Recent research in the State of Fashion 2023 report by McKinsey and The Business of Fashion shows that the fashion industry’s future this year is uncertain. A report says that fashion brands should get ready for a possible drop in sales because of worries about inflation and the economy.
Even though this sounds bad, it’s a great chance for entrepreneurs to get into the fashion market. Some of the biggest names in the fashion industry, like Prabal Gurung, Victoria Beckham, Reformation, and Christian Siriano, were started in 2008, when the economy was bad.
If you like fashion and are looking for a new way to make money, now might be a good time to start a small business that caters to other fashion lovers. With these business ideas, you can cash in on the biggest consumer trends of the moment.
Create a Truly Green Fashion Brand
Consumers know that the fashion industry is not very good at being environmentally friendly. One report says that the fashion industry is responsible for 5–8% of all greenhouse gas emissions each year. Smart consumers are already looking for alternatives to big brands that produce a lot of carbon.
Claudia D’Arpizio, Global Head of Fashion & Luxury at Bain & Company, told Fashion United, “Young people care a lot about sustainability, and that care is growing in general.”
“Brands that build sustainability into their business strategy and operations will stay relevant and take advantage of unmet demand, both now and in the future.”
The people who start new businesses are in a good place to compete for this market share. Create a new customer base by making a fashion brand whose main goal is to be sustainable.
Sustainable practices can be used in your supply chain, how you distribute your products, how you design your products, and even how you recycle your old stock.
Start a Gender-fluid Fashion Label
Gender-free or “fluid” fashion is becoming more and more popular. In 2019, one group said that more than 55% of Gen Z shoppers bought things “outside of their assigned gendered area.”
In practice, this means that fashion brands need to stop separating their stores into “his” and “hers” sections and start making designs that are more open to everyone.
The State of Fashion 2023 Report said, “Gender-fluid fashion is becoming more popular as people’s ideas about gender identity and expression change.”
“The blurring of the lines between menswear and womenswear will force many brands and retailers to rethink how they design and market their products and how people shop in-store and online.”
Entrepreneurs who want to reach a wide range of customers can focus on clothes that can be worn by both men and women. The nonbinary dressing gives you a chance to be creative with your designs and make sure they fit well on everyone who tries them on.
Design and Print T-shirts
Want an easy and quick way to get into the fashion business? You might want to start a print-on-demand business that uses a third party to handle inventory, shipping, and fulfillment so that you can just make the designs.
Print-on-demand suppliers offer white-labeled T-shirts, hats, phone cases, hoodies, and tote bags, among other things. They sell these things to business owners, who then change them up and sell them order by order.
“With many print-on-demand services, you pay per product, so the base price per unit will be higher than if you ordered in bulk,” wrote Shopify.
“But the benefit is that if a certain t-shirt design doesn’t sell, you haven’t paid for it yet (if you outsourced the design, you’ve only paid for the design).”
Print-on-demand products are a great way to see if consumers are interested in a tagline, logo, or graphic design you want to share with the world. Then, when your business starts to take off, you can make changes and grow.
Reinvent Formalwear
For many people, the pandemic was the end of getting dressed up to go to work. In fact, being able to work from home in pajamas has made people more likely to dress up.
The State of Fashion 2023 Report said, “While offices and events are likely to become more casual, consumers may rent or buy outfits that make a statement to stand out when they do want to dress up.”
This change gives entrepreneurs in the fashion industry a chance to make money off of formal wear. You could open a thrift store for formal wear in your area, start a website where people can rent fancy dresses, or find a way to use office clothes for other events.
Establish an Online Boutique
Lastly, there are a lot of tools you can use to start your own online boutique. Using a product-sourcing app, you can choose items for your own online store.
For example, MyOnlineFashionStore has a tool that lets you add different fashions to a Shopify store. From there, you can have friends model different styles, sell on social media, and use dropshipping to get your carefully chosen fashion items into the hands of customers.
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