for your business.

3. Marketing
Utilizing the online marketing channels will be your primary strategy. Build a proper website showcasing your collections with an e-commerce functionality. Promote the website using social media strategy, as well as Search Engine Optimization (SEO).

Keeping your collections up to date with the trends, with competitive rental price will increase your reputation and marketability.

4. Pricing
Typically, you can rent a fashion item ranging from 15% to 20% of its price. For example, you can rent a $400 dress for $100, and $200 for a $1,300 dress.

Remember that you should include a clear written policy on return dates and other terms. Make a policy regarding missing or damaged items clearly in written form to save yourself from future troubles.

Earning Potential

With the rental price typically 15% to 20% of the cost as mentioned, you can break even on roughly the 5th rental period. Thus, Renting 25 dresses for $100 a month can net you $2,500 in monthly earning, or $30,000 annually.

Expansion opportunities including renting wedding dress and accessories, male fashion items such as tuxedos and jackets, and other similar opportunities. Diversifying your collection can also increase your earning potential along the way.

Marketing your business might be a challenge in the beginning, however, as your reputation and customer base grows, you can expect a steady amount of income with healthy profits.

Remember to always calculate the risks of damaged or missing items throughout your financial projection.