Skip to 0 minutes and 10 secondsIt really thrills me when I get feedback from customers of all ages who have had an incredible time at their event in an amazing dress. Hi, my name is Briella Brown, and I'm the founder of Your Closet. Your Closet is an online designer dress rental store which allows women to hire high end designer dresses for a fraction of the purchase price, and I launched Your Closet around 2 and a half years ago.

Skip to 0 minutes and 35 secondsThe idea for the business came from when I was in high school and had a few formals to attend, and thought it was ridiculous we were spending so much money on dresses that we were only going to wear once. I think the main driving factors behind women renting is that they can now wear a different dress to all of the events they attend. And it's just a reality that women don't want to be posting photos of themselves in the same dress at multiple events, so they just want a fresh innovative way to update their wardrobe without having to pay a huge sum of money.

Skip to 1 minute and 6 secondsOur customers are big online shoppers, which is why we built our e-commerce store-- to give them the flexibility to shop anywhere, anytime. I am a really big consumer in the sharing economy. I use Uber a lot for all of my travels, and I use Airbnb whenever I'm doing travel for the business. I think the sharing economy works well across all generations. The millennials and younger generations have definitely picked it up because I think younger people are putting a greater emphasis on experiences over ownership.

Skip to 1 minute and 37 secondsIn the future it will just continue to grow and become more of a normalised process, and nearly all those elements in our life that we use once or twice we will probably be able to rent in the future. Advice I would have for millennials starting their own business is to just go for it. Coz I don't think you will like ever know unless you just give it a try. I started in my business a few years ago in my garage. And so I think there's lots of opportunities now for you to test business ideas without outlaying a lot of capital.

Briella Brown (entrepreneur)

Starting a business in the sharing economy is rewarding but also has its challenges.

New businesses in the sharing economy are often started by millennials, who despite their comfort in the online world, must still make important business decisions when they start their business. They must define their target customers, design branding and advertising strategies to create awareness for their brand, consider supply chain issues and have a strategy to deal with the challenges of an online business.

There is no one correct way to do this and different businesses in the sharing economy will have different approaches.


Activity

Now that Briella's business is off to a strong start attracting the Millennials who are looking to rent dresses for special occasions rather than buy, what advice could you offer Briella as the next step to continue the growth of her business?

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This video is from the free online course:

Business Futures: the Sharing Economy

RMIT University