Business plan for wedding dress shop

Executive summary: ABC wedding store is a new modern wedding dress and accessories store that caters to all genders and demographics. It is the only completely unisex store that caters to all sexes and provides wedding dress options for all ages, shapes and sizes. The goal is to become the premier wedding dress store in Riyadh by soliciting the patronage of any bride/groom to be in Riyadh and thereby gaining an 80% market share of the growing wedding industry. Financial projections for the next three years - in the first year a profit of SR20,000 and increasing at a rate of 20% for the next 2 years. Advertising will be done mostly online with 1-2 signages near the store in downtown area.

Description of the business:

The business is a partnership between me and my partners, who will be equal partners in the business. The business will operate all days of the week from 12 pm to 8 pm. During the wedding season, it will open at 10 am. All merchandise can be viewed and bought in-store or online, however customizations will need to be arranged in-store with the customer. If needed, seamstress/tailor can make a house call if the bride/groom is unable to come to the store.

Description of the market:

- Target Market: Young millennials, older population, male and female consumers of varying shapes and sizes. The target market is highly individualistic and prone to high degree of customizing in their looks/clothing. The alliances formed are also non-traditional and so will need wedding attire that can be customized to each wedding.

- Analysis of Competition: There are currently 10 other stores in Riyadh but only 1 other unisex wedding dress store that can be considered a direct competition. Most of the other stores cater to a more traditional market, women only and a fixed shape/size range of dresses. These are largely excluding a potential market of women that do not fit in a traditional size range, or have body variances that require customizations e.g. pregnant women. The other stores have been around for at least 3-5 years and so are more established in the market here which could affect initial sales.

- Market Penetration Projections and Strategies: As a key section of the target market is likely to be non-traditional, millennials, online shopper, digital marketing, and these products can be aimed to that growing market via the popular social media channels e.g. Facebook, Instagram etc.

Description of the products:

- Products : Pre-made and customizable, newly designed and created wedding dresses, veils, suits, themed costume wear, small and plus size gowns, wedding accessories, assortment of wedding outfits of different cultures and countries. All linen and material shall be sourced from the nearby clothing/textile mill that has offered us a 5 year option. All manufacturing will be done onsite.

Management structure: Myself and my partners have both studied fashion designing and have significant experience in clothing retail business from the last 10 years. I will handle all the administrative and managerial duties and my partner will manage the financial and bookkeeping aspects, both of us will work on clothes design and manufacture.

Sales strategy: Sales can be made in-store and online. Due to high customization expected from the diverse target group it is anticipated that 70% of sales at least will be made in store. Promotional offer of first 100 dresses sold in first quarter with a discount of 20% will help draw customers at a time when competitors are not offering sales/bargains.

Financial Plans: Total startup costs could be around SR100, 000 which my partners and I will split in terms of capital investment. Yearly plan:

Rent, utilities, insurance = 30,000

Inventory = 30,000

Signages and advertising = 10,000

Store/Office supplies = 10,000

Technology - website creation, payment portal = 10,000

Other = 10,000

Operating costs are expected to be around 20,000 per month including staff, travel etc.

Sales are anticipated at 30,000 per month, leading to a gross profit per month of 10,000.

Net profit will be 120,000 - startup costs = 100,000 = Profit for the first year.

MORE INFORMATION ABOUT

1. Goals/Objectives/Strategy: Revenue Forecasts