It’s the dream business for many people and that’s to set up their own bridal shop and many will be needing a business plan to help plot the way to commercial success.
Essentially, a business plan is a way for someone who is planning to start a business selling wedding dresses and designer dresses to see how easy it will be to implement steps and become a success.
A good business plan also highlights what is good about the idea, as well as the downsides.
The most important aspect for any new business is enthusiasm, but poor planning may let the new business down.
The first step is to research the bridal shop market as deeply as possible, and while previous experience will be of huge help, it may be possible for the manager or owner of a local bridal shop to offer advice. Be aware that your business will be a rival to theirs.
The business plan will need to acknowledge what a new entrant to the market will face in challenges and how these will be tackled.
The plan will also need to outline which items will sell quickly and which will deliver the most profit.
Writing a business plan
This is the step where the business owner should sit down and begin writing the details about how they will start the business.
This will include:
- A market analysis of local competition and demand from brides-to-be
- An outline of the marketing strategy and how the business will find customers
- Details of the products and gowns that will be sold, for instance if the focus will be on wedding dresses and designer dresses
- Financial projections which will highlight how much the shop needs to bring in to make a profit
- An analysis of overheads including rent, business rates as well as wages and the cost of stock
Choose a name
All new businesses need a name and some owners may decide to go for something quirky or simply name it after themselves; it may be a good idea to speak with an accountant to see whether the business should be incorporated, which means it will be a limited company.
Indeed, a good accountant will be able to give input on the business plan’s creation and offer their own expertise on what will help the bridal shop to become the success, that the business owner is hoping to achieve.
Another reason for writing a business plan to start a bridal shop selling wedding dresses and designer dresses is that if financial backing is required, a bank will need to see a well-written and thought-out business plan that reveals how the business will become established and, more importantly, how it will continue trading and growing in the years to come.
Finally, there is a lot of professional help available for those starting a new business and part of this help is for creating a business plan for a start-up; local authorities and business organisations will have more information on the help available.
