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Bridal Gown Shop Business Plan
Start your own bridal gown shop business plan
Executive summary executive summary is a brief introduction to your business plan. it describes your business, the problem that it solves, your target market, and financial highlights.">.
Recycled Dreams – a Bridal Repository is a Portland, OR based retail rental shop of bridal dresses and accessories. Founded and operated by Connie Jugal, Recycled Dreams will meet the unmet market demand of formal wedding wear that is rented as opposed to purchased. Traditionally, participants in the bride’s wedding party are required to buy their dresses for the wedding, yet they have no input as to what the dress looks like. They are told exactly what dress they need to purchase. More often than not the dresses are horrendous looking and after the occasion they remain in the closet collecting dust indefinitely. It is therefore very practical to provide people with the option of renting a dress in light of the fact that the dress will only be used once. This makes the event far more cost effective, yet just as fashionable. Men can rent tuxedos, now women can rent bridal dresses.
Recycled Dreams rents dresses, shoes, head pieces and veils. For the bride and others if they so choose, the dresses can be purchased. However most customers will be overjoyed with the option of renting these one time pieces of clothing. In addition to providing the wedding party will the ability to rent all the necessary clothing pieces and accessories, Recycled Dreams has established strategic partnerships with top-flight local wedding related service providers such as invitations, flowers, catering, and photographers. Not only do these alliances provide a one stop shopping option for customers where all preparations can be accomplished at Recycled Dreams, but Recycled Dreams earns a commission on the referrals creating an additional revenue source.
The Market and Competition
Recycled Dreams will be targeting two distinct market segments, the bridal couple and the parents of the bridal couple. Couples as a market segment is growing at 9% a year with 114,584 potential customers, and the parents of the couple have a 8% growth rate with over 112,000 possible customers.
Recycled Dreams faces competition from traditional bridal shops that sell the products. While these are competitors, Recycled Dreams sees them as indirect competitors since Recycled Dreams believes that the ability to rent the dresses is a huge value added service. Currently, there are no other bridal rental facilities in Portland. The concept is brand new. It has been tested to great success in San Francisco and Recycled Dreams is the first to offer it in Portland.
Recycled Dreams has two competitive advantages that will help them quickly grow their customer base and validate this new concept. The first is the idea that indeed, like men’s tuxedo’s, women’s bridal wear can be rented. This is particularly intuitive since the dresses are only worn once. Although some might feel that there is a social stigma attached with women renting clothing, there is no way for anyone other than the renting customer to know that the dress that they are wearing is rented. Their second competitive edge is their benchmarked customer service. Recycled Dreams sees their role in the entire process as the one to hold the client’s hand and walk them through the entire event, meeting all of their needs. This philosophy has been engrained within the entire organization.
Beyond the fact that Recycled Dreams is a great idea, the company has a seasoned founder and manager at the helm to guide the company to profitability. Connie has years of retail management experience. Her experience was at the Salvation Army where she was the manager of several stores. While manager, Connie was responsible for growth up to 46% a year per store. Connie will leverage this outstanding industry experience to make Recycled Dreams a success.
Recycled Dreams is an exciting concept that acknowledges the fact that most bridal party dresses are not the prettiest creations, are quite expensive, and almost never worn after the intended wedding. Recycled Dreams will reach profitability by month 10 with healthy sales for year one and more than doubling by the end of year three.
The objectives for the first three years of operation include:
- To create a service-based company whose primary goals is to exceed customer’s expectations.
- To increase the number of clients by 20% per year through superior service.
- To develop a sustainable start-up business providing cost effective bridal dresses.
Recycled Dreams’ mission is to provide cost effective use of bridal dresses and accessories for weddings. Our services will exceed the expectations of our customers.
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Bridal Shop Business Plan Sample
Do you want to start bridal shop business?
Do you want to start a bridal shop business? Well, if you are a gifted artist in designing bridal gowns and can join your passion with the latest fashion trends, then it is probably the right business for you. Bridal shop business is undoubtedly one of the most profitable businesses because brides don’t hesitate to spend a lot of cash on the dress that suits her the best on their special day.
Before the startup, you must prepare a comprehensive bridal store business plan. If you don’t know how to open a bridal shop , you can take help from this sample business plan of a bridal shop business startup named ‘Angelic Bridal Shop’.
1.1 the business.
Angelic Bridal Shop will be a licensed wedding dress business plan in Piedmont Avenue, Oakland, California. Angelic Bridal Shop will provide the best possible beaded and embroidered wedding dresses and accessories for brides, bridesmaids, flower girls and mothers of bride and groom.
Angelic Bridal Shop will be owned by Clara James. Clara is a fashion designer herself, yet she will get the services of more designers and artisans, stylists, sewers, and operation managers for running the bridal salon business plan .
After you have learned how to start a bridal shop , the next step is to carry out proper research to know your customers. Our major customers will include brides, and the women attending the ceremony such as bridesmaids, mothers of bride and groom in Oakland.
1.4 Business Target
Our bridal salon business plan targets to be achieved within the next three years are as follows:
2.1 company owner.
Mrs. James is a well-known lady in fashion designing and bridal salon business plan for the past 15 years. She also has got a Bachelor’s degree in ‘Apparel Design’ from San Francisco State.
2.2 Why the Business is being started
Clara’s modernist thought, practical design, and the pursuit of expensive simplicity had already made her a famous figure in fashion designing. Now, she is doing research on the latest trends and is working on many new ideas for designing unique and royal styled bridal dresses.
2.3 How the Business will be started
Before opening a bridal shop business plan , you must estimate how much does it cost to open a bridal shop . Mrs. James will take a spacious shop with dressing rooms and display counters on rent. Besides the comfortable seating and strategic lighting, the shop will be adorned with large mirrors and light background music. The startup expenses are as follows:
The detailed startup requirements are given below:
Before you start a bridal shop , you must make a detailed wedding dress business plan covering the products and services you will provide to your customers.
The main products of Angelic Bridal Shop will be:
- Bridal Dresses: We will display more than 250 embroidered and beaded ball-gown, A-line, trumpet, sheath and tea-length designs samples. So, you can choose any design, color or fabric that suits you. The customers can either provide us with their desired designs or can tell us their requirements through any channel. After taking the order we’ll prepare the dress of the desired size in just a week.
- Party Dresses: Angelic Bridal Shop will also cater with the clothing needs of mothers of bride and groom, groomsmen, flower girls, junior bridesmaid etc. by presenting elegant party dresses of luxurious fabrics and exquisite designs.
- Accessories: We will also keep the best quality and fashionable accessories in our shop like jewelry, belts/sashes, headpieces, veils, shoes, jackets, wedding cards and wedding gifts in accordance with the requirements of our customers.
- Repairing & Resizing: We will also provide repairing and resizing the wedding dress services to our customers.
Our shop will remain open till late at night, however, customers can also order our products online via our official website.
Market Analysis Summary
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Before opening a bridal boutique , you have to do an accurate marketing analysis because a good business plan for bridal shop can only be developed after this stage. The accuracy of your marketing analysis will decide the future of your startup. As with tough competition, your bridal salon business plan can only be successful if you critically focus the market trends and your target customers. If you are starting on a larger scale, it is always best to seek the counsel of marketing experts on how to open a wedding dress shop and run it effectively, otherwise, you can take help from this sample wedding dress business plan .
4.1 Market Trends
The United States is one of the biggest bridal business markets in the world. About 2.5 million weddings are estimated in the United States every year. According to IBIS World, the bridal industry has generated a revenue of more than $3 billion, and the number of bridal shops is still increasing significantly in the United States. The bridal salon business plan is responsible for hiring more than 20,000 people across the country. Brides often do not compromise on the price when they find something best for them. Thus, the bridal shop has a lot of potential and can prove immensely profitable for you provided that you plan your business successfully.
4.2 Marketing Segmentation
Our target market is the residential community of Oakland. We are strategically benefited by our location as Oakland offers the wealthiest neighborhoods of the world.
It is very important to analyze the market segmentation of the future customers of your products or services because a successful and efficient marketing strategy can only be developed after we completely know our potential customers. Our experts have identified the following type of target audience which can become our future customers:
The detailed marketing segmentation of our target audience is as follows:
4.2.1 Brides: Our first target group will be the brides who never compromise on the dress which is going to mark their appearance on their very special wedding day. We have our own sample dresses, but we’ll also prepare if some bride wants some changes or a design of her own.
4.2.2 Flower Girls: As with the bridesmaids’ attire, the dresses for the flower girls are also decided by the bride usually, so these girls will also prove as one of our target group.
4.2.3 Others: It is not just the bride who needs a wedding dress, for the purpose of maximizing our sales we also have arranged more than a hundred party dresses for females, especially for the mothers of bride and groom. Mothers also want to mark the day of their extreme happiness with their marvelous appearance, that’s why the style of their dress tends to take precedence over price.
The detailed market analysis of our potential customers is given in the following table:
4.3 Business Target
Our main bridal salon business plan targets to be achieved over the course of the next three years are as follows:
- To achieve the net profit margin of $10k per month by the end of the first year, $15k per month by the end of the second year, and $25k per month by the end of the third year
- To balance the initial cost of the startup with earned profits by the end of the first year
4.4 Product Pricing
The people of Oakland have mostly high incomes, so we haven’t priced our items low. Instead, we provide the best material, unique and latest designs for our shop to bridal salon business plan more.
Strategy and Implementation Summary
After identifying the market trends, market demands, and the potential customers of the startup, the next step is to define an effective strategy to attract potential customers. Like marketing analysis, sales strategy is also an important component of a bridal shop business plan and must be properly developed before thinking about how to open bridal shop .
5.1 Competitive Analysis
Our biggest competitive advantage will be the quality and design of our fashionable products. Our products will be unique, attractive, eye-catching and will be according to the newest fashion. Some of our designs are totally new to the market and can’t be found somewhere else. In addition to that, our second biggest competitive advantage will be our exceptional customer service. As with the customized products, we will make revisions until our customers are fully satisfied. Our location is also one of our biggest competitive advantages since we will be based in a rich and populous area. Another important aspect is that no bridal shop near us is offering such suitable accessories and sewing, repairing and resizing services. Lastly, we’ll have a perfect display with large mirrors strategically placed, and perfect interior setting with a soft music to attract the customers and make them feel at ease.
5.2 Sales Strategy
After carrying out a detailed analysis, our experts came up with the following brilliant ideas to advertise and sell ourselves.
- We will introduce our new designs and will create a forum on our website for getting new ideas
- We will advertise our shop in relevant bridal salon business plan magazines, newspapers, TV stations, and social media.
- We will also take online reservation orders and payments and also online shopping in website .
- We will offer a 5% discount on our products for the first 15 days of our launch.
5.3 Sales Monthly
5.4 Sales Yearly
5.5 Sales Forecast
Web Plan Summary
If you are starting a bridal business , you must not ignore the importance of web plan summary in your wedding dress business plan . To take a lead over your competitors, you must add a feature of online marketing in your wedding dress business plan .
People usually hesitate to go to an entirely new shop, so making a website and presenting your unique designs on your website will benefit you a lot. As people can learn about you and your products from the website.
6.1 Web Development Requirements
You should develop a user-friendly and comprehensive website keeping in mind that the content of your web page will make the people decide whether they have to visit your shop or not. The web page of Angelic Bridal Shop will present store description, a map to the store, contact information, a photo gallery of some of our products, and a facility of booking an order by online payment.
A personnel plan decides how much cost will be incurred on the staff of your bridal salon business plan , so it is essential to add it in your bridal boutique business plan . The personnel plan of our shop is as follows.
7.1 Company Staff
Clara will act as the General Manager of the company and will initially hire the following people:
- 1 Accountant for maintaining financial and other records
- 4 Designers for designing dresses
- 8 Sewing Artists for manufacturing, repairing and resizing dresses
- 3 Assistants for helping with day-to-day operations
- 1 Technical Assistant for managing the company’s official website and social media pages
- 4 Customer Representatives to interact with customers and record their orders
7.2 Average Salary of Employees
You must add a detailed financial plan to your wedding dress business plan covering all the expenses and include a business plan for investors . The financial plan should also craft a detailed map about the payroll, cost of inventory and furniture, rent, cost of the fabric you’ll need to buy and the cost you will need to decor the shop. It is recommended that you hire a financial expert for guiding you how to start a bridal business and make a precise financial plan so that you can cover the costs by the earned profits.
8.1 Important Assumptions
8.2 brake-even analysis.
8.3 Projected Profit and Loss
8.3.1 profit monthly.
8.3.2 Profit Yearly
8.3.3 Gross Margin Monthly
8.3.4 Gross Margin Yearly
8.4 Projected Cash Flow
8.5 Projected Balance Sheet
8.6 business ratios.
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Bridal Shop Business Plan [Sample Template]
By: Author Tony Martins Ajaero
Home » Business ideas » Fashion Industry » Bridal Shop & Wedding Rental
Are you about starting a bridal shop ? If YES, here is a complete sample bridal shop business plan template & feasibility report you can use for FREE .
A business like bridal shop falls into the category that stays evergreen; you can be certain that there would be wedding ceremonies at least once in a week in your city or town and brides would usually shop for their wedding gowns and accessories from a bridal shop.
So if you are looking for a business to start as an aspiring entrepreneur who has interest for selling stuffs, then one of your options is to open a bridal shop in your city.
One good thing about this type of business is that you don’t need to categorically enroll in a conventional school to learn how to start and run this type of business; it is a business that requires basic business skills such as customer service, accounting skills, bargaining skills, people skills cum networking skills and of course overall business management skills.
A Sample Bridal Shop Business Plan Template
1. industry overview.
Bridal Shops are retail outlets that predominantly retail bridal wear, including wedding gowns, veils and other accessories such as shoes, ties, gloves and jewelry. Stores also typically provide alterations, such as hemming, taking in or letting out seams, and lengthening or shortening sleeves. Some of them also go as far as renting wedding gowns and other wedding accessories et al.
A study conducted by IBISWORLD reported that the Bridal Shops industry is expected to grow at an average annual rate of 0.3 percent per year on average during the five years to 2016. In the report, the pointed out that rising disposable income and economic recovery has encouraged consumers to boost their wedding budgets.
On the other hand, the slowly declining marriage rate has stemmed industry gains. Many consumers are choosing to postpone marriage while cohabitation outside the traditional bonds of marriage has grown increasingly common.
Despite declining numbers, couples that marry later in life tend to have higher wedding budgets and can afford more expensive bridal wear, which benefits the industry. Despite positive economic conditions, rising completion and a declining marriage rate are expected to result in industry revenue falling 0.5 percent in 2016 to $2.9 billion.
The Bridal Shop industry is a thriving and profitable business venture in most countries of the world. Statistics has it that in the united states alone, the bridal shop industry generates a whooping sum of well over $3 billion annually from more than 5,306 bridal shop outlets scattered all around the United States of America.
The industry is responsible for the direct employment of well over 46,156 people. Experts project the bridal shop industry to grow at a 0.3 percent annual rate between 2011 and 2016. David’s Bridal can boast of having a lion market share in the industry.
The Bridal Shops industry has minimal barriers to entry, with low start – up capital and no specific licensing requirements.
The majority of bridal shops operate as a one – outlet business and the capital costs of establishing bridal retail outlets are not substantial relative to many other retail industries, such as department stores with chains of outlets all over the country.
On the other hand, the high level of competition and market saturation in a declining industry can prove challenging to aspiring entrepreneurs who want to start their own bridal shop – business. Most players in the bridal shop industry are small- to medium-size establishments that cater to the local community.
Over and above, the bridal shop industry is a profitable industry and it is open for any aspiring entrepreneur to come in and establish his or her business; you can chose to start on a small scale in a street corner like the average mom and pop business or you can chose to start on a large scale with several outlets in key cities.
2. Executive Summary
Isabella & Nancy ™ Bridal Shop, LLC is a standard and registered bridal shop business that will be located in one of the busiest business cum market districts in Baton Rouge – Louisiana.
We have been able to lease a shop facility along a major road that is big enough to fit into the design of the kind of bridal shop that we intend launching and the shop facility is located in a corner piece property directly opposite the largest shopping mall in Baton Rouge – Louisiana.
Isabella & Nancy ™ Bridal Shop, LLC will be involved in retailing and also renting wedding gowns and wedding accessories such as shoes, gloves and jewelry, bridesmaid dresses, groom and groomsmen tuxedos and suits, dress and suit accessories.
We will also be involved in helping our clients provide alterations, such as hemming, taking in or letting out seams, and lengthening or shortening sleeves et al.
We are aware that there are several large and small bridal shops all around Baton Rouge – Louisiana, which is why we spent time and resources to conduct thorough feasibility studies and market survey so as to offer much more than our competitors will be offering. We have delivery service options for our customers, and our outlet is well secured with the various payment options.
Our customer care will be second to none in the whole of Baton Rouge – Louisiana. We know that our customers are the reason why we are in business which is why we will go the extra mile to get them satisfied when they visit our bridal shop and also to become our loyal customers and ambassadors.
Isabella & Nancy ™ Bridal Shop, LLC will at all times demonstrate her commitment to sustainability, both individually and as a firm, by actively participating in our communities and integrating sustainable business practices wherever possible.
We will ensure that we hold ourselves accountable to the highest standards by meeting our client’s needs precisely and completely. We will cultivate a working environment that provides a human, sustainable approach to earning a living, and living in our world, for our partners, employees and for our clients.
Our plan is to position Isabella & Nancy ™ Bridal Shop, LLC to become the leading brand in the bridal shops industry in the whole of Louisiana, and also to be amongst the top 10 bridal shops in whole of the United States of America within the first 10 years of opening our first bridal shop.
This might look too tall a dream but we are optimistic that this will surely come to pass because we have done our research and feasibility studies and we are enthusiastic and confident that Baton Rouge – Louisiana is the right place to launch our bridal shop business before spreading to other parts of the United States.
Isabella & Nancy ™ Bridal Shop, LLC is a family business that is owned by Isabella Marcos and her sister Nancy Marcos. Both of them have combined experiences, qualifications and skills that will help them grow the business from startup to profitability within the shortest time frame possible.
Although the business is launching out with just one outlet in Baton Rouge – Louisiana, but there is a plan to open other outlets all around key cities in the United States of America.
3. Our Products and Services
Isabella & Nancy ™ Bridal Shop, LLC is in the bridal shops industry to make profits and we will ensure we go all the way to make available a wide range of bridal wears, accessories and other related merchandize to our clients. We will ensure that we do all that is permitted by the law in the United States of America to achieve our business goal and ambition.
Our product and service offerings are listed below;
- Retailing and renting bridal / wedding gowns
- Retailing bridal accessories
- Retailing and renting bridesmaid dresses
- Providing alterations and other related services
- Retailing and renting groom and groomsmen tuxedos and suits
- Retailing dress and suit accessories
4. Our Mission and Vision Statement
- Our vision is to become the leading bridal shop – brand in the bridal shops industry in the whole of Louisiana and also to be amongst the top 10 bridal shop brands in the United States of America.
- Our mission is to establish a bridal shop business that will make available a wide range of bridal wears and accessories at affordable prices to the residence of Baton Rouge – Louisiana and other cities in the United States where we intend opening of chains of bridal shops.
Our Business Structure
Isabella & Nancy ™ Bridal Shop, LLC is a bridal shop that intends to start small in Baton Rouge – Louisiana, but looks to grow big in order to compete favorably with leading bridal shops both in the United States and on a global stage.
We are aware of the importance of building a solid business structure that can support the picture of the kind of world class bridal shop business we want to own. This is why we are committed to only hiring the best hands within our area of operations.
At Isabella & Nancy ™ Bridal Shop, LLC, we will ensure that we hire people that are qualified, hardworking, creative, customer centric and are ready to work to help us build a prosperous business that will benefit all the stake holders (the owners, workforce, and customers).
As a matter of fact, profit-sharing arrangement will be made available to all our senior management staff and it will be based on their performance for a period of five years or more as agreed by the board of trustees of the company. In view of the above, we have decided to hire qualified and competent hands to occupy the following positions in our organization;
- Chief Executive Officer (Owner)
- Shop Manager
- Human Resources and Admin Manager
Sales and Marketing Manager
- Accountants / Cashiers
- Customer Services Executive
5. Job Roles and Responsibilities
Chief Executive Officer – CEO (Chief Florist):
- Increases management’s effectiveness by recruiting, selecting, orienting, training, coaching, counseling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing a climate for offering information and opinions; providing educational opportunities.
- Creates, communicates, and implements the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- Responsible for fixing prices and signing business deals
- Responsible for providing direction for the business
- Responsible for signing checks and documents on behalf of the company
- Evaluates the success of the organization
- Reports to the board
Admin and HR Manager
- Responsible for overseeing the smooth running of HR and administrative tasks for the organization
- Maintains office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Ensures operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Updates job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
- Enhances department and organization reputation by accepting ownership for accomplishing new and different requests; exploring opportunities to add value to job accomplishments.
- Defines job positions for recruitment and managing interviewing process
- Carries out staff induction for new team members
- Responsible for training, evaluation and assessment of employees
- Responsible for arranging travel, meetings and appointments
- Oversees the smooth running of the daily office activities.
- Responsible for managing the daily activities in the store
- Ensures that proper records of goods are kept and our racks and warehouse does not run out of products
- Ensures that the store facility is in tip top shape and goods are properly arranged and easy to locate
- Interfaces with third – party suppliers (vendors)
- Controls goods distribution and supply inventory
- Supervises the workforce
- Manages vendor relations, market visits, and the ongoing education and development of the organizations’ buying teams
- Help to ensure consistent quality of bridal wears and accessories in our shop
- Responsible for the purchase of bridal wears, accessories and related products for the organizations
- Responsible for planning sales, monitoring inventory, selecting the merchandise, and writing and pricing orders to vendors
- Ensures that the organization operates within stipulated budget.
- Manages external research and coordinate all the internal sources of information to retain the organizations’ best customers and attract new ones
- Models demographic information and analyze the volumes of transactional data generated by customer purchases
- Identifies, prioritizes, and reaches out to new partners, and business opportunities et al
- Identifies development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of development projects.
- Responsible for supervising implementation, advocate for the customer’s needs, and communicate with clients
- Develops, executes and evaluates new plans for expanding increase sales
- Documents all customer contact and information
- Represents the company in strategic meetings
- Helps increase sales and growth for the company
- Manages the organization website
- Handles ecommerce aspect of the business
- Responsible for installing and maintenance of computer software and hardware for the organization
- Manages logistics and supply chain software, Web servers, e-commerce software and POS (point of sale) systems
- Manages the organization’s CCTV
- Handles any other technological and IT related duties.
Accountant / Cashier:
- Responsible for preparing financial reports, budgets, and financial statements for the organization
- Provides managements with financial analyses, development budgets, and accounting reports; analyzes financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- Responsible for financial forecasting and risks analysis.
- Performs cash management, general ledger accounting, and financial reporting
- Responsible for developing and managing financial systems and policies
- Responsible for administering payrolls
- Ensures compliance with taxation legislation
- Handles all financial transactions for the organization
- Serves as internal auditor for the organization
Client Service Executive / Sales Agents
- Ensures that all contacts with clients (e-mail, walk-In center, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Through interaction with customers on the phone, uses every opportunity to build client’s interest in the company’s products and services
- Manages administrative duties assigned by the human resources and admin manager in an effective and timely manner
- Consistently stays abreast of any new information on the organizations’ products, promotional campaigns etc. to ensure accurate and helpful information is supplied to customers when they make enquiries (answer customer queries regarding the store and the merchandise)
- Finds out the customer’s needs, recommend, select and help locate the right merchandise, describe a product’s features and benefits.
- make suggestions and encourage purchase of products
- Provides information about warranties, manufacturing specifications, care and maintenance of merchandise and delivery options
- Bags or packages purchases and gift wrap merchandise
- Responsible for cleaning the shop facility at all times
- Ensures that toiletries and supplies don’t run out of stock
- Cleans both the interior and exterior of the store facility
- Handles any other duty as assigned by the shop manager.
6. SWOT Analysis
Our intention of starting just one outlet of our bridal shop in Baton Rouge – Louisiana is to test run the business for a period of 2 to 5 years to know if we will invest more money, expand the business and then open other outlets all across the United States of America.
We are quite aware that there are several bridal shops all over Baton Rouge – Louisiana and even in the same location where we intend locating ours, which is why we are following the due process of establishing a business.
We know that if a proper SWOT analysis is conducted for our business, we will be able to position our business to maximize our strength, leverage on the opportunities that will be available to us, mitigate our risks and be welled equipped to confront our threats.
Isabella & Nancy ™ Bridal Shop, LLC employed the services of an expert HR and Business Analyst with bias in retailing to help us conduct a thorough SWOT analysis and to help us create a Business model that will help us achieve our business goals and objectives.
This is the summary of the SWOT analysis that was conducted for Isabella & Nancy ™ Bridal Shop, LLC;
Our location, the business model we will be operating on (brick and mortar bridal shop and online bridal store), varieties of payment options, wide range of bridal wears and related accessories and our excellent customer service culture will definitely count as a strong strength for Isabella & Nancy ™ Bridal Shop, LLC.
So also our management team members are people who have what it takes to grow a business from start – up to profitability with a record time.
A major weakness that may count against us is the fact that we are a new bridal retail store outlet in Baton Rouge – Louisiana and we don’t have the financial capacity to compete with multi – million dollars bridal shop outlets like David’s Bridal and co when it comes to retailing at a rock bottom prices for all their bridal wears and other wedding accessories.
The fact that we are going to be operating our bridal shop in one of the busiest streets in Baton Rouge – Louisiana provides us with unlimited opportunities to sell or rent our bridal wears and related products to a large number of people.
We have been able to conduct thorough feasibility studies and market survey and we know what our potential clients will be looking for when they visit our bridal shop; we are well positioned to take on the opportunities that will come our way.
Just like any other business, one of the major threats that we are likely going to face is economic downturn. It is a fact that economic downturn affects purchasing / spending power. Another threat that may likely confront us is the arrival of a new bridal shop in same location where ours is located. We are not ruling out the fact that unfavorable government policy can also pose a threat to our business.
7. MARKET ANALYSIS
- Market Trends
In this era when the online community is growing rapidly, you would do your business a whole lot of favor if you create your own online presence.
One of the easiest ways to get people to see you as an expert in your line of business is to Instagram and blog constantly about wedding and brides. You may also want to leverage on social media platforms like Instagram, Facebook, and Twitter, and others to publicize your bridal shop business.
You can as well go ahead to open an online bridal shop where people can order wedding gowns and wedding accessories such as shoes, gloves and jewelry, bridesmaid dresses, groom and groomsmen tuxedos and suits, dress and suit accessories from your shop.
You must ensure that your delivery system (shipping) is efficient if you intend to do well with your online bridal shop. Despite the fact that the slowly declining marriage rate has limited growth for the bridal shops industry, economic recovery has increased consumers’ wedding budgets and boosted demand for price-premium wedding products retailed by this industry.
Going forward, bridal shops are expected to increasingly invest in labor to provide superior customer service and differentiate from online retailers, however, rising wage costs will likely limit profit for players in this industry. Rising disposable income will on the other hand boost wedding budgets and couples that postpone marriage typically generate stronger incomes, translating to higher wedding budgets
One smart thing you may do for your business is to prepare a comprehensive catalogue that contains all form of wedding gowns and wedding accessories such as shoes, gloves and jewelry, bridesmaid dresses, groom and groomsmen tuxedos and suits, dress and suit accessories.
Your catalog should be your number one marketing tool so you must ensure that it is well designed and of high quality. You should be ready to always update your catalog when you have new designs – that is where your graphics skills will come in handy.
Another key factor that could help you grow your business fast is to leverage on existing platforms. You can join a wedding planners association in your area, as well as can partner with wedding and event planners in your area.
So also you should join the trend and don’t limit your business to just retailing, you and as well start renting wedding gowns and wedding accessories such as shoes, gloves and jewelry, bridesmaid dresses, groom and groomsmen tuxedos and suits, dress and suit accessories. It is a way of making additional income.
8. Our Target Market
Wedding is an event that one can be certain will take place in a town, community or city at least once in week. This goes to show that if a bridal shop is well positioned and well stocked, then they will continue to sell their products to a wide range of clients on a regular basis.
In view of that, we have positioned our bridal shop to service the residence of Baton Rouge – Louisiana and every other location where our bridal shop will be located in key cities all over the United States of America. We have conducted our market research and we have ideas of what our target market would be expecting from us.
We are in business to retail and rent a wide range of wedding gowns and wedding accessories such as shoes, gloves and jewelry, bridesmaid dresses, groom and groomsmen tuxedos and suits, dress and suit accessories to about to wed couples.
Our competitive advantage
A close study of the bridal shops industry reveals that the market has become much more intensely competitive over the last decade. As a matter of fact, you have to be highly creative, customer centric and proactive if you must survive in this industry.
We are aware of the stiffer competition and we are well prepared to compete favorably with other bridal shops in Baton Rouge – Louisiana. Isabella & Nancy ™ Bridal Shop, LLC is launching a standard bridal shop that will indeed become the preferred choice of residence of Baton Rouge – Louisiana.
Our bridal shop is located in a corner piece property on a busy road directly opposite one of the largest residential estates in Baton Rouge – Louisiana. We have enough parking spaces that can accommodate well over 20 cars per time.
Our location, the business model we will be operating on (brick and mortar bridal shop and online bridal store), varieties of payment options, wide range of bridal wears and related accessories and our excellent customer service culture will definitely count as a competitive advantage for Isabella & Nancy ™ Bridal Shop, LLC.
So also, our management team members are people who have what it takes to grow a business from start – up to profitability with a record time.
Lastly, our employees will be well taken care of, and their welfare package will be among the best within our category (startups flower shops) in the florist industry, meaning that they will be more than willing to build the business with us and help deliver our set goals and achieve all our aims and objectives.
We will also give good working conditions and commissions to freelance sales agents that we will recruit from time to time.
9. SALES AND MARKETING STRATEGY
- Sources of Income
Isabella & Nancy ™ Bridal Shop, LLC is in business to retail a wide range of bridal wears, bridal accessories and related products to the residence of Baton Rouge – Louisiana. We are in the bridal shop industry to maximize profits and we are going to go all the way out to ensure that we achieve or business goals and objectives.
In essence, our source of income will be the retailing and renting of a wide range of bridal wears and other related products at affordable prices. We will generate income by;
10. Sales Forecast
One thing is certain when it comes to bridal shop business, if your shop is well stocked and centrally positioned, you will always attract customers cum sales and that will sure translate to increase in revenue generation for the business.
We are well positioned to take on the available market in Baton Rouge – Louisiana and we are quite optimistic that we will meet our set target of generating enough income / profits from the first six month of operations and grow the business and our clientele base.
We have been able to critically examine the bridal shop industry and we have analyzed our chances in the industry and we have been able to come up with the following sales forecast. The sales projections are based on information gathered on the field and some assumptions that are peculiar to startups in Baton Rouge – Louisiana.
Below is the sales projections for Isabella & Nancy ™ Bridal Shop, LLC, it is based on the location of our business and other factors as it relates to bridal shop start – ups in the United States;
- First Fiscal Year-: $120,000
- Second Fiscal Year-: $350,000
- Third Fiscal Year-: $750,000
N.B : This projection is done based on what is obtainable in the industry and with the assumption that there won’t be any major economic meltdown and there won’t be any major competitor offering same products and customer care services as we do within same location. Please note that the above projection might be lower and at the same time it might be higher.
- Marketing Strategy and Sales Strategy
Before choosing a location for Isabella & Nancy ™ Bridal Shop, LLC, we conduct a thorough market survey and feasibility studies in order for us to be able to be able to penetrate the available market and become the preferred choice for residence of Baton Rouge – Louisiana.
We have detailed information and data that we were able to utilize to structure our business to attract the numbers of customers we want to attract per time.
We hired experts who have good understanding of the bridal shops industry to help us develop marketing strategies that will help us achieve our business goal of winning a larger percentage of the available market in Baton Rouge – Louisiana.
In other to continue to be in business and grow, we must continue to sell the bridal wears, bridal accessories and related products that are available in our shop which is why we will go all out to empower or sales and marketing team to deliver.
In summary, Isabella & Nancy ™ Bridal Shop, LLC will adopt the following sales and marketing approach to win customers over;
- Open our bridal shop in a grand style with a party for all.
- Introduce our bridal shop business by sending introductory letters alongside our brochure to organizations, religious centers, wedding planners, singles forums / clubs households and key stake holders in Orlando, Florida
- Ensure that we have a wide range of bridal wears, bridal accessories and other related merchandize in our shop at all times.
- Make use of attractive hand bills to create awareness and also to give direction to our bridal shop
- Position our signage / flexi banners at strategic places around Louisiana
- Position our greeters to welcome and direct potential customers
- Create a loyalty plan that will enable us reward our regular customers
- Engage on road shows within our neighborhood to create awareness for our bridal shop.
11. Publicity and Advertising Strategy
Despite the fact that our bridal shop is well located, we will still go ahead to intensify publicity for the business. We are going to explore all available means to promote Isabella & Nancy ™ Bridal Shop, LLC.
Isabella & Nancy ™ Bridal Shop, LLC has a long term plan of opening outlets in various locations all around the United States of America which is why we will deliberately build our brand to be well accepted in Baton Rouge – Louisiana before venturing out.
As a matter of fact, our publicity and advertising strategy is not solely for winning customers over but to effectively communicate our brand. Here are the platforms we intend leveraging on to promote and advertise Isabella & Nancy ™ Bridal Shop, LLC;
- Place adverts on community based newspapers, wedding planning magazines, radio stations and TV stations.
- Encourage the use of word of mouth publicity from our loyal customers
- Leverage on the internet and social media platforms like; YouTube, Instagram, Facebook ,Twitter, LinkedIn, Snapchat, Badoo, Google+ and other platforms to promote our business.
- Ensure that our we position our banners and billboards in strategic positions all around Baton Rouge – Louisiana
- Distribute our fliers and handbills in target areas in and around our neighborhood
- Contact corporate organizations, households, religious centers, singles forum / clubs and wedding planners et al by calling them up and informing them of Isabella & Nancy ™ Bridal Shop, LLC and the products we sell
- Advertise Isabella & Nancy ™ Bridal Shop, LLC business in our official website and employ strategies that will help us pull traffic to the site
- Brand all our official cars and vans and ensure that all our staff members and management staff wears our branded shirt or cap at regular intervals.
12. Our Pricing Strategy
Pricing is one of the key factors that gives leverage to retailers and bridal shops, it is normal for consumers to go to places (bridal shops) where they can get bridal wears and related merchandize at affordable price which is why big players line David’s Bridal and co in the florist industry will continue to attract loads of consumers.
We know we don’t have the capacity to compete with bigger and well – established bridal shops, but we will ensure that the prices of all the products that are available in our bridal shop are competitive with what is obtainable amongst bridal shops within our level.
- Payment Options
The payment policy adopted by Isabella & Nancy ™ Bridal Shop, LLC is all inclusive because we are quite aware that different customers prefer different payment options as it suits them but at the same time, we will ensure that we abide by the financial rules and regulation of the United States of America.
Here are the payment options that Isabella & Nancy ™ Bridal Shop, LLC will make available to her clients;
- Payment via bank transfer
- Payment with cash
- Payment via credit cards / Point of Sale Machines (POS Machines)
- Payment via online bank transfer
- Payment via check
- Payment via mobile money transfer
- Payment via bank draft
In view of the above, we have chosen banking platforms that will enable our client make payment for farm produces purchase without any stress on their part. Our bank account numbers will be made available on our website and promotional materials to clients who may want to deposit cash or make online transfer for our bridal wear, bridal accessories and other related merchandise.
13. Startup Expenditure (Budget)
In setting up any business, the amount or cost will depend on the approach and scale you want to undertake. If you intend to go big by renting a place, then you would need a good amount of capital as you would need to ensure that your employees are well taken care of, and that your facility is conducive enough for workers to be creative and productive.
This means that the start-up can either be low or high depending on your goals, vision and aspirations for your business.
The tools and equipment that will be used are nearly the same cost everywhere, and any difference in prices would be minimal and can be overlooked. As for the detailed cost analysis for starting a bridal shop business; it might differ in other countries due to the value of their money. This is the key areas where we will spend our start – up capital;
- The total fee for registering the business in the United States of America – $750.
- Legal expenses for obtaining licenses and permits as well as the accounting services (software, P.O.S machines and other software) – $3,300.
- Marketing promotion expenses for the grand opening of Isabella & Nancy ™ Bridal Shop, LLC in the amount of $3,500 and as well as flyer printing (2,000 flyers at $0.04 per copy) for the total amount of $3,580.
- The total cost for hiring Consultant – $2,500.
- The total cost for the purchase of insurance (general liability, workers’ compensation and property casualty) coverage at a total premium – $2,400.
- The cost for payment of rent for 12 month at $1.76 per square feet in the total amount of $105,600.
- The cost for shop remodeling (construction of racks and shelves) – $20,000.
- Other start-up expenses including stationery ( $500 ) and phone and utility deposits ( $2,500 ).
- Operational cost for the first 3 months (salaries of employees, payments of bills et al) – $60,000
- The cost for start-up inventory (stocking with a wide range of wedding gowns and wedding accessories such as shoes, gloves and jewelry, bridesmaid dresses, groom and groomsmen tuxedos and suits, dress and suit accessories and other related merchandize) – $100,000
- The cost for store equipment (cash register, security, ventilation, signage) – $13,750
- The cost of purchase and installation of CCTVs: $5,000
- The cost for the purchase of furniture and gadgets (Computers, Printers, Telephone, TVs, Sound System, tables and chairs et al): $4,000.
- The cost of launching a website: $600
- The cost for our opening party: $5,000
- Miscellaneous: $5,000
We would need an estimate of $350,000 to successfully set up our bridal shop in Baton Rouge – Louisiana. Please note that this amount includes the salaries of all the staff for the first month of operation.
Generating Funds / Startup Capital for Isabella & Nancy ™ Bridal Shop, LLC
Isabella & Nancy ™ Bridal Shop, LLC is a private business that is solely owned and financed by Isabelle Marcos and Nancy Marcos. They do not intend to welcome any external business partner which is why he has decided to restrict the sourcing of the start – up capital to 3 major sources.
These are the areas we intend generating our start – up capital;
- Generate part of the start – up capital from personal savings
- Source for soft loans from family members and friends
- Apply for loan from my Bank
N.B: We have been able to generate about $100,000 ( Personal savings $70,000 and soft loan from family members $30,000 ) and we are at the final stages of obtaining a loan facility of $250,000 from our bank. All the papers and document have been signed and submitted, the loan has been approved and any moment from now our account will be credited with the amount.
14. Sustainability and Expansion Strategy
The future of a business lies in the numbers of loyal customers that they have the capacity and competence of the employees, their investment strategy and the business structure. If all of these factors are missing from a business (company), then it won’t be too long before the business close shop.
One of our major goals of starting Isabella & Nancy ™ Bridal Shop, LLC is to build a business that will survive off its own cash flow without the need for injecting finance from external sources once the business is officially running.
We know that one of the ways of gaining approval and winning customers over is to retail and rent our bridal wears, bridal accessories and other related merchandize a little bit cheaper than what is obtainable in the market and we are well prepared to survive on lower profit margin for a while.
Isabella & Nancy ™ Bridal Shop, LLC will make sure that the right foundation, structures and processes are put in place to ensure that our staff welfare are well taken of. Our company’s corporate culture is designed to drive our business to greater heights and training and retraining of our workforce is at the top burner.
As a matter of fact, profit-sharing arrangement will be made available to all our management staff and it will be based on their performance for a period of three years or more. We know that if that is put in place, we will be able to successfully hire and retain the best hands we can get in the industry; they will be more committed to help us build the business of our dreams.
Check List / Milestone
- Business Name Availability Check: Completed
- Business Registration: Completed
- Opening of Corporate Bank Accounts: Completed
- Securing Point of Sales (POS) Machines: Completed
- Opening Mobile Money Accounts: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of Insurance for the Business: Completed
- Leasing of facility and remodeling the shop: In Progress
- Conducting Feasibility Studies: Completed
- Generating capital from family members: Completed
- Applications for Loan from the bank: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents and other relevant Legal Documents: In Progress
- Design of The Company’s Logo: Completed
- Graphic Designs and Printing of Packaging Marketing / Promotional Materials: In Progress
- Recruitment of employees: In Progress
- Purchase of the Needed furniture, racks, shelves, computers, electronic appliances, office appliances and CCTV: In progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business both online and around the community: In Progress
- Health and Safety and Fire Safety Arrangement (License): Secured
- Opening party / launching party planning: In Progress
- Compilation of our list of products that will be available in our shop: Completed
- Establishing business relationship with vendors – suppliers of bridal wears, bridal accessories and related merchandize, wedding planners and other stake holders: In Progress
- Online Jewelry Store Business Plan [Sample Template]
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- Business Plans Handbook
- Business Plans - Volume 06
- Bridal Salon Business Plan Business Plan
Bridal Salon BUSINESS PLAN
MEGAN'S BRIDAL BOUTIQUE
4596 S. Huppard Dr. Green Bay, WI 54303
This business plan for the establishment of a bridal boutique does an excellent job of assessing area competition. The detailed analysis of both the strengths and weaknesses of rival businesses effectively illustrates the need for a high quality and reasonably priced bridal salon in the region. It is also apparent that this entrepreneur is aware of fashion trends and receptive to customers' needs.
GENERAL BUSINESS DESCRIPTION
Inventory description, analysis, and strategy, promotion plan, future plans, start-up expenses.
- PROJECTED STATEMENT OF SALES AND EXPENSES
Megan's Bridal Boutique will be a full-service bridal salon and dress shop catering to the Wisconsin customer who is searching for reasonable quality products at affordable prices.
The inventory will consist of wedding gowns, bridesmaid dresses, headpieces, crinolines, jewelry, shoes, party dresses, more casual dresses, and tuxedo rentals.
I will run the business myself full-time and hire sales assistance as well as a bridal alterations specialist. The store has the potential of employing up to six full-time employees, estimating a minimum of three to start. The hours will be 10:00 a.m. to 5:00 p.m. Monday through Saturday, with evening appointments available for brides and their parties. All daily bookkeeping will be done by me. An accountant will take care of the necessary month-end work.
Megan's Bridal Boutique will be located on Hubbard Drive. I'm currently negotiating a lease on a very nice property of 1725 square feet. The rent on the space is only $435 per month plus approximately $250 per month for utilities. This is a good price, compared to other less desirable locations I've looked into. I plan to invest $5,000 in building renovations to meet the special needs of a bridal salon. The renovations will be free-standing and can be taken with me to another location if need be.
Megan's Bridal Boutique will open in mid to late October.
Description: This line will consist of re-orderable wedding gowns, re-orderable headpieces, dyeable satin shoes, crinolines, re-orderable bridesmaid gowns, and jewelry. Megan's Bridal Boutique will carry 60 wedding gown samples featuring three manufacturer's lines (20 pieces at $200 wholesale, 20 at $300, 20 at $400, for a total start-up cost of $18,000). Three brands of bridesmaid gowns will also be carried with 12 samples per brand offered (36 pieces at $100 wholesale for a total start-up cost of $3,600). One headpiece line will be made available with 15 samples in the store (at a median price of $50 per piece wholesale for a start-up cost of $750). These items will be special order only items. A full range of sizes of basic dyeable shoes, in three heel heights, will be available in the store for off-the-rack purchase (30 pair of each style at $12 each wholesale for a start-up cost of $1,080). A catalog of other styles will complete the offering. Megan's Bridal Boutique will also carry full-length crinolines of all sizes, for purchase only (20 pieces at $15 each wholesale for a start-up cost of $300). Crinolines will be available free of charge for use in the dressing rooms for clients purchasing wedding or bridesmaid gowns or needing them for in-store alterations. In addition, a line of off-the-shelf jewelry will be carried and special order jewelry catalogs will be available (30 pair of earrings and 30 necklaces at $15 each wholesale for a start-up cost of $900).
Position of Marketplace: The items in the bridal line will consist of basic styles in the low to mid-price range appealing to the Wisconsin client. Megan's Bridal Boutique will develop a reputation for dependable service, fair pricing, and reliability.
Client Demographics: Some women will travel all over the state, or farther, to shop for their wedding gowns. The majority of Megan's Bridal Boutique's clients will be limited to the areas surrounding Green Bay. Nine out of 10 women eventually marry although, in general, they are waiting later in life to marry for the first time. Remarriages account for half the weddings taking place nationally. Sixty percent of couples currently living together will eventually get married. What all this means is, although one would think the economy, general trends, and changes in society would have a great impact on marriages, there has been only a 1.5% change in marriage rates over the past 27 years. Where the economy does have a big impact on weddings seems to be generally limited to reception and honeymoon expenses, with a lesser effect on the dollar amount spent on wedding gowns and accessories themselves ( Vows, June/July 1996 issue). According to a recent published study, eight marriages took place per 1000 residents per year. Based on the surrounding area of eastern Wisconsin, Megan's Bridal Boutique will draw from, one can count on 1,888 weddings per year. Each of these couples will spend, on the average, $852.00 for a wedding dress, $167.00 on a headpiece, and $50.00 for shoes. Estimating four attendants per wedding, spending $175 each on dresses and shoes, an additional $1,321,600 can be added. Added together, there are $3,339,872 dollars to be captured in this line alone, per year, in eastern Wisconsin.
Pricing Strategy: To meet the needs of the eastern Wisconsin client, all of Megan's Bridal Boutique's offerings will be in the low to mid price range. Specifically:
Wedding Gowns: $350.00-$800.00 Headpieces: $25.00-$40.00 Bridesmaid Dresses: $100.00-$150.00
Cost: $24,630 start-up inventory cost.
I have broken down the competition, product line by product line, following each line's inventory description. The overall competition for the bridal line can be broken down into two: local shops (Mary Ann's) and regional shops. I feel the threat created by Mary Ann's can be easily overcome through good service, great selection, and affordable pricing. The competition created by the out-of-town shops will be harder to address. Details of how I will deal with each follow the competition descriptions.
1. Local Competition
Mary Ann's Bridal Salon Oshkosh, Wisconsin
Weaknesses: Mary Ann's Bridal Salon is a very poorly run retail outlet featuring old and outdated stock off the rack. Most merchandise is sold "as is." This shop experiences almost no repeat business and is generally thought of as the last place to go for bridal and prom needs.
Strengths: Mary Ann's has been in business for 40 years (although there have been three different owners). Old warehoused stock originally priced at $500.00 to $1000.00 is bought from other shops and sold at attractive prices of $350.00 to $500.00.
Overcoming Local Competition
Service: Megan's Bridal Boutique will be a cleaner, more attractively designed store offering a variety of guaranteed services at reasonable prices, or in some cases, free services. For example, Mary Ann's charges $8.00 to dye shoes purchased in the store and $15.00 to dye shoes purchased elsewhere. A dye job takes about five minutes. I will dye my shoes for free and charge $5.00 to dye shoes purchased elsewhere.
Although Mary Ann's provides skilled seamstresses for the alterations, pricing is set by the owner on a per dress basis. A client may be told at the time of purchase her alterations will cost $25.00, only to discover upon picking up the dress that the charge is $50.00. Worse yet, many clients are never told there is a charge at all. Megan's Bridal Boutique will have a published list of charges provided at the time a purchase decision is being made. There will be no surprises, and the client will know exactly how much to budget for her total expenses.
Mary Ann's also has a problem getting special orders in the store in a timely manner. All special orders are delivered COD and often the cash is not available, resulting in returns and re-orders. Many suppliers will not deliver until prior problems are reconciled, again resulting in delays. I have found most suppliers have liberal terms and are very willing to work with new accounts. It is only after payment problems occur, and are not resolved, that these shipping problems take place. Megan's Bridal Boutique will be able to get special orders in the store and to the client in a more timely manner by establishing and maintaining good terms with all suppliers.
Pricing: Mary Ann's's pricing has always been high. The idea on management's part has been to price everything high, then offer a "special deal." Megan's Bridal Boutique's pricing will be more modest and clients will know they can find value everyday. I will accomplish this by working with the lower-priced suppliers while maintaining healthy profit margins. The question of course is, why doesn't Mary Ann's do this already? The following scenario will provide an explanation: Mary Ann's used to buy shoes from Supplier A for $12, marking them up to $25. After numerous payment problems, Supplier A refused to deal further with Mary Ann's. Next, Mary Ann's found Supplier B who wholesaled the same shoe for $15. Mary Ann's maintained the selling price of $25 resulting in profit erosion. After the same payment problems occurred with Supplier B, Mary Ann's moved onto Supplier C which charged $17 for the same shoe. This time the cost was passed onto the customer. The shoes are now priced at $33 plus $8 for dyeing. Of course sales have dropped off significantly. This is just one specific example. The same type of thing has happened with dozens of other suppliers covering all lines offered by Mary Ann's. I have already established contact with the "Supplier A" types and will be offering these lower priced, good quality lines.
Stock: Mary Ann's's stock is old and outdated. In fact, I am asked several times per week if Mary Ann's is a used clothing store (these inquiries were made to me while I was an employee there). Megan's Bridal Boutique's stock will be fresh and new. As stock ages, it will be discounted. If still not sold, it will be taken off the rack and stored, until sidewalk sales, and then the price will be drastically slashed. Anything left after that will be donated to charity or destroyed.
2. Regional Competition
Appleton Bridals Appleton, Wisconsin
Weaknesses: Poor management makes shopping at Appleton Bridals a difficult experience. Customers are treated as a bother instead of as an opportunity. Because of the location, most area people assume the prices are considerably higher in general. Actually, their pricing structure is about the same as other shops in the area and they carry the same lines.
Strengths: Location. Appleton Bridals can draw very easily from Green Bay and Oshkosh because of the proximity. Clients from all over eastern Wisconsin will travel to this shop based on the location alone. The town of Appleton has an excellent reputation for being a place to shop for variety and most people will expect Appleton Bridals to be a well run establishment with good selection, but with higher prices. Megan's Bridal Boutique's reputation for good prices and excellent service, as well as a regional advertising plan, will draw many clients away from this shop.
White Bird Bridal Manitowoc, Wisconsin
Weaknesses: Poor sales techniques, lackluster stock, and ugly displays explain why people will travel all over Wisconsin to shop for their bridal needs instead of spending their money at White Bird. The general atmosphere in this shop would be fine for a discount store or a warehouse, but not for a shop which sells women's clothing for special occasions. The pricing structure is similar to other bridal shops and offers no real advantage for clients.
Strengths: The Apple Blossom is also a flower shop specializing in bridal arrangements. The advantage to this is increased traffic, but it also adds to the junky atmosphere. The Apple Blossom also spends a considerable amount of money on TV advertising during the prom season.
CJ's Bridal Shop Fond du Lac, Wisconsin
Weaknesses: This store is very difficult to shop in due to the way the dresses are literally packed into one place. I found it hard to pull even one dress out to examine and the poor lighting made it even more difficult to see what I had my hands on. The prices were average and the displays nonexistent. It was a chore to even get around the place.
Strengths: They carried almost every line available and the sales staff was quite helpful. Although they do no advertising in this area, many potential clients from eastern Wisconsin will delay their purchasing decision until they have made the trip down to Fond du Lac, not only for wedding dresses, but even more so for prom dresses.
Sarah's Bridals Cheboygan, Wisconsin
Weaknesses: Sarah's owner recently moved to this smaller facility from a large and beautiful location. She is suffering from burnout and has cut back considerably on her inventory. She no longer has the commitment or interest in her business she once had.
Strengths: This is a well-run attractive shop with standard pricing and good service.
Other Shops to Be Explored:
I Do Bridals, Green Bay, Wisconsin Bridal Fashions, Milwaukee, Wisconsin Bridals on the Bay, Milwaukee, Wisconsin
Meeting the Regional Competition
Advertising: Most of my ad dollars will be spent on small awareness-generating, space ads in nonlocal newspapers. Money will also be spent on listings in the surrounding areas, including Milwaukee's Yellow Pages and phone guides. Some radio ads will be placed during the grand opening weeks. In addition, different promotions will take place throughout the year.
Line: Party Dresses and Other Dresses
Description: A variety of party and less formal dresses will be offered. These dresses will appeal to the client who wants to go all out for that special occasion such as the prom, New Year's Eve, cruises, plus off-the-rack dresses for work or formal occasions will be available. The dresses will be strictly off-the-rack ranging in sizes 3-24 with the emphasis on sizes 10-18.
Position in Marketplace: Green Bay offers little to the public in the way of dresses. The few women's shops currently open in town offer only a handful of casual dress styles to choose from. The majority of dress purchases made by women in Green Bay are made out of town, usually during day, or weekend-long shopping trips. Those who do not plan ahead, and find themselves in need of a lastminute outfit, are simply out of luck. Megan's Bridal Boutique will be filling a need in the community by offering a wide selection of dresses at a good price. No longer will having to "dress up" automatically mean an out-of-town shopping trip. By keeping Green Bay women in town for their dress purchases, other monies often spent on these trips will also remain in Green Bay. In addition, regional shoppers will be brought in spending their money not only at Megan's Bridal Boutique, but in other area retail establishments and restaurants as well.
Client Demographics: Women, age 16-50, will travel regionally to shop for these types of dresses. The party dresses will appeal to the younger age of this market segment in general, other lines appealing of the mid to upper age range. There will be considerable crossover depending on the type of event the client is planning.
Pricing Strategy: Prices will be in the low to mid range to appeal to the Wisconsin client who does not want to spend a lot on a dress she may wear only a few times at the most. These dresses will range in price from $75.00-$150.00.
Cost: Start-up cost for this line will be $12,000.00 (200 dresses at $60 per dress).
Competition: There are no other dress shops in the immediate area. Several retail outlets in Green Bay offer a few dresses to choose from, and only a very limited selection is available.
Weaknesses: Very limited selection available. A person dress shopping in Green Bay can see all there is to see in five minutes at local dress shops since they carry only a handful of dresses which are of low quality or overpriced (respectively).
Strengths: There are basically no competitor strengths in this category.
Description: One full-service line will be offered which will include a variety of tuxedos (tails, double-breasted, shawl, and notch collar, as well as the popular Western style), shirts, shoes, ties, cumberbuns, and vests. Clients will be able to customize their choices with a wide variety of color-coordinating accessories. Tuxedos offer the opportunity to bring in thousands of dollars worth of business per month, while taking up only a few square feet of selling space.
Client Demographics: The majority of clients for this line will not be the actual decision makers. The decision makers will be the party dates and brides who will pick out the tuxedos she wants to accessorize her outfit. The draw will be limited to Green Bay and the immediate area.
Pricing Strategy: Prices will be at industry suggested retail pricing of $65.00 to $95.00 for the complete outfit.
Cost: The cost to carry this line will be limited to try-on jackets at $1,000 for a selection of 10.
Smith's Apparel Green Bay, Wisconsin
Weaknesses: Smith's only edge over the competition in this case is purely by taking advantage of the opportunity to sell to someone who is already in a decision-making state of mind. While the client is making the wedding gown purchase, she is ripe for additional sales such as tuxedos. Once enough trust has been established for her to spend several hundred dollars on a gown, the hardest part of the sale is already complete and add-ons will be relatively easy. In addition, the floor space and initial investment needed to carry tuxedos is so small, it would be foolish not to carry the line.
Strengths: This store will be tough to compete with for several reasons. For one, it's a store carrying men's clothing and, in general, men will feel more comfortable walking into this shop than a dress shop. The reputation and prices are also very good.
Almost every month the business will feature a special event or some type of sale. Window and store front displays will promote the event, as well as a few small local space ads and more frequent non-local space ads. For a real big event, radio will be used to strengthen the promotion. Listed below is an event calendar for the first year. Each promotion will be evaluated and the following year's plan will be based on the successes of prior events. Each year several new ideas will be tried as well.
In general, the product line, offerings, service, and pricing strategy will remain the same for the first two years, with the following expectations:
- After a year of doing business, some samples will be old and no longer re-orderable. These items will be significantly discounted and sold off the rack as is.
- All lines will be expanded to offer more choices, and slow moving stock will be moved from the re-orderable section to the sale rack.
- The stock will be honed to increase profitability. Research will be conducted to determine what is selling best, most profitable price points, etc.
Client surveys will be conducted. After a wedding, brides will be contacted and asked about the quality of the service, product, and selection. This information will be used to improve the shop and help me determine where to increase my efforts.
At the end of the third year, I plan to purchase my own building and expand the business to offer a larger selection. At this time, the number of employees will be at least six full-time.
Highlights of qualifications.
- Nine years experience in multiple-media marketing.
- Five years management experience in Chicago firms, running each product line as an independent entity. Additional two years in management at manufacturing facility.
- Extremely well organized and self motivating.
- Committed to producing results above and beyond what is expected, through good management of resources and sound decision-making abilities.
- Works very well with people and is generally liked by clients and co-workers alike.
- Two years experience as executive administrator to the president at Chicago Paper Company, wearing many hats including human resources manager, collections manager, and public relations coordinator.
- Set sales records for 75% of product lines which fell within responsibility at Burton Engineering.
- Developed new markets for multiple product lines.
- Proven successful at new product research and development.
- Product manager for one company's flagship line, increasing sales by 25% while reducing expenses by 30% over two years.
- Coordinated all marketing and logistic efforts for 110 educational seminars per year (Burton).
- Originated and implemented new marketing strategies which bolstered sales of aging product line.
- Designed, coordinated, produced, and distributed the company's four 64-page catalogs per year at Burton.
- Successfully sold and distributed $6,000.00 worth of technical training programs through direct mail marketing techniques.
- Five years of success in marketing management.
- Two years management in manufacturing environment.
- Completely implemented new 401K program with 94% sign-up rate.
- Developed, implemented, and continue to manage collections program for multi-million dollar manufacturing facility.
- Run anti-union campaign.
- Created, implemented, and continue to manage review system for production employees.
- Proven success as skilled, multi-faceted, and valuable employee (increased salary from $13,520 to $41,100 in two years).
- Developed and implemented effective cost-cutting measures which streamlined operations and improved productivity.
- Represented the organization at company-sponsored conferences throughout the United States and acted as the Italian liaison.
- Coordinated and supervised multiple interdepartmental products.
- Responsible for marketing department's strategic planning and implementation including all facets of annual budget management.
- Developed ideas for creating new business throughout the company.
- Prioritized work projects within the department: designed and implemented follow-up procedures which resulted in more efficient and profitable workflow.
- Interviewed and hired top-notch marketing and administrative staff.
- Currently responsible for all aspects of hiring at every level at Chicago Paper Company.
Bachelor of Science, Business Administration and Marketing Chicago University—1983
Daytimer Time Management Techniques Seminar—1992
Dale Carnegie Sales Course—1993
Franklin Management Program—1994
Successful Negotiations-Wisconsin State University—1995
Successful Supervisor Techniques-Fred Pryor Seminars—1997
Public Relations Director Green Bay Business and Professional Women's Club
Past Member Green Bay Public Library Millage Committee
Member Green Bay Chamber of Commerce Ambassadors Club
August 4, 1997
Mr. Victor Case Executive Vice-President Wisconsin BIDCO, Inc. P.O. Box 170 Milwaukee, WI 00000
Dear Mr. Case:
Attached, please find the information we discussed in our meeting last week, specifically the cash flow analysis, statement of income and expenses for three years, personal financial statement, and balance sheet for my proposed business, Megan's Bridal Boutique.
I am requesting a loan in the amount of $65,000.00 to cover start-up inventory, office and shop expenses, and $5,000.00 working capital for my shop. The business will be wholly owned by me as an individual proprietorship and I plan to run it myself, with the help of one full-time assistant, who will also do the alterations. When the shop is fully established (approximately 3-5 years), it could employ up to six full-time employees at various skill levels.
I have access to $5,000.00 cash and my mother is willing to give me property, valued at approximately $35,000.00 to use as collateral. I also have $3,700.00 in equipment.
I would like to discuss this proposal further with you, prior to your board meeting next week. I can be reached at 616-628-1234. As we discussed, this project must remain confidential as I would have to leave Chicago Paper Company to pursue my dream of owning my own business. I wouldn't want to jeopardize the wonderful relationship I have with my boss if this project fails to get off the ground.
Thank you for your time and consideration in this matter.
Sincerely, Megan Martin
This page left intentionally blank to accommodate tabular material following.
Cash Flow/Requirement Analysis
Statement of Income and Expense—Year One
Statement of Income and Expenses—Year Two
Statement of Income and Expenses—Year Three
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Heirloom Bridal BUSINESS PLAN
Journal of Communication Inquiry
This article examines the hegemonic messages about weddings, gender roles, and consumption in modern society disseminated by The Knot, a bridal media company that claims to be the “#1 wedding website,” with brand extensions into magazines, books, and in partnership with the cable outlet Oxygen, the reality television program Real Weddings from The Knot. Analyses of The Knot's media alliances and its reality television program illustrate that as an example of political economy of the media, The Knot and its media synergy create for its female audience the image of the perfect wedding, which maintains a status quo reinforcing femininity and consumerism. http://jci.sagepub.com/content/32/1/60.abstract
This paper accounts for the rise of a monolithic contemporary post-feminist pregnant bridal identity that is upheld and sold as the “ultimate” pleasure of femininity in Australia, the US, and the UK. I shall critically analyse the enfranchisement of the contemporary pregnant bride as a “new” consumer identity using the purchase of a maternity wedding dress as a key example. I argue that as pregnancy is already an experience deeply embedded in the marketplace, with this comes the added pressure for pregnant women to use bridal maternity clothing to conform to normative feminine bodily ideals. This claim is supported by interviews with a sample of Australian pregnant brides as part of a longitudinal qualitative study of pregnancy and body image. I conclude that as much as the pregnant bride challenges convention, in many ways, paradigms of femininity, in this context, remain ultimately unchanged and unchallenged.
Fashioning Cosmopolitan Citizenship
Dr Vaibbhavi Pruthviraj Ranavaade
The versatile draped silhouettes & heritage craft traditions redefined for contemporary connoisseurs; have further led to the rising acceptance of Indian ethnic/ fusion fashion as a paradigm shift for India to discern and emphasize local inimitability, to create a sense of belonging and stimulate consumption of a culturally promoted " Global-Desi " fashion dictum across cultures. This paper presents the study of major factors contributing to the Indian fashion system interpreting its engagement with the Indian society and also the world. This research highlights impact of the Indian Fashion system on the Indian society and its meaning. There is continued interest for classical Indian dress silhouettes, heritage textile crafts, accessories; this study concentrates on outcomes through the lens of history, culture, and sociology of fashion. The neue urban tribes and fashion social movements in the post-modern era led emergence of the apparel category-occasion wear; reserved for weddings, festivals, formal evening wear for parties. There is opportunity for exploring the hyper reality through the represented garment simulation in the occasion wear category. The Neue urban tribe creates lasting footprints through interpretation of the Indian Fashion System enroute popular culture; Bollywood and the satellite television. The semiotic approach to decode the nuance of the Indian fashion system embedded in popular culture through visual media like, family albums, films, magazine articles, red carpets appearance etc. across the 80's, 90's and 2000 onwards. The neue Indian women perceive the sari, salwarkameez, bandgala jackets, as essential inclusions of their contemporary wardrobes as they rendezvous their global counterpart in quest of cool hunting (Fashion Identity), trendsetting. Thus number and variety in types of fashion apparel will have a positive relationship with the role of women in society and their education level, profession and will provide future trend directions for occasion wear. Operational Definitions Global-Desi (An Indian term for global yet local Indian, local; Neue Indians), Khadi (fabric which is hand spun and hand woven in India, often referred as Fabric of freedom) Marshall McLuhan's 'Global Village' Communication theorist McLuhan was ahead of his time, writing about technology in the 1960's, his arguments seems even more relevant today in the internet age. McLuhan argues that the proliferation of electronic technology has extended our biological senses of sight and sound beyond their normal range. He is saying that through technology such as the telephone or television we are able to communicate instantaneously across the globe, which consequently impacts by speeding up the global economy and social life. McLuhan argues that due to technology and its instant communication we feel as close to someone on the other side of the globe as if they were in our own village. Therefore we can understand why McLuhan says we are in a 'global village'.
Wan Wei SOH
Objective of the Study-- Extensive studies have been done on the selling and promotional functions of trade shows from the exhibitor’s perspective. Much research have also been made on visitors’ perceptions and attitudes towards trade shows. These studies however have not discussed in detail how trade show organizers or exhibitors can utilise the knowledge of visitors’ discourse to create effective advertisements. By focusing on the signifier, signified, sign and ideology, this thesis aims to bridge the research gap by exploring how trade show organizers can use nonattendees’ discourse to create trade show advertisements that engage nonattendees. Design/Methodology/Approach—This research is qualitative in nature. 5 recent Singaporean wedding show advertisements are analyzed via a semiotic lens focusing on the signifier, signified, sign and ideology. Semi-structured interviews are also conducted with 8 Singaporean brides who do not attend wedding shows. Findings—By focusing on the signifier, signified and sign, the 5 trade show advertisements are deconstructed and analyzed. Possible ideologies propagated by these advertisements are then made explicit. Findings from the semi-structured interviews show that all interviewees did not want to attend wedding shows prior to their wedding because of the perception of “hard sell” at the wedding shows. Current wedding show advertisements also made use of certain signs that do not resonate with this group of nonattendees enough for them to want to attend the wedding show. Implications—From the nonattendees’ discourse, signs associated with that can be used in advertisements specially targeted at nonattendees are identified. Some of these signs include non-conventional wedding dresses, music and the aisle. Recommendations on how to use signs from nonattendees’ discourse in advertisements are made with the guiding spirit of increasing trust and interest between the wedding show vendors and brides. For example, this study found out that some of the nonattendees regard the beach as an ideal place to hold their wedding. Wedding show organizers can then use the beach as a sign in their advertisement to resonate with nonattendees. Originality/Value—This is one of the first studies that focuses on how trade show organizers can make use of signs elicited from nonattendees’ discourse to create effective advertisements that can appeal to nonattendees. Keywords-- trade shows; contemporary wedding; semiotics; advertisement; Singapore society; signs; ideologies;
Daniel J . Flint
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Bridal Shop Business Plan
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Resources On Bridal Shop
- Financial Model
- Value Proposition
- One-Page Business Plan
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Products & services, market analysis, marketing plan.
- Management Plan
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The Wedding Room is addressing the lack of personalized offerings in the bridal industry. Brides-to-be have varying preferences, styles, and visions for their wedding day, yet many retail bridal shops offer limited options that do not cater to individual needs. This gap in the market creates an opportunity for The Wedding Room to provide brides with custom-made dresses and accessories that perfectly match their vision, resulting in a unique and unforgettable wedding day experience.
The Wedding Room aims to solve the problem of brides-to-be struggling to find their dream wedding dress by providing custom-made dresses and accessories. Our skilled tailors and designers will work closely with each bride to create a one-of-a-kind dress that perfectly matches their vision. Our personalized approach to customer relationships ensures that each bride feels taken care of and receives exceptional service. By offering a unique and customizable experience, The Wedding Room strives to be the go-to bridal shop for brides-to-be in the Tri-State area.
The Wedding Room's target market consists of brides-to-be in the Tri-State area who are looking for a personalized and unique wedding dress and accessories. The company will focus on individuals who value quality, craftsmanship, and attention to detail.
The ideal customer is someone who is willing to invest in a custom-made wedding dress and accessories that perfectly match their vision. The target demographic is women between 25 and 35 years old, who are getting married for the first time and are willing to spend between $3,000 to $10,000 on their wedding dress.
The Wedding Room will also cater to brides who are looking for a more sustainable and environmentally-friendly option. The company will use ethically-sourced materials whenever possible and will offer options for reusing or repurposing wedding dresses to reduce waste.
There are currently various bridal shops that provide off-the-rack dresses and limited custom-made options for brides-to-be in the Tri-State area. However, The Wedding Room plans to differentiate itself by offering personalized services and creating unique, one-of-a-kind wedding dresses and accessories that perfectly match each bride's specific vision. The company's skilled tailors and designers will work collaboratively with each client, ensuring that every detail is carefully considered and executed. With this approach, The Wedding Room aims to establish itself as the go-to bridal shop in the Tri-State area for custom-made wedding dresses and accessories.
The Wedding Room's financial plan is focused on achieving break-even point within the first two years of operations and reaching profitability within the next three years. The key highlights of the financial plan are:
- The total funding goal for the startup is $500,000 in seed funding.
- The majority of the seed funding will be allocated for fabric, designing, and staffing costs.
- The company aims to generate revenue primarily through the sales of custom-made dresses and accessories.
- The business aims to achieve a gradual growth in sales, reaching $500,000 in sales revenue by the third year of operation.
- The break-even point is projected to be achieved by the end of the first two years of operation.
- The company aims to reach profitability in the third year of operation.
The financial plan is designed to ensure The Wedding Room achieves its business goals and provides a strong return on investment for its investors.
In order to launch The Wedding Room, the startup seeks to secure $500,000 in seed funding to cover the following startup costs:
- Fabric and material costs
- Designing and prototyping costs
- Staffing and training costs for tailors and designers
- Marketing and advertising costs
- Rent and utilities for the bridal shop
The funding will be used to create a strong foundation for the business and ensure that the company can provide exceptional services and products to brides-to-be in the Tri-State area. This investment will enable The Wedding Room to build its reputation, expand its offerings, and ultimately achieve profitability within the next three years of operations.
Milestones and Traction
The Wedding Room has laid out a clear roadmap of where we are currently and specific milestones we plan to hit in the upcoming years. Our immediate focus is to secure the necessary seed funding of $500,000 and begin our operations.
We understand that the next few years will be crucial in establishing ourselves as the go-to bridal shop for custom-made dresses and accessories in the Tri-State area. We are confident that our focus on personalized services and unique designs will help us achieve traction and build a loyal customer base in the coming years.
Problem Worth Solving
When it comes to choosing a wedding dress, many brides-to-be often struggle to find the perfect dress that meets all their needs and preferences. Off-the-shelf dresses are often limited in style, design, and size options, making it hard for brides to find a dress that truly reflects their personality and style. Additionally, many brides struggle with finding matching accessories that complement their dress perfectly.
The Wedding Room aims to solve this problem by offering custom-made dresses and accessories designed specifically for each individual bride. By offering personalized services, skilled tailors and designers will be able to work closely with each bride to create a one-of-a-kind dress that perfectly matches their vision. This will help alleviate stress and anxiety for brides on their big day, and help them feel confident and beautiful.
At The Wedding Room, we understand that every bride-to-be wants a unique and personalized wedding dress that perfectly matches their vision. Our solution is to offer custom-made wedding dresses and accessories, designed and tailored by our skilled team of experts.
We will work closely with each bride to understand their individual needs and preferences to create a one-of-a-kind piece that reflects their personality and style. Our designers will use high-quality fabrics and materials to ensure that each dress is not only beautiful but also durable and comfortable to wear.
Our personalized services will alleviate the problem of brides-to-be having to settle for off-the-rack dresses that do not meet their specific style or size requirements. With The Wedding Room, brides-to-be can have a unique and customized wedding dress that they will cherish forever.
Validation of Problem and Solution
The Wedding Room offers custom-made wedding dresses and accessories to brides-to-be in the Tri-State area. Our experienced designers and tailors work closely with each customer to create a one-of-a-kind dress that perfectly matches the bride's vision. We use high-quality fabrics and materials to ensure that each dress is not only beautiful, but also durable and long-lasting.
The value proposition of The Wedding Room lies in our personalized service. We understand that each bride is unique and has specific needs and preferences. We take the time to get to know each customer and work closely with them to create a dress that truly reflects their style and personality. Our dresses are for brides-to-be who are looking for something special and want to make a statement on their big day.
At The Wedding Room, we believe that a wedding dress should be more than just a piece of clothing - it should be a reflection of the bride's personality, style, and love story. Our custom-made dresses are designed to do just that, delivering a product that not only looks stunning but also has deep personal significance for the bride.
By offering custom-made dresses and accessories, The Wedding Room aims to provide a unique and valuable service that sets us apart from other bridal shops in the area.
There are currently several bridal shops in the Tri-State area that offer custom-made wedding dresses and accessories to brides-to-be. However, The Wedding Room differentiates itself from these competitors by providing a truly personalized experience to each customer. The company's skilled tailors and designers work closely with each bride to create a unique, one-of-a-kind wedding dress that perfectly matches their vision.
Furthermore, The Wedding Room uses only the highest quality fabrics and materials to ensure that each dress is not only visually stunning but also comfortable for the bride to wear on her special day. The company also offers a wide variety of accessories, including veils, headpieces, and jewelry, that are custom-made to complement each dress perfectly.
Overall, The Wedding Room's focus on personalized service, skilled designers and tailors, and high-quality materials positions it as a top-tier bridal shop in the Tri-State area.
Roadmap: Products & Services
At The Wedding Room, we aim to provide customized dresses and accessories for brides-to-be, which perfectly match their vision of their special day. Here is a table that outlines the steps taken so far and the steps planned in establishing and growing our business:
We plan to continuously monitor customer feedback and adjust our designs and services to meet the unique needs of each bride-to-be. With our skilled tailors and designers, we are confident that we can provide a personalized and unforgettable experience for every client.
Our potential customers can be segmented into four groups based on their specific characteristics:
Our market potential is estimated to be $2,550,000 with an overall size of 1,500 potential customers. By catering to the unique needs of each segment, we believe we can capture a significant portion of this market and establish ourselves as a leading bridal shop for custom-made dresses and accessories.
Target Market Segment Strategy
Our ideal customer segment is brides-to-be who value uniqueness, creativity, and quality in their wedding dresses and accessories. They are willing to pay a premium price for a one-of-a-kind, tailor-made wedding dress that reflects their personality and style. Our target market is also open to collaborating closely with our designers and tailors to create a dress that perfectly fits their body shape and overall vision for their big day. By focusing on this niche customer segment, we aim to differentiate ourselves from other bridal shops and become the go-to destination for bespoke wedding dresses and accessories.
The ideal customer archetype for our bridal shop is a bride-to-be who values unique and personalized wedding attire. This customer is willing to invest in a one-of-a-kind dress that perfectly captures their individual style and personality. They are also vocal about their positive experiences and will become our main advocate, spreading the word about our custom-made dresses and accessories to their engaged friends and family members. We will focus on building strong relationships with these customers by providing personalized attention and exceptional service throughout their entire wedding planning process.
Based on the market analysis, there is a growing demand for personalized wedding dresses and accessories from brides-to-be. Our business strategy of offering custom-made dresses and accessories aligns with this trend and provides a unique value proposition to our customers. Additionally, our personalized customer relationships and skilled tailors and designers enable us to cater to a niche market seeking high-quality and unique wedding attire. As our reputation grows, we aim to expand our reach through online sales and establish partnerships with wedding planners and other industry professionals. With these efforts, we envision capturing a significant share of the bridal market while maintaining our focus on providing exceptional customer experiences and high-quality products.
After conducting market analysis, we have identified several potential competitors in the bridal shop industry. Below is a HTML table showcasing their key offerings:
We aim to differentiate ourselves from our competitors by offering personalized service and custom-made dresses and accessories that uniquely reflect each of our bride's individual style and preferences.
Marketing and Sales Plan
Our marketing and advertising strategy will focus on reaching brides-to-be through social media platforms like Facebook, Instagram, and Pinterest. We will also attend local bridal shows and events to showcase our custom-made dresses and accessories. Our goals include increasing brand awareness and sales, and we will allocate a budget of $5,000 per year for marketing and advertising expenses.
Based on market analysis and capacity, it is estimated that The Wedding Room will make at least 100 sales in its first year of operation, with an average sale price of $2,500. As the company establishes itself as a go-to bridal shop in the Tri-State area, it is projected that the number of sales will increase by 25% each year.
The pricing strategy for The Wedding Room will focus on offering both affordable and premium options to cater to the diverse needs of brides-to-be. In addition, the company will offer discounts and promotions during peak seasons such as summer and winter to attract more customers.
The company's marketing and sales strategy will focus on building brand awareness through online and offline channels such as social media, wedding shows, and bridal magazines. The Wedding Room will also enhance its customer relationship management by offering personalized services, such as appointment scheduling, style consultation, and fittings, to ensure a positive shopping experience for every bride-to-be. By providing exceptional services and high-quality, custom-made products, The Wedding Room aims to establish long-term relationships with its customers and generate revenue through repeat sales and positive word-of-mouth advertising.
Location and Facilities
The Wedding Room will be headquartered in New York City, New York, and will serve clients in the Tri-State area. The physical location of the bridal shop will be strategically chosen to be easily accessible to clients and have enough space to accommodate the design and tailoring operations. The cost of operation will mainly be attributed to rent, utilities, and maintenance of the facility.
The location will be chosen based on factors such as proximity to transportation, accessibility for clients, and the cost of rent. The facility will be designed to provide a comfortable and welcoming atmosphere for clients while also serving as a functional workspace for the staff. The design of the facility will incorporate elements that reflect the niche market of custom-made wedding dresses and accessories.
The Wedding Room will leverage technology to enhance the customer experience and streamline internal operations. We will develop a comprehensive website that allows customers to schedule appointments, view our latest collections, and communicate with our design team. This website will also include an online store, allowing customers to purchase our custom-made dresses and accessories from the comfort of their own homes.
In addition, we will use social media platforms, such as Instagram and Facebook, to showcase our unique designs and engage with potential customers. Our social media presence will increase brand awareness and attract new customers to our bridal shop.
We will also invest in software solutions that automate various aspects of our operations, such as inventory management and order tracking. By leveraging technology, we aim to improve the efficiency of our business and provide our customers with an exceptional experience.
Equipment and Tools
For our bridal shop, we require various equipment and tools to ensure high-quality design and tailoring of custom-made dresses and accessories. Below is an outline of the required tools and equipment and the associated costs.
Investing in these equipment and tools will allow us to provide custom-made dresses and accessories that meet our clients' specific needs and preferences. The creation of unique and personalized pieces will be a big selling point in our marketing and sales efforts, as it is a rare offering in the industry.
Management and Organization
At our bridal shop, we believe in a flat organizational structure to ensure seamless communication and flexibility. The following table layout outlines the roles and responsibilities of our team members:
Our team practices open communication and collaboration, allowing us to provide unparalleled service to our valued customers. Decision-making is shared amongst team members to ensure a harmonious and efficient working environment.
At the bridal shop, we understand the importance of having a strong and reliable management team. We have a table of potential candidates who we anticipate taking on high-level management roles within our company. Each candidate has extensive experience in the wedding industry and possesses the necessary skills to help our business thrive. Our management team will work together to ensure that our operations run smoothly and that we exceed our customers' expectations.
Management Team Gaps
At present, we do not have candidates to fill the position of a marketing manager who can help us in promoting our products and services. As the business grows, we will require more experienced professionals to handle tasks, including marketing and advertising campaigns, procure high-quality materials at fair prices, and take care of the logistics. We are open to hiring part-time or full-time staff depending on the business's needs and budget.
Here is a list of the potential positions that we expect to require in order to effectively run our Bridal Shop business:
We will also need to hire additional staff during peak seasons, such as the summer and fall wedding seasons.
Company History and Ownership
The Wedding Room, a bridal shop that offers custom-made dresses and accessories for brides-to-be, was founded in 2023 by [Founder's Name]. With a passion for designing and creating unique wedding dresses, [Founder's Name] saw an opportunity in the bridal market to offer personalized services that cater to each individual bride's specific needs.
The company's operations are headquartered in New York City, New York, and it serves clients in the Tri-State area. The team at The Wedding Room consists of skilled tailors and designers who work to create one-of-a-kind pieces for each client.
The company's history and expertise in designing and tailoring wedding dresses and accessories enables it to offer a unique value proposition to brides-to-be. The business plan has been developed to help The Wedding Room secure the necessary funding to launch its operations and build a successful wedding dress business.
The Wedding Room will have a detailed roadmap of specific goals and objectives to achieve during its early operations. These milestones will help the business manage and steer towards success:
The following KPIs will help gauge the overall performance and health of the Bridal Shop:
- Conversion rate of consultations to sales
- Average order value
- Customer satisfaction rating
- Gross profit margin
- Inventory turnover rate
- Employee productivity and efficiency
- Number of referrals and repeat customers
Regularly monitoring and analyzing these metrics will enable us to make data-driven decisions to optimize our operations and improve our customer experiences. This, in turn, will help us achieve our business goals and maintain our competitive edge in the bridal market.
Financial Plan and Metrics
Below is a projected sales forecast for The Wedding Room for the years 2023, 2024, and 2025:
The projected sales for The Wedding Room show a steady growth rate over the next three years, with a total revenue of $1,000,000 by 2025. The custom-made dresses category is expected to be the main revenue source for the company, with a significant increase in sales by the end of the third year of operations.
Starting a bridal shop that offers custom-made dresses and accessories for brides-to-be requires some initial investments. We have identified the following expenses to start and operate our business:
Note: These figures are estimates and may change based on various factors, such as sales and market conditions. We will regularly review our expenses to ensure profitability and make adjustments as necessary.
Projected Profit and Loss
Here is the profit and loss statement for The Wedding Room for the next three years:
The revenue projection for the first year is conservative due to the initial startup costs and marketing expenses. However, the company is projected to break even in the second year and achieve substantial profits by the third year. The gross margin is 60% throughout all three years, which will allow the company to cover its costs while still achieving a healthy profit. The expenses mainly include renting the store, paying the salaries of staff members, and other overhead costs.
Projected Cash Flow
As part of the financial plan, we have built a projected cash flow statement for the first three years of operation (2023, 2024, and 2025), which is presented in the table below.
As you can see from the table, we anticipate a positive net cash flow in each of the first three years of operation. We also expect to reach profitability by year three. The funding secured will cover the costs of fabric, designing, and staffing. We will closely monitor our cash flow to ensure we remain on track toward our financial goals.
Projected Balance Sheet
Here is a three-year (2023, 2024, 2025) projected balance sheet for the Bridal Shop business:
These projected numbers demonstrate the expected growth of the business over the three-year period. As the business expands its offerings and increases its customer base, we expect to see a steady increase in assets, liabilities, and equity.
Our bridal shop will need skilled tailors and designers to craft custom-made dresses and accessories for our brides-to-be. We plan to hire experienced professionals with a passion for bridal fashion and an eye for detail. Compensation will be competitive and include benefits such as health insurance and paid time off.
Our employees will be integral to our business operations, working closely with our customers to ensure their unique visions come to life. They will also collaborate with our fabric and material suppliers to source the highest quality materials for our dresses and accessories.
Use of Funds
The $500,000 seed funding raised by The Wedding Room will be used as follows:
The funds will be used to cover the startup costs associated with fabric, designing, staffing, marketing, equipment, and technology. This will enable The Wedding Room to launch its operations and successfully establish itself as the leading bridal shop in the Tri-State area for custom-made wedding dresses and accessories.
The intention of the Bridal Shop is to grow and expand the business to reach its full potential. However, in the event of an eventual exit from the business, the options include acquisition, selling, or passing along to a family member/employee who has a strong passion for the industry and can run the business successfully. The exit strategy will depend on the company's financial standing, market conditions, and future projections. The decision will be made on the basis of not only financial gains but also the sustainability of the business and the happiness of the customers and employees.
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Wedding Dress Business Plan
Last updated on June 26th, 2023
If you are planning to write the Wedding Dress business plan on your own, then this sample Wedding Dress business plan can be great for guidance. However, if you are looking for a professional business plan writer for a business loan , SBA loan or to find out the possibility of success for your new business then let’s talk!
Overview: Happy Brides is a licensed bridal store with a large inventory of wedding goods and accessories. Wedding gowns, fine jewelry, gloves, bridesmaid gowns, shoes, flower bouquets, groom suits and tuxedos are just a few examples. We are placed in the heart of Las Vegas’ thriving business district. We are in a good spot because, while Las Vegas is known for gambling, it also attracts a varied group of people who come for a number of reasons, including weddings. We have made certain that our collections are of the highest possible quality. The majority of our clients are from the middle and higher classes. In Vegas, these kinds of customers are plenty.
We have a wide selection of eye-catching and exquisite wedding merchandise. Clients who want to buy or rent these items will have the option to do so. We also provide customized services, in which we can alter various wedding gowns to suit our clients’ preferences. There are also groom suits and tuxedos available. Jewelry, shoes, bags, handbags, and flower bouquets are among the various items available.
Mission: Our goal is to provide our customers with a plethora of options.
Vision: Our ambition is to own Nevada’s largest bridal retail chain. We are devoting our time, effort, and experience to offering services that are unparalleled in the business.
Industry Overview: A little virus has radically altered the social, business, and economic scene, with large and small firms closing their doors, consumers disappearing, discretionary spending vanishing amid job losses, and the global economy plunging to new lows. In light of this, the global Bridal Wear market has been updated and is now expected to reach US$79.7 billion by 2027. The erosion of household wealth, as employment rates rise, is terrible news for the wedding business, which is heavily reliant on consumer discretionary incomes. Consumer confidence is rapidly eroding, and spending expected to follow suit. Wedding expenses will be one of the costs decreased because of COVID-19. Wedding cancellations are already common, and destination weddings are particularly heavily struck. While the shutdown limitations continue to affect bridal gown manufacture, love is taking on a new, less expensive meaning. Couples are increasingly embracing videoconferencing apps like Zoom to live stream their nuptials. Simple, low-cost at-home weddings are becoming the norm, resulting in a sharp drop in demand for bridesmaid dresses and expensive custom bridal gowns and accessories. The market will eventually recover once the significantly limited public life has been relaxed and the economy has healed. Despite the fast increasing difference in cultural values, shifting patterns in family life, and changing concepts of love, intimacy, and current marital practices, the market will be sustained by continuous confidence in the religious sanctity of marriage. Given that the wedding industry is based on cultural and religious beliefs and rituals, rapid social developments, such as the rise of cohabitation, have posed and will continue to face growth hurdles in the coming years. Despite the difficulties, marriage remains a key building element of human society as the highest public declaration of monogamous commitment. Marriages will continue to be the foundation for a healthy society that promotes the common good in humanity by developing stronger families and raising children that are more conscious as the only institution that embodies selfishness in a self-centered world.
Financials is one of the most important sections of a Wedding Dress business plan. You can get an idea of your projected revenue, required investment amount, is the business sustainable without additional funding, etc.
Use of funds.
The industry analysis section of the Wedding Dress business plan will help you get better insights into competitors, market growth, and overall industry prospects. You can order a custom market research report for your Wedding Dress business.
During the forecast period, the global wedding dress market expected to grow at a significant CAGR. Increased urbanization, a rise in disposable money, and an increase in personalized and inventive designs are all contributing to this expansion.
The global wedding gown market classified into three categories based on product types: common gowns, suit/tuxedo, and traditional wear. In 2018, wedding gowns accounted for the largest percentage of the market. The introduction of various types of fabric and styles in gowns has boosted gown demand in recent years. To boost the visual worth of the gowns, retailers and fashion designers are focusing on elaborate artisanal patterns. The male population’s involvement in wedding attire decisions has expanded dramatically. Men’s participation in the fashion industry has risen because of the rise in fashionable clothing for men, as well as an increase in knowledge of dressing sense and appearance. Traditional wedding attire is a significant contributor to the market’s growth. The market divided into female and male segments based on gender. In 2018, the female wedding wear sector held the biggest market share. This is due to the large number of bridal apparel manufacturers and designers present. A bride is also supposed to be the center of attention at the wedding. Women prefer to go to different stores and try on their wedding gowns before the big day. They also provide feedback on the alterations that should be added to their garment, which is expected to increase women’s participation within the projection period.
While working on the industry analysis section of the Wedding Dress business plan make sure that you add significant number of stats to support your claims and use proper referencing so that your lender can validate the data.
Over the projection period, male wedding wear is expected to grow at a significant CAGR. This can be due to the male population’s growing awareness of fashion and appearance. Furthermore, many designers and firms are focusing their designs on the male market in order to expand their product offerings and increase involvement. The global wedding dress market is divided into five regions: Asia Pacific, Europe, North America, the Middle East and Africa, and Latin America. Europe is a critical market region that is likely to dominate during the projection period. With a market share of 30.3 percent in 2018, this market led the global market. The region’s market is growing due to rising purchasing power, the presence of several global companies, and premium product pricing. Due to increased demand from nations such as China, India, Japan, and Korea, where weddings are believed to be lavish and expensive, Asia Pacific is expected to rise at a lucrative rate during the projection period. Furthermore, because of the region’s diversity in population and culture, businesses have a lot of opportunity to attract different countries and expand their market presence. During the predicted period, the Middle East and Africa are also expected to rise significantly. The attraction to exquisite embroidery and embellishments in bridal gowns is a popular trend among customers.
A key part of the marketing plan in a Wedding Dress business plan is the marketing budget. The growth in the number of customers is proportional to the budget and dependent on the CAC .
Discounts: Happy Brides will give discounts to our customer to show our appreciation for your contribution to our success.
Social Media: Following the trend of clients surfing the Internet every second, online advertising has become a commonplace tool utilized by all businesses. Facebook, Instagram, and other social media platforms will be used to promote Happy Brides.
Email Marketing: We use email as a tool for sending commercial communications and generating sales. To develop long-term connections and promote long-term revenue, we will send cart abandonment emails or execute repeated email nurturing campaigns.
SEO: To increase awareness to the customers we will use search engine optimization for boosting our company to attract more customer by searching keywords wedding gowns. Content Marketing: We will share relevant articles, videos and blogs to retain audiences and to know more about our gowns.
T his s ection of th e Wedding Dress business plan helps your lender figure out whether you will be able to pay off the loan, whether the business is sustainable, what are the growth prospects, etc.
Bridal Shop Business Plan
Services, retail and apparel markets and financial considerations are all accounted for in this free, printable business plan for bridal shops that sell, rent and tailor wedding clothes.
Sample text from Bridal Shop Business Plan:
1.0 Executive Summary
COMPANY NAME in [CITY], IL is a start-up bridal and formal wear shop that plans to have no equal in the market it serves. The Company will separate itself by offering the highest quality and widest variety of bridal and formal wear. It is the goal of the Company to be ultimate shop within its 100-mile target market and build a solid reputation in the [CITY], MO metropolitan area. The owner INSERT NAME has been in the formal ware business for 30 years. Her family has also owned and operated a formal ware shop in Illinois for 60 years. Her experience in this industry is unmatched when compared to the average shop owner. The Company was formed in November of 2010, as a result of the owner's dreams of owning her own shop.
COMPANY NAME is located in [CITY], [STATE], 50 miles east of [CITY], [STATE].
COMPANY NAME is a start-up sole proprietorship, owned and operated by INSERT NAME. The owner is seeking to turn this venture into a full-time wedding and formal ware establishment. The Company is still in liaison with her family's company, INSERT NAME, which has 60 years of formal ware experience.
COMPANY NAME will offer bridal and formal wear dresses, tuxedo rental, dry cleaning and alterations as well as wedding accessories, to its clients.
COMPANY NAME is located 50 miles from a major mid-west metropolitan city, [CITY]. [STATE]. This gives it a unique opportunity to expand its market tenfold, and still be within its 100-mile target range. Although the population of the Company's entire County is around 15,000, its proximity to [CITY] increases its target market potential exponentially.
The current financial plan for COMPANY NAME is to obtain funding in the amount of $250,000. The funding will be used to increase its inventory, hire full-time employees and eventually move into its own shop (for a more detailed list see the milestones section 5.5).
The major focus for funding is as follows:
1. The company is an SBA women owned qualified business
2. Provide for the continuing education of its employees
3. Hire employees: veterans, minorities, and the unemployed
• Achieve 50% of all wedding business within a 100-mile radius
• Have 2/3 of the areas dry cleaning services
• Obtain 100% customer satisfaction for all clients
The mission of COMPANY NAME is to provide excellent customer service and satisfaction in a warm friendly environment. The Company will aim to provide a work place that allows its employees the independence and self-sufficiency that comes with working in a business that promotes a hometown atmosphere. The owner has started COMPANY NAME to realize her entrepreneurial spirit, and desires to encourage her employees to become part of her dream, with a team orientated spirit.
1.3. Keys to Success
• Providing quality, expeditious and friendly services
• Competitive pricing
• Ensuring 100% customer satisfaction
• Giving back to the community through charitable donations
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