Sample Business Plan on Bridal Shop Business Plan
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I. Executive Summary
Business Description
The Bridal Place is a startup company located in AnyTown, AnyState. The initial focus of the business will be as a retailer of wedding gowns and bridesmaids’ dresses, in an area that has experienced solid growth over the past two decades and continues to increase both in population and economic prosperity, but currently is greatly underserved in wedding-related retail choices.
The Company will offer highly personalized service and consultation with a Professional Bridal Consultant as part of every customer’s experience. The Bridal Place will offer all of the traditional styles and brands of wedding gowns but also offer brides the option of choosing a designer dress from designers such as Amsale, Vera Wang, Melissa Sweet, Monique Lhuillier, Tara Keely, Demetrios Couture and others, and at competitive prices.
Marketing Strategy
Target market segments include young first-time brides and their families; older brides marrying either for the first or second time; and brides who are in search of premium designer gowns at competitive prices. Initially the Company will focus only on the immediate area of AnyTown, AnyState, but later will expand its reach throughout the AnyTown metropolitan area and to other cities within a 50-mile radius. The Company will closely integrate all of its marketing and sales efforts to project a consistent brand image and a consistent positioning of its services.
Capital Requirements
The business is seeking $500,000 in funding that will be used for opening costs and necessary cash flow for the first several months.
Financial Projections
Profitability is expected to be 40 percent by the end of the third year of operation.
II. Overview
Introduction
The Bridal Place (The Bridal Place or the Company) is a startup company located in AnyTown, AnyState. The initial focus of the business will be as a retailer of wedding gowns and bridesmaids’ dresses, in an area that has experienced solid growth over the past two decades and continues to increase both in population and economic prosperity. The AnyTown Metropolitan Statistical Area (MSA) contains 49 zip codes and a population approaching a half million; other cities not included in the AnyTown MSA (i.e., Auburn, Greenville, Tuskegee and others) are nearby and offer the Company an even broader market than that which exists within the AnyTown MSA. The Company’s location is in a growing area of increasing diversity.
The business of weddings has increased dramatically over the past several years. The dress represents a significant portion of the total bridal budget in an industry estimated to be worth $74 billion to $85 billion at present and expected to experience significant growth in the future. As The Bridal Place increases its presence in the AnyTown area, it will offer an expanding range of services to take advantage of a greater share of the total spending its customers plan for their weddings.
The Company expects to gain a profitable market share within a very short period of time. Determinations have been made for the size of the market, amounts of budgeted advertising and marketing dollars the Company will use.
In 2008, the Company will generate revenue of $386,500. By 2009, The Bridal Place will achieve over $483,125 in revenues and $981,348 by 2012.
The Market and Opportunity
Researchers at the Library of Congress state that determining the precise size of the total industry is difficult because of its fragmented nature and the wide variety of types of service providers that can be involved (Terrell, 2004). Though the precise size of the market can be in question, the precise number of weddings in 2007 is not. The Wedding Report reports that there were nearly 2.3 million weddings in 2007, 2.1 million of which were first-time weddings for the bride. This is the wedding most likely to garner large budgets and determination in favor of the elaborate wedding gown, of course. Nationally, the average amount spent on the gown alone in 2007 was $1,564, with a range of $782 to $2,346 (Wedding Cost and Spending Details, 2008). The average veil adds another $100 – $500, or an average of $285 (Wedding Cost and Spending Details, 2008). Bridesmaids’ dresses and shoes individually add several hundred dollars to the total that a bride or attendants can be expected to spend with the retailer of the wedding dress. Table 1 provides average expenditures for the wedding dress.