04 Mar Bridal Gown Shop Business Plan
a Bridal Reserve, a Portland, OR-based retail rental store of bridal dresses. Recycled Dreams is owned and operated by Connie Jugal. They will fill the gap in the market for formal wedding attire that is rented instead of purchased. Traditionally, wedding party members are required by the bride to buy their dresses. They have no say in what the dress will look like. They are advised exactly what type of dress they need. The dresses end up being ugly and collect dust in their closets for many years. Given that the dress can only be worn once, it is practical to offer people the option to rent a dress. This makes the event much more cost-effective, and also fashion-forward. Now, you can rent tuxedos for men and bridesmaids dresses for women.
Recycled dreams rents dresses, shoes head pieces, and veils. The dresses can be bought for the bride, and any other person who so desires. The majority of customers will be happy to rent these limited-time pieces of clothing. Recycled Dreams not only offers the possibility to rent clothing and accessories for wedding parties, but also has strategic partnerships established with top-flight local suppliers of wedding services such as catering, invitations, catering and photographers. Recycled Dreams is able to provide customers with a one-stop shop for all their wedding preparations. Recycled Dreams will also earn a commission on any referrals that result in additional revenue.
The Market and Competition
Recycled Dreams aims to target two distinct market segments. These are the parents and the spouses of the bride. Couples, as a market segment, are growing at 9% per annum with 114,584 potential buyers. Parents of the bride and groom have a 8% rate of growth with more than 112,000 potential customers.
Recycled Dreams faces competition from traditional bridal shops that sell the products. Recycled Dreams views these as competitors but sees them more as indirect rivals. Recycled Dreams believes the renting of dresses is an extremely valuable service. There are currently no other Portland-based bridal rental services. This is a new concept. It has been successfully tested in San Francisco. Recycled Dreams, the first to offer this service in Portland.
Recycled Dreams offers two advantages that will allow them to quickly expand their customer base and validate the new concept. First, the idea that, just like men's tuxedos, brides can rent their bridal wear. Because the dresses can only be worn once, this is especially intuitive. Although some might feel that there is a social stigma attached with women renting clothing, there is no way for anyone other than the renting customer to know that the dress that they are wearing is rented. Their customer service is their second competitive advantage. Recycled Dreams sees their role in the entire process as the one to hold the client's hand and walk them through the entire event, meeting all of their needs. This philosophy is deeply ingrained throughout the company.
Beyond the fact that Recycled Dreams is a great idea, the company has a seasoned founder and manager at the helm to guide the company to profitability. Connie has extensive retail management experience. Her experience was at the Salvation Army where she was the manager of several stores. Connie was the manager of several stores and managed 46% annual growth. Connie will make Recycled Dreams a success by leveraging her vast industry experience.
Recycled Dreams is an exciting concept that acknowledges the fact that most bridal party dresses are not the prettiest creations, are quite expensive, and almost never worn after the intended wedding. Recycled Dreams can be profitable in 10 months, with strong sales for year one and nearly doubling by year three.
These are the objectives for the first three year of operation:
- To build a service-based business whose primary goal is to exceed customers' expectations.
- To increase the number of clients by 20% per year through superior service.
- To develop a sustainable start-up business providing cost effective bridal dresses.
Recycled dream's mission is provide affordable use of wedding accessories and bridal dresses.