You could tell the difference between an Alaïa and a Topshop in the dark, you buy Vogue religiously every month (and actually read it from cover to cover) and you're the friend everyone turns to for style advice.

Yup, you're a fashion fanatic and proud of it.

The logical next step is to turn your passion and knowledge into a profitable business.

But with warnings about the impossibly tough and competitive fashion industry constantly being whispered in your ear, building up the courage to launch your own startup isn't easy.

To give you a nudge in the right direction, here are five potential fashion businesses you're more than capable of running. Take a look.

#1: become a blogging superstar

Online influencers are the new power players of the fashion industry, winning front row seats and charging thousands of dollars for sponsored Instagram posts. To join their ranks and turn your witty sartorial insights into a lucrative career, start your own blog.

Word of warning, though - you won't become a blogging superstar overnight. Take Susie Bubble as an example. She may run one of the most powerful fashion blogs out there, but it's taken 10 years of hard work for her to make money from her site.

#2: start an online shop

Do you love spending entire evenings compiling wish lists of your favourite pieces and creating Pinterest boards around current trends? Then running an online shop could be the business for you - you just need to think of a strong selling point to help you stand out.

Currently, fashionable but affordable clothing is taking over the market. Take a look at AX Paris, who offer everything from prom dresses to tailored midis at purse-friendly prices, for inspiration on how to work this angle properly.

#3: invest in wearable technology

If you want to build an exciting fashion brand that promises future profitability then you need to start researching wearable technology.

Brands are already experimenting and incorporating tech into their collections, with The Unseen's colour-changing accessory line for Selfridges being a standout example. Whether you go for a practical or fun application, create something innovative and you're sure to find a market.

#4: build an event management company

Runway shows, collection launches, pop-up stores, press nights, flash sales - the fashion industry loves over-the-top parties. If you've got oodles of creativity and unbeatable organisational skills, you could make a killing running an event management company.

You'll have to compete with inhouse teams for business, but once you've managed to impress a few clients, your reputation will soon start making all the sales for you.

#5: launch a plus size line

With supermodel Ashley Graham leading the charge for more inclusive fashion, launching a plus-size clothing line offers an exciting opportunity for entrepreneurs looking to fill a gap in the market.

There's such a big demand for larger clothing sizes that even major retailers like ASOS and Topshop are developing plus size ranges, but don't let that put you off. There's still plenty of room for new startups as well.