How to start a Dress Rental Business in Nepal?
Buying a dress for a special occasion ain’t cheap, and if you want something premium, you might ending up creating a hole in your pocket. This is the common problem of many people, especially females looking to wear a fancy high-end dress for one or a couple of special occasions.
And for the people who want to come with a solution for the people wanting to wear a premium/designer dress without breaking the bank; then opening a Dress Rental Business is the way to go.
Dress Rental Business | Business Plan
With a Dress Rental Business, there are mainly two ways you can execute your business.
Owning a Dress
So, the simple way to start a Dress Rental Business in Nepal is to buy a dress and to rent it.
Here, you have to buy a couple of dresses and list them out for rentals. Then find out the potential customers for the type of clothing you offer.
You can take the rental fee accordingly, but 10% of the price of the dress seems ideal. In this scenario, you will have to own all your dresses, so you have been taking care of those dresses too. You will require a bigger budget for this option to buy your few first dresses.
Revenue Stream
- Rental fee: Rental fee will be your primary revenue stream.
- Subscriptions: You can also create an annual subscription model where people could get subscriptions in exchange for a free dress rental, cash back, or even discounts.
Connecting Dress Owners and Renters
But some of the times, your dress might not be rented enough to make your a profit out of it. Or you might even be skeptical about the business failing. In that scenario, you have to work more on the networking end.
If you don’t want to own any of your dress, you could find people that would like to rent their clothes. Here, you have to be the mediator and link the Dress Owners and Renters. You will need a significantly less budget for this business plan but will have to find dress owners willing to rent their clothes. This way, you share the rental fee with the dress owner.
Revenue Stream
- Commissions: Get a commission from every dress rental.
- Partnerships/ Endorsements: You could partner with designers or boutiques out there to get their dress rented or as a part of the advertisement.
- Subscriptions: You can also create an annual subscription model where people could get subscriptions in exchange for a free dress rental, cash back, or even discounts.
But it’s not you have to go by one plan, you can start by owning a few dresses and also connecting dress owners to renters. Do your homework, research, and work on what you feel works for you.
Dress Rental Business | Challenges
With the idea of a Dress Rental Business, there come some challenges too, the main one being the mindset of people. Although, the present generation is ready to accept and adapt to the change for the environment and to saw a couple of bucks. But sometimes it is still hard to do that.
The social stigma of people not wanting to wear other people’s clothes is the central issue. It might be challenging to change the stigma with a considerable mass of people but not impossible. You can start with small demography and then expand creating awareness about the sustainability of renting a dress and, plastic is not always to blame for environmental degradation.
Dress Rental Business | Market
There are challenges but talking about the market; Dress Rental is the future in the fashion industry. A middle-class person, can’t afford multiple high-end dresses, but even if you can, it’s not sustainable for the environment.
The concept of the Thrift shop and Dress Rentals are prevalent in western society. The Nepalese society should adapt to this slowly with time. We might know someone who has a gorgeous set of clothes that cost him/her heft sum of money but now they can’t fit into the clothes after wearing only once or twice. Wearing a rented dress or renting out an item of clothing you own is the alternative to get the most out of your dress and money.
Also, when buying a dress, you have to spend too much time on it, with buying fabric, giving it to tailors, and then you end up wearing it hardly twice or thrice. Dress Rental Business will help people avoid the hassle and still end up with a beautiful dress on a special occasion.
Dress Rental is a new thing, but this has already entered Nepali Market. These are some of the organizations that provide Dress Rental Services:
Conclusion
Dress Rental Businesses are the future if appropriately introduced. We all might have faced the common problem without expensive dresses not fitting after wearing it once or twice. In that case, Dress Rental is the best alternative out there.
Dress Rental Businesses are the sustainable options for buying dresses too. So, if you are someone who wants to open such a business, be aware of the challenges, start small, and take full benefit of the market out there.
Related Topic: How To Look Stylish Without Wearing Short Dresses In Summer?
