Do you need help starting a bridal shop? If YES, here is a sample bridal shop business plan template.
Weddings are a constant human feature. In every society, this ceremony is greatly valued. Bridal shops provide a vital service in making such memorable occasions successful. If this business has crossed your mind, you should consider going all the way.
To help you is this bridal shop business plan sample. We have written this to provide you with all the insight you need.
It doesn’t matter if you haven’t written one before. In fact, it’s because of such situations we have taken our time to create this mock business plan.
BRIDAL SHOP BUSINESS PLAN GUIDE
Are you in search of a profitable fun-to-do business? Then starting a bridal shop business is for you. Saturdays are known for weddings and weddings are about brides!
The bridal shop business is very profitable because weddings will always take place and the brides in these weddings will need to shop. It is now also a custom that brides have bridesmaids that attend to them and so not only will a bridal shop attend to the needs of the bride, the bridesmaid’s needs are also met in a bridal shop.
Here is a sample business plan for starting a bridal boutique.
Before thinking of venturing into a bridal shop business, you have to ask yourself the following questions:
- Am I passionate about wedding business ideas?
- Do I love being creative?
- Am I good at helping people make decisions?
- Am I a friendly fun-to-be with person?
- Am I a service oriented person?
These are some of the questions a person considering starting a bridal shop business should answer. After answering these questions, the next step is:
Prepare a Bridal Shop Business Plan
A plan can be said to be a road map on how a business will succeed.
It is very important to write a business plan before embarking on any business venture, this is because the plan will guide the business owner on how to organize the business.
Basically, parts of a business plan are:
- Executive summary
- Company profile
- Marketing plan
- Management and organization
- Financial plan and projection
BRIDAL SHOP BUSINESS PLAN EXAMPLE
But before you get too excited, you should dig a little about this business. The more information you get on how it works the better. It will help you plan better.
Happy Brides is a registered bridal shop business that has a wide collection of wedding supplies and accessories.
These range from wedding gowns, exquisite jewelries, gloves, bridesmaid gowns, shoes, flower bouquets, groom suits and tux among others. We are located right in the center of Las Vegas’ bustling and booming hub.
We are strategically located because although Las Vegas is known for gambling, it attracts a diverse section of visitors who come for a variety of reasons including weddings. We have ensured our collections are of the best quality. We mostly target middle and upper-class clients. These groups of clients are in abundant supply in Vegas.
- Our Products
We have an array of wedding merchandize that are eye-catching and luxurious. These will be available for clients who would either want to purchase or rent them. We also provide customizable services where we can alter some wedding gowns to fit the taste of our clients. Groom suits and tuxedos are also available. Other products include jewelry, shoes, bags, purses, and flower bouquets among others.
- Our Vision
At Happy Brides, we live by our name by satisfying our clients. Our vision is to own the biggest bride store chain in Nevada. We are deliberately investing our time, effort and expertise into providing services which are second to none in the industry.
- Our Mission
Wedding ceremonies hold lasting memories for both brides and grooms. We seek to make this occasion even more special by creating flawless designs of bridal attire. We have a collection of beautiful jewelry which we put on display.
Our mission is to make our clients spoiled for choice.
Financing for our bridal shop business will be sourced from a bank loan to the tune of $2,500,000.00. This will be in addition to the savings of $500,000.00 reserved for this purpose. Such loan is repayable in 25 years. Most of these will go into the design of our bridal garments.
We have entered into a partnership with the top jeweler in Las Vegas to showcase some of his collections at our bridal shop.
- SWOT Analysis
Las Vegas is a bustling city that is ever alive at any time of day or night. For a business to survive in such environment, such business needs to be fully suited or adapted. To examine our potentials, we have done a SWOT analysis that is truly revealing;
Our bridal shop business is driven by excellence. This is evident in the quality of our team. We have a crop of highly skilled and experienced designers. These have worked with major fashion brands in the past.
Also, we have established a network with major businesses like hotels, event planners and rental services. These recommend our business to their circle of clients. We also return this gesture too!
As a business, size counts. We are a bit restricted in our operations as compared to bigger bridal shops with multiple units of stores. These have a better hold of the market and are formidable competitors. We realize this weakness but believe we will eventually overcome it especially with a steady stream of clients through our doors.
Opportunities are massive! Our network of businesses is a huge opportunity for us. We will leverage on these by committing to the sustenance of this symbiotic relationship. This helps our desire to expand rapidly into a major bridal shop brand in Nevada.
Threats will arise in the form of unfavorable government policies that will stifle growth. Also, a financial crises happening will adversely affect our bridal shop. The city itself thrives on the health of the financial industry.
Anything negative that happens to it will hit us real hard.
- Sales Projection
In a city like Vegas, making good sales is inevitable when you do the right things. We have used a conservative approach in analyzing the patronage existing bridal shop businesses attract. This was used in projecting our sales over a 3 year period. The following is what we arrived at;
- First Financial Year $500,000.00
- Second Financial Year $900,000.00
- Third Financial Year $1,300,000.00
- Target Market
We have a well defined target market. This includes brides-to-be, the would-be groom, bridesmaid and groomsmen.
These set of people are our targets. The bride and groom to be are likely to shop at our bridal shop with their entourage of maids. We are looking at expanding to other cities within Nevada to capture the market too.
- Competitive Advantage
To be competitive enough, a bridal shop must reinvent. This calls for innovation. At Happy Brides, this is what we are driven by. Our rich supplies of wedding gowns are designed by celebrity designers who have left their mark in the fashion industry.
Although these do not work full time with us, they give us a strong advantage over our competitors as they are easily recognizable brands.
- Marketing Strategy
Our bridal shop business will be opened with a lot of advertisement that will include billboards, banners and fliers being distributed. This will be in addition to a party which will be thrown to announce our opening.
We will actively collaborate with businesses within our network to promote our collective businesses. We stand to benefit the most initially because these are already experienced businesses.
There you have our bridal shop business plan sample. We have tried to be as brief and direct as possible. Your plan is the foundation of your business. It can be responsible for the growth of your business or for its downfall.
The choice is yours. To avoid the latter, take full charge by carefully writing the plan using real data available to you. The full implementation of this plan is also necessary.