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Business Plan for Bridal Gown Shop

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Task- You need a Business plan project on topic - Bridal Grown Shop.

Solution-

Executive summary

The goal of Dreams to Reality is to become the most preferred bridal gown shop in the city. The outlet is all about providing an elegant and chic atmosphere for the brides to-be, where they can enjoy the moments of choosing their wedding dresses. Even the bridesmaids would be welcome, as we have many options for them as well.

Dreams to Reality will be in constant competition with designer outlets such as Vera Wang and many others, but the SWOT and PEST analyses that have been conducted will help understand the shortcomings and assist in constant evolution of the wedding gown store.

1.0 Introduction

The bridal gown shop, Dreams to Reality, is all set to become the new one-stop destination for all the new brides to-be in town. The shop will be the place where the dreams of all the young women would come to life, as our in-house designers and stylists will help them with whatever they need.

1.1 Mission

Dreams to Reality’s mission is to provide the best quality bridal dresses and accessories for the women who want their special day to be just perfect.

1.2 Vision

Dreams to Reality’s vision is to become the most preferred bridal outfit store in the city.

1.3 Objectives

• The objectives of Dreams to Reality for the two years of operation include –

• To create a value-based organization, where the clients would get the best possible service at the best prices

• To increase the number of buyers by 30 per cent through high-quality service

• To maintain a 45 per cent gross profit margin.

2.0 Startup summary

Dreams to Reality will require the following equipment, which would be covered by the start-up costs:

• Full-length mirrors

• Display racks, shelves

• Desks, chairs and filing cabinets

• At least five couches

• Drapes and other material for the changing rooms

• A computer for the point of sale terminal

• Back-office equipment such as printer, computer and scanner.

2.1 Ownership

The bridal gown shop will be established as a sole proprietorship, and the business owner will have full control over the business proceedings.

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2.2 Strategy

The store will be designed in such a manner as to be visually pleasing to the customers. Moreover, the employees will be trained thoroughly to ensure that they know how to handle the brides and their bridesmaids, as marriages can be an emotional affair and thereby exercising patience and caution would be the key.

Dreams to Reality will conduct their business operations with complete honesty, integrity and strive to set the highest possible standards for value creation within the industry.

2.3 Products

The products that would be available at Dreams to Reality can be summarized as below –

• Wedding gowns

• Dresses for bridesmaids

• Shoes to match the dresses

• Accessories such as tiaras, earrings and other jewelry

• Designer handbags.

3.0 Market analysis summary

3.1 Market segmentation

Dreams to Reality will target three primary market segments – the brides to-be, the bridesmaids, and the parents. The market segment for couple buying wedding dresses is increasing steadily, and therefore the number of potential customers is quite promising.

3.2 Competitors

Dreams to Reality will face stiff competition from the designer gown shops, such as the ones by Vera Wang, which are wildly popular among the people. The reason why traditional gown shops are losing their market share and margin is because of the popularity of these designer gown shops. Dreams to Reality will therefore have to carve out a niche market for themselves if it wishes to survive this competition.

3.3 PEST analysis

Political: Government regulatory policies, foreign taxes on the raw materials sourced from Asian countries

Economic: Inflation, inability to target the economically handicapped market segments

Social: Changes in the tastes and preferences regarding bridal fashion

Technological: Advent of e-commerce, which reduces the reliability on traditional brick and mortar stores.

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3.4 SWOT analysis

Strength: Dreams to Reality has the advantage of being located at one the prime shopping destinations in the city, which is why it can be estimated that the shop will experience a decent volume of sales.

Weakness: Since it is more like an independent shop rather a large-scale retail outlet, the number of options on wedding gowns could come across as being limited.

Opportunity: Dreams to Reality is set to capture the market as being an affordable wedding gown store, thereby posing a stiff competition to designer outlets.

Threat: Many people prefer to buy wedding gowns from renowned designers, and for this reason, the traditional gown shops are disintegrating. Moreover, many bridesmaids often rent their dresses instead of spending a large amount of money on them, since they would be wearing it only once.

4.0 Financial plan

4.1 Sales forecast

Year 1

Year 2

Year 3

Wedding gowns

$10,000

$15,000

$18,000

Shoes

$3,000

$4,000

$4,500

Accessories

$2,500

$2,500

$3,000

Total sales volume

$15,500

$21,500

$25,000

4.2 Break-even analysis

It can be estimated that the break-even point – that is, the point where the investment would be compensated for by the profits generated – would be reached within 12 months, as sales are expected to go up during the upcoming wedding season.

5.0 Conclusion

The above business plan provides a thorough outline of the Dreams to Reality wedding gown shop in brief, and is an elaborate description of the store, along with the PEST and SWOT analyses. The mission and the vision, both of which would help the company move forward with their objectives, have also been outlined clearly. The identification of the competitors, along with the target market segments, will help understand the ways in which the business can be successful.

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