Start-Up Ideas in the Fashion Industry for Budding Entrepreneurs
- September 10, 2020
- Posted by: lisaadelhi
- Category: Fashion Design Blog
Fashion, as we understand it in the contemporary world, is a concept which is rooted in the stylistic ideas of what is modern. Fashion is an amalgamation of cultures and a direct outlook of how people want to express themselves. Trends in fashion can be changing with time, but the idea of fashion is ever-present!
The Types of Fashion Markets
The fashion industry is a trillion-dollar industry globally, which is further divided into segments. Let us look into the different markets that are present in the fashion industry:
- Haute Couture (High Fashion): High Fashion is associated with the highest level of designers who cater to celebrities and bring new trends in the world of fashion.
- Ready to Wear: This is also a high-end market. Ready to wear fashion is generally more affordable fashion options from haute couture brands. It caters to consumers willing to shell out a hefty amount for trendy designs in the market.
- Diffusion: The diffusion market includes secondary fashion lines from high-end brands and are produced in a wider volume and offered at a price point more suited to a regular buyer willing to try out high fashion.
- Bridge: As the name suggests, this market acts as a bridge between the high ended fashion market and the market for mass appeal. This is a mid-range market which aims at providing a creative selection to consumers at an affordable price range.
- Mass Market: This is the most economical market. Not to be taken lightly, the mass market is one of the largest fashion markets as it caters to the largest number of consumers in the world.
Why Choose the Fashion Industry as a Start-up Idea?
Do you think that you need to be a hip fashion designer to create a start-up in the fashion industry? Thankfully not. The fashion market is so huge that a large number of people can be accommodated in this booming industry. The global apparel sector itself is worth 1.3 trillion dollars (larger than the economy of Russia).
The revenue growth of the Indian fashion industry is projected to be around 14.1% in 2020. India is also the fifth largest fashion market in the whole world.
A start-up in the fashion industry is a great idea because it is an industry which is there to stay. The fashion industry is an industry which craves for innovation and creative expression.
At the same time, it is also a fast-moving consumer product which is always in demand. As a fashion entrepreneur, you can change the existing trends in the market and create a new trend.
Top 10 Start-Up Ideas for Fashion Industry
1) Designer Boutique
Go ahead and start your own set-up. Target the consumers you want to cater to and design your own line of clothes. As an investor, you can also hire creative designers and set up a boutique. Knowledge of business operations can be useful along with creative insight.
2) Sustainable Fashion
One of the most lucrative start-up ideas, sustainable fashion is an industry which aims to stay. You can engage with a vast range of recycled products and use them as raw material for your fashion products. Sustainable living is the need of the hour and investing in it will surely be profitable in the long run.
3) Promotion of Local Styles
Explore the unique local art forms of India, especially in the handloom textile industry. Promoting and marketing local textile crafts is a great way to support the traditional community and include the support of small scale local business for your start-up.
4) Bio-Based Dyes and Fibres
This off-beat idea is sure to capture the fashion industry by a storm. There has been innovation in producing dyes and fibres from algae which are used in making textiles which release nourishment and anti-oxidants for our body.
5) Online Fashion Consultant
Help clients choose the perfect outfits to wear for any event. You can also help them choose the right kind of fashion to suit their outlook.
6) Exchange Portal for Clothes and Other Fashion Accessories
Another upcoming ide in the industry. You can set up an online or physical space where people can exchange their clothes with other people to constantly update their fashion needs, without cluttering their closet. A benchmark can be set on the condition of clothes to be exchanged.
7) A Marketplace for Companies to Exchange Materials
A marketplace for companies to exchange unused or extra raw materials and products with other companies can be a great way to help turn waste into wealth. This can be a sustainable venture and be a win-win situation for the start-up as well as the different producers in the gigantic fashion industry.
8) An Online Store to Support Small Scale Fashion Designers
There is no dearth of talent in the fashion industry. Promote and sell fashion products by local designers who are looking for a chance to be recognised. Your marketplace will have products which are unique to it, making this a profitable business venture.
9) Handcrafted Jewellery
Handcrafted jewellery is gaining popularity, especially among youngsters as they opt for chic designs over costly jewellery options. You can easily find sellers for raw products to start your own handcrafted jewellery line. Let your creativity run free.
10) Custom Printed Shoe & T-Shirts Business
You can offer a service to customise shoe and t-shirts prints for consumers based upon their preferences. This can be a great offer for consumers trying to find their unique sense of fashion in a saturated market.
So if you are considering conceiving your own start-up, fashion would be a good industry to foray into. There is immense potential for growth and huge dividends.