Interested in small bridal shop business ideas? If YES, here is how to start a bridal shop with no money and no experience. How much does it cost to start up?
How to Start a Bridal Shop Business
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.
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 Business Plan for the Bridal Shop Business
A business plan can be said to be a road map on how a wedding business will succeed. It is very important to write a business plan before embarking on any business venture, this is because the business 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
Let us further look into the components of a business plan with emphasis on starting a bridal shop business.
The executive summary is very important because it is the first document that a reader will encounter in an attempt to read a business plan and the nature or tone of the executive summary will either ignite the interest of the reader to continue or make him or her to lose interest.
For bridal shop business, the executive summary will include the history of the bridal company, the state of it presently, the direction it is headed and the potentials of the business
This section is supposed to focus on the details of the bridal company, where it is located, its staff strength, ownership, the vision and mission of the company and the future plans of the company in terms of expansion.
For a bridal shop business, it is a product selling business and also a service rendering business. It is a product selling business because it sells bridal items like; wedding gowns, jewelry like bracelet, earrings, necklace, shoes, hair piece which include veil, flower prawn, tiara, gloves, socks and so on.
It is a service rendering business because owners of the bridal shop can also offer services like bridal makeover, bridal hair dressing, bridesmaid selection and makeover, and so on.
This section of the business plan will specify the products and services that the bridal shop will render, how they will be rendered, by whom and the future plans.
The marketing plan for a bridal shop business will include: the target market (who the product or services are meant to serve), the ways of delivering the products and services, how you will reach your target market, how to retain the customers so that they come back to patronize you again and also send referrals to the shop.
The marketing plan should also have a unique selling proposition. This is the edge you have over your competitors or what distinguishes your business. The pricing structure should also be discussed here. The price should not be too low as it will most likely degrade authenticity the of the service or product and it should also not be too high as this will dissuade customers from patronizing the business.
The distribution plan should also be discussed for instance; will the customer buy the goods directly from the customer shop or will the goods be delivered etc.
Management and Organization
This section of the business plan gives a detailed explanation on the structure of the business, the members of the business, both participating and non participating, the duties of the staff, their qualifications and expertise.
Financial Plan and Projections
The financial plan is expected to answer the following questions:
- How fast is the business expected to grow?
- How do you intend to fund that growth?
- Are you growing slowly and producing profits?
The following sub topics will describe each of your tables in details:
- General Assumptions: This includes all the assumptions you made while starting the business.
- Profit and Loss Analysis: This includes the expected profits and loss.
- Cash flow: This tracks the cash balance (your checking account) and cash flow (how much that balance changes) from month to month.
- Balance Sheet: This presents a picture of your financial position on a specified day (usually the end of the month or the end of the year). It includes your asset, liabilities and capital.
It is very important to embark on a feasibility study before writing a business plan because this will help in gathering some of the information needed to write the business plan.
To start a bridal shop business, location is very important. The shop has to be located in a busy environment where young people frequent. The roads to the bridal shop should be in good condition because bad road will discourage potential customers from patronizing the shop. The exterior of the shop should be neat and attractive. This will encourage potential customers to walk in.
Marketing a bridal shop business can be very exciting because brides get married and weddings are beautiful occasions. The bridal shop should be marketed through different avenues which include:
- Social media like facebook, Instagram, twitter, WhatsApp and so on.
- Bill board in churches
- Word of mouth
- Placement of adverts in local newsletters and magazines in the community.
A bridal shop business is a very lucrative business and also, very profitable! Make up your mind now and start! The time is now!