If you dream of making it in the fashion industry and pondering on a bridal shop business start-up, you know that your success will not be happening overnight. Apart from having the passion for your craft, there are certain steps to follow to ensure you create a niche in the market. Moreover, you need planning and strategy.
Albeit starting from scratch when putting up your company can be quite a daunting task, getting through the hurdles of starting a business and learning the ropes can increase your confidence about succeeding and eventually lead to having profitable bridal shop.
Let these suggestions get the ball rolling for you:
Make a decision.
Perhaps, you are currently employed and in an industry unrelated to your future career plans. Shifting to another field, let alone, becoming an entrepreneur is a big leap and would mean potentially losing income. Also, when you leave the company you are working for, this might mean there is no turning back. Having said that, deciding on going after your dream is crucial and thinking it over a hundred times is important. Once you have made your decision, then you can go for it. Remember, this can also mean not earning money for awhile. Ensure that you can juggle between planning your business and surviving the next few months.
Hone your skills.
As you deal with all the aspects of a bridal shop start-up, you also have to improve on your skills in the process. Obviously, you will be the one designing the wedding dresses for your clients. If you have not enrolled in a fashion school, you might consider doing so. While sheer talent helps, taking a crash course in fashion and design can boost your confidence and broaden your knowledge about picking the right fabric and fashion in general.
Write a business plan.
Before putting up your bridal shop, you need to come up with a well-thought of business plan. This will include the important aspects of your business, from the name to your plan of expansion. A well-written business plan will be your guide since it will also include your marketing plan, projected sales and expenses, location of your shop, form of business, expansion plans and long-term goals. Do not worry about your business plan being outdated in the long run since you need to make revisions during the duration of your business. This important document will be your guide.
Think of a business name.
A business name is important in building the brand and image of your bridal shop. You can either think of the name yourself or hire a copywriter to do it for you. The internet is also a good source of bridal shop names. See to it that you come up with several options just in case some of your name choices have already been registered. Also, think of a name that connects to your brand or one that has a recall. And since your name is your brand, you might want to integrate your name with the name of your shop. Or perhaps, include the location of your business and add the words “Bridal Collection”.
Search for a business location.
Location is one of the important factors of a business start-up. Pick one that is accessible to your target market. You have three options for this. You can choose one that is in a commercial district where potential clients frequent or you can pick an area that is not yet saturated so you can have a bigger market share. Your third option is to have your office or boutique in your home, so long your clients can go there conveniently. This can also cut down your operating expenses. Also, arrange the shop in such a way that your customers can see your collection and design your showroom with a personal touch to make it more welcoming for soon-to-be-brides and their friends or family.
Register your business and submit the legal requirements.
Before putting your bridal shop business into full operation, make sure you have submitted all the legal requirements of starting a company. Hire a reliable accountant to help you with your books and consult a lawyer about the form of business appropriate to your shop.
Decide on your design specialty and build your portfolio.
Identify your market and decide on what type of bridal fashion designer you want to be. Are you planning to design high-end luxury wedding gowns or you plan to have both luxury collection and less expensive gown choices. Perhaps, you are keen on opening an eclectic bridal shop and cater to a particular market.
Choose your dress suppliers.
You should have a roster of designers, suppliers and dress manufacturers to ensure you can deliver to your clientele. Set up a credit line with them and discuss with them on getting discounts for wholesale purchases. If you plan to offer wedding gowns of other designers, you can also partner with them.
Join bridal shows.
These events are important to showcase your collection and meet potential clients. Joining bridal shows can help you advertise your shop and at the same time meet other designers you can partner with.
With the right planning and strategy, you can start living out your dream of being the owner of a bridal shop business and making it in your chosen industry.